Kingdom Ridge Capital Lowers stake in Ciena Corporation (CIEN)

Ciena Corporation (CIEN) : Kingdom Ridge Capital reduced its stake in Ciena Corporation by 33.33% during the most recent quarter end. The investment management company now holds a total of 50,000 shares of Ciena Corporation which is valued at $1,040,500 after selling 25,000 shares in Ciena Corporation , the firm said in a disclosure report filed with the SEC on Aug 15, 2016.Ciena Corporation makes up approximately 0.78% of Kingdom Ridge Capital’s portfolio.

Other Hedge Funds, Including , Boardman Bay Capital Management added CIEN to its portfolio by purchasing 37,246 company shares during the most recent quarter which is valued at $775,089. Ciena Corporation makes up approx 1.57% of Boardman Bay Capital Management’s portfolio. Plante Moran Financial Advisors added CIEN to its portfolio by purchasing 1,000 company shares during the most recent quarter which is valued at $19,530. Ciena Corporation makes up approx 0.01% of Plante Moran Financial Advisors’s portfolio. Dupont Capital Management Corp added CIEN to its portfolio by purchasing 29,538 company shares during the most recent quarter which is valued at $576,877. Ciena Corporation makes up approx 0.01% of Dupont Capital Management Corp’s portfolio. Signaturefd sold out all of its stake in CIEN during the most recent quarter. The investment firm sold 28 shares of CIEN which is valued $537.

Ciena Corporation opened for trading at $22.32 and hit $23.6 on the upside on Thursday, eventually ending the session at $23.17, with a gain of 8.02% or 1.72 points. The heightened volatility saw the trading volume jump to 1,22,56,635 shares. Company has a market cap of $3,200 M.

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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