13,719 Shares in Ciena Co. (NYSE:CIEN) Acquired by First Hawaiian Bank

First Hawaiian Bank purchased a new position in Ciena Co. (NYSE:CIEN) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 13,719 shares of the communications equipment provider’s stock, valued at approximately $661,000.

A number of other institutional investors also recently added to or reduced their stakes in CIEN. Kapitalo Investimentos Ltda purchased a new stake in shares of Ciena during the 4th quarter worth approximately $30,000. Register Financial Advisors LLC purchased a new stake in shares of Ciena during the 1st quarter worth approximately $33,000. Headlands Technologies LLC purchased a new stake in Ciena in the 1st quarter valued at $40,000. Covestor Ltd raised its position in Ciena by 339.5% in the 1st quarter. Covestor Ltd now owns 1,213 shares of the communications equipment provider’s stock valued at $60,000 after purchasing an additional 937 shares during the last quarter. Finally, Johnson Financial Group Inc. purchased a new stake in Ciena in the 4th quarter valued at $61,000. Hedge funds and other institutional investors own 91.99% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently commented on CIEN. BNP Paribas began coverage on shares of Ciena in a research report on Thursday, April 11th. They issued an “outperform” rating and a $57.00 price target for the company. Needham & Company LLC reiterated a “buy” rating and issued a $65.00 price target on shares of Ciena in a research report on Monday, June 3rd. B. Riley reduced their price target on shares of Ciena from $68.00 to $66.00 and set a “buy” rating for the company in a research report on Friday, June 7th. Barclays reduced their price target on shares of Ciena from $63.00 to $55.00 and set an “overweight” rating for the company in a research report on Friday, June 7th. Finally, Citigroup assumed coverage on shares of Ciena in a research note on Friday, April 12th. They issued a “sell” rating and a $44.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $57.25.

Ciena Price Performance

Shares of NYSE:CIEN traded down $2.34 on Monday, reaching $45.78. 1,443,927 shares of the company were exchanged, compared to its average volume of 1,766,932. The company has a current ratio of 3.88, a quick ratio of 2.76 and a debt-to-equity ratio of 0.53. Ciena Co. has a 1-year low of $39.94 and a 1-year high of $63.24. The firm has a market cap of $6.58 billion, a price-to-earnings ratio of 46.27, a price-to-earnings-growth ratio of 5.35 and a beta of 0.94. The company has a 50-day moving average of $48.42 and a 200-day moving average of $50.10.

Ciena (NYSE:CIEN) last posted its quarterly earnings results on Thursday, June 6th. The communications equipment provider reported $0.27 earnings per share for the quarter, topping analysts’ consensus estimates of $0.15 by $0.12. The business had revenue of $910.80 million for the quarter, compared to analysts’ expectations of $895.80 million. Ciena had a net margin of 3.71% and a return on equity of 7.16%. The business’s revenue for the quarter was down 19.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.59 EPS. Equities analysts forecast that Ciena Co. will post 1.15 earnings per share for the current fiscal year.

Insider Activity at Ciena

In related news, SVP Joseph Cumello sold 1,288 shares of the stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $49.00, for a total value of $63,112.00. Following the sale, the senior vice president now directly owns 49,883 shares of the company’s stock, valued at approximately $2,444,267. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other Ciena news, SVP Joseph Cumello sold 1,288 shares of the company’s stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $49.00, for a total value of $63,112.00. Following the transaction, the senior vice president now directly owns 49,883 shares in the company, valued at approximately $2,444,267. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Gary B. Smith sold 4,166 shares of the company’s stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $49.16, for a total transaction of $204,800.56. Following the completion of the transaction, the chief executive officer now owns 376,777 shares in the company, valued at $18,522,357.32. The disclosure for this sale can be found here. In the last three months, insiders have sold 15,832 shares of company stock valued at $769,636. Insiders own 0.83% of the company’s stock.

Ciena Profile

Ciena Corporation provides hardware and software services for delivery of video, data, and voice traffic metro, aggregation, and access communications network worldwide. The company's Networking Platforms segment offers convergence of coherent optical transport, open optical networking, optical transport network switching, IP routing, and switching services.