First Mercantile Trust Co buys $1,237,082 stake in Ciena Corporation (CIEN)

Ciena Corporation (CIEN) : First Mercantile Trust Co scooped up 8,900 additional shares in Ciena Corporation during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Oct 7, 2016. The investment management firm now holds a total of 55,400 shares of Ciena Corporation which is valued at $1,237,082.Ciena Corporation makes up approximately 0.17% of First Mercantile Trust Co’s portfolio.

Other Hedge Funds, Including , Simplex Trading reduced its stake in CIEN by selling 10,921 shares or 52.28% in the most recent quarter. The Hedge Fund company now holds 9,969 shares of CIEN which is valued at $222,608. Ciena Corporation makes up approx 0.03% of Simplex Trading’s portfolio.Bnp Paribas Arbitrage Sa reduced its stake in CIEN by selling 47,903 shares or 29.0% in the most recent quarter. The Hedge Fund company now holds 117,292 shares of CIEN which is valued at $2,574,559. Ciena Corporation makes up approx 0.01% of Bnp Paribas Arbitrage Sa’s portfolio.

Ciena Corporation closed down -0.34 points or -1.50% at $22.33 with 23,75,351 shares getting traded on Friday. Post opening the session at $22.64, the shares hit an intraday low of $22.17 and an intraday high of $22.79 and the price fluctuated in this range throughout the day.Shares ended Friday session in Red.

On the company’s financial health, Ciena Corporation reported $0.42 EPS for the quarter, beating the analyst consensus estimate by $ 0.04 according to the earnings call on Sep 1, 2016. Analyst had a consensus of $0.38. The company had revenue of $670.60 million for the quarter, compared to analysts expectations of $672.23 million. The company’s revenue was up 11.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.37 EPS.

Many Wall Street Analysts have commented on Ciena Corporation. Company shares were Reiterated by Deutsche Bank on Sep 2, 2016 to “Hold”, Firm has raised the Price Target to $ 20 from a previous price target of $18.50 .Company shares were Reiterated by Dougherty & Company on Sep 2, 2016 to “Buy”, Firm has raised the Price Target to $ 26 from a previous price target of $25 .Ciena Corporation was Downgraded by Morgan Stanley to ” Equal-Weight” on Sep 2, 2016.

Ciena Corporation (Ciena) is a provider of communications networking equipment software and services that support the transport switching aggregation and management of voice video and data traffic. The Company operates in four segments: converged packet optical packet networking optical transport and software and services. Its service provider customers include regional national and international wire line and wireless carriers. Its cable operator customers include cable and multiservice operators in the United States and internationally. Its Blue Planet Division provides multi-vendor network management software and service orchestration solutions. Its Blue Planet product portfolio includes software applications including Planet Orchestrate and Planet Operate as well as its software-defined networking (SDN) multilayer wide area network (WAN) controller and its applications V-WAN Agility Matrix and network management solutions.

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