First Hawaiian Bank Makes New $661,000 Investment in Ciena Co. (NYSE:CIEN)

First Hawaiian Bank purchased a new position in shares of Ciena Co. (NYSE:CIEN) during the second quarter, HoldingsChannel reports. The fund purchased 13,719 shares of the communications equipment provider’s stock, valued at approximately $661,000.

Several other institutional investors have also added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. increased its stake in shares of Ciena by 2.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 949,476 shares of the communications equipment provider’s stock worth $42,736,000 after purchasing an additional 18,860 shares during the last quarter. Capital Fund Management S.A. lifted its holdings in shares of Ciena by 67.3% during the 4th quarter. Capital Fund Management S.A. now owns 225,172 shares of the communications equipment provider’s stock worth $10,135,000 after acquiring an additional 90,610 shares during the period. Norges Bank bought a new stake in shares of Ciena during the 4th quarter worth approximately $73,476,000. Deepwater Asset Management LLC bought a new stake in shares of Ciena during the 1st quarter worth approximately $1,587,000. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Ciena by 18.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,162,410 shares of the communications equipment provider’s stock worth $97,331,000 after acquiring an additional 332,181 shares during the period. 91.99% of the stock is owned by institutional investors.

Analyst Ratings Changes

CIEN has been the subject of a number of recent analyst reports. Morgan Stanley raised shares of Ciena from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $53.00 to $55.00 in a report on Wednesday, June 12th. B. Riley lowered their price objective 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 lowered their price objective 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. Citigroup initiated coverage on shares of Ciena in a research report on Friday, April 12th. They set a “sell” rating and a $44.00 price objective for the company. Finally, BNP Paribas initiated 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. One analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, Ciena has an average rating of “Moderate Buy” and an average price target of $57.25.

Ciena Stock Down 4.9 %

Shares of Ciena stock traded down $2.34 during trading hours on Monday, reaching $45.78. The company’s stock had a trading volume of 1,443,927 shares, compared to its average volume of 1,766,932. Ciena Co. has a one year low of $39.94 and a one year high of $63.24. The company has a market capitalization of $6.58 billion, a P/E ratio of 46.27, a P/E/G ratio of 5.35 and a beta of 0.94. The stock’s fifty day simple moving average is $48.42 and its two-hundred day simple moving average is $50.10. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.76 and a current ratio of 3.88.

Ciena (NYSE:CIEN) last released its quarterly earnings data on Thursday, June 6th. The communications equipment provider reported $0.27 earnings per share for the quarter, beating analysts’ consensus estimates of $0.15 by $0.12. Ciena had a net margin of 3.71% and a return on equity of 7.16%. The firm had revenue of $910.80 million for the quarter, compared to analyst estimates of $895.80 million. During the same period last year, the firm earned $0.59 earnings per share. The business’s quarterly revenue was down 19.6% compared to the same quarter last year. On average, research analysts forecast that Ciena Co. will post 1.15 earnings per share for the current year.

Insider Activity at Ciena

In related news, SVP David M. Rothenstein sold 3,500 shares of the firm’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $48.81, for a total transaction of $170,835.00. Following the transaction, the senior vice president now directly owns 212,421 shares of the company’s stock, valued at $10,368,269.01. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, SVP David M. Rothenstein sold 3,500 shares of the firm’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $48.81, for a total transaction of $170,835.00. Following the completion of the sale, the senior vice president now owns 212,421 shares in the company, valued at $10,368,269.01. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Gary B. Smith sold 4,166 shares of the firm’s stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $49.16, for a total transaction of $204,800.56. Following the sale, the chief executive officer now owns 376,777 shares of the company’s stock, valued at approximately $18,522,357.32. The disclosure for this sale can be found here. Insiders have sold 15,832 shares of company stock valued at $769,636 over the last ninety days. Corporate insiders own 0.83% of the company’s stock.

Ciena Company 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.