Short Interest Change: A Reversal for Ciena Corporation (NYSE:CIEN) Is Not Near. The Stock Has Rise in Shorts

November 29, 2016 - By Hazel Jackson   ·   0 Comments

Short Interest Change: A Reversal for Ciena Corporation (NYSE:CIEN) Is Not Near. The Stock Has Rise in Shorts

The stock of Ciena Corporation (NYSE:CIEN) registered an increase of 2.33% in short interest. CIEN’s total short interest was 12.59M shares in November as published by FINRA. Its up 2.33% from 12.30M shares, reported previously. With 2.42M shares average volume, it will take short sellers 5 days to cover their CIEN’s short positions. The short interest to Ciena Corporation’s float is 9.22%. About 1.06 million shares traded hands. Ciena Corporation (NYSE:CIEN) has risen 23.52% since April 26, 2016 and is uptrending. It has outperformed by 18.26% the S&P500.

Ciena Corporation is a network specialist that focuses on providing communications networking solutions. The company has a market cap of $2.91 billion. The Firm operates through four divisions: Converged Packet Optical, Packet Networking, Optical Transport, and Software and Services. It has a 196.6 P/E ratio. The Company’s Converged Packet Optical portfolio includes networking solutions optimized for the convergence of coherent optical transport, optical transport network switching and packet switching.

Insitutional Activity: The institutional sentiment increased to 1.11 in Q2 2016. Its up 0.20, from 0.91 in 2016Q1. The ratio improved, as 46 funds sold all Ciena Corporation shares owned while 91 reduced positions. 47 funds bought stakes while 77 increased positions. They now own 126.21 million shares or 7.77% less from 136.85 million shares in 2016Q1.
Fny Managed Accounts Limited Liability Co has 0% invested in the company for 38,000 shares. Point72 Asset Lp holds 9,900 shares or 0% of its portfolio. First Manhattan Com accumulated 0.01% or 50,440 shares. Deutsche Bankshares Ag accumulated 0% or 285,707 shares. Millennium Mgmt holds 0.02% or 410,185 shares in its portfolio. Dana Advisors has 0.08% invested in the company for 94,986 shares. Parametric Portfolio Assoc Limited Liability Company last reported 0% of its portfolio in the stock. Tygh Management Incorporated reported 199,141 shares or 1.05% of all its holdings. Financial Bank Of Ny Mellon Corp has 7.90M shares for 0.05% of their US portfolio. Intrust Bankshares Na holds 0.09% of its portfolio in Ciena Corporation (NYSE:CIEN) for 12,029 shares. D E Shaw And Inc last reported 658,917 shares in the company. The Texas-based Capstone Asset Mgmt has invested 0.01% in Ciena Corporation (NYSE:CIEN). Moreover, Cubist Systematic Strategies Limited Liability Co has 0.11% invested in Ciena Corporation (NYSE:CIEN) for 97,339 shares. The Massachusetts-based Putnam Ltd has invested 0% in Ciena Corporation (NYSE:CIEN). Prudential Inc last reported 90,829 shares in the company.

Insider Transactions: Since June 2, 2016, the stock had 0 buys, and 52 selling transactions for $5.05 million net activity. Shares for $41,440 were sold by Rothenstein David M. MOYLAN JAMES E JR sold $37,100 worth of stock. $55,440 worth of shares were sold by PETRIK ANDREW C on Tuesday, November 15. SMITH GARY B sold $286,572 worth of Ciena Corporation (NYSE:CIEN) on Wednesday, September 21. 3,500 Ciena Corporation (NYSE:CIEN) shares with value of $73,325 were sold by ALEXANDER STEPHEN B. Shares for $44,420 were sold by FRODSHAM JAMES. Locoh-Donou Francois also sold $278,257 worth of Ciena Corporation (NYSE:CIEN) on Thursday, September 15.

Ciena Corporation (NYSE:CIEN) Ratings Coverage

Out of 11 analysts covering Ciena (NYSE:CIEN), 7 rate it a “Buy”, 0 “Sell”, while 4 “Hold”. This means 64% are positive. Ciena has been the topic of 26 analyst reports since August 18, 2015 according to StockzIntelligence Inc. The stock of Ciena Corporation (NYSE:CIEN) earned “Equal-Weight” rating by Morgan Stanley on Friday, September 2. Jefferies maintained Ciena Corporation (NYSE:CIEN) rating on Monday, December 14. Jefferies has “Hold” rating and $22.50 price target. The rating was maintained by RBC Capital Markets on Friday, December 11 with “Outperform”. The stock of Ciena Corporation (NYSE:CIEN) has “Hold” rating given on Monday, August 29 by Deutsche Bank. The firm has “Buy” rating by Drexel Hamilton given on Friday, April 8. The stock of Ciena Corporation (NYSE:CIEN) has “Buy” rating given on Monday, December 21 by Jefferies. The stock of Ciena Corporation (NYSE:CIEN) earned “Hold” rating by Drexel Hamilton on Friday, September 2. Morgan Stanley initiated the shares of CIEN in a report on Friday, October 9 with “Equal-Weight” rating. Dougherty & Company maintained the shares of CIEN in a report on Friday, September 2 with “Buy” rating. As per Friday, June 3, the company rating was maintained by Deutsche Bank.

CIEN Company Profile

Ciena Corporation (Ciena), incorporated on November 2, 1992, is a well-known provider of communications networking equipment, software and services that support the transport, switching, aggregation and management of voice, video and data traffic. The Company’s packet-optical transport, packet-optical switching and carrier Ethernet service delivery products are used, individually or as part of an integrated solution, in networks operated by communications service providers, cable operators, governments and enterprises globally. The Company’s communications networking products, through their embedded software and its network management software suites, enable network operators to deliver enterprise and consumer-oriented communication services. The Firm operates in four divisions: converged packet optical, packet networking, optical transport, and software and services. The Company’s service well-known provider clients include regional, national and international, wire line and wireless carriers. The Company’s cable operator clients include cable and multiservice operators in the United States and internationally. The Company’s enterprise clients include multi-site commercial organizations, including participants in the financial, healthcare, transportation, utilities and retail industries. The Company’s government clients include federal and state agencies in the United States, as well as government entities outside of the United States.

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By Hazel Jackson

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