Primecap Management Co. CA Buys 75,950 Shares of Ciena Corporation $CIEN

Primecap Management Co. CA boosted its position in shares of Ciena Corporation (NYSE:CIEN) by 15.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 554,500 shares of the communications equipment provider’s stock after acquiring an additional 75,950 shares during the period. Primecap Management Co. CA’s holdings in Ciena were worth $45,097,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. National Bank of Canada FI grew its holdings in shares of Ciena by 15.4% during the 1st quarter. National Bank of Canada FI now owns 1,147 shares of the communications equipment provider’s stock worth $69,000 after purchasing an additional 153 shares in the last quarter. Bayforest Capital Ltd lifted its position in Ciena by 34.7% in the first quarter. Bayforest Capital Ltd now owns 636 shares of the communications equipment provider’s stock worth $38,000 after purchasing an additional 164 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Ciena by 0.5% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 38,910 shares of the communications equipment provider’s stock worth $2,351,000 after buying an additional 178 shares in the last quarter. Advisors Capital Management LLC boosted its stake in Ciena by 5.1% during the second quarter. Advisors Capital Management LLC now owns 3,961 shares of the communications equipment provider’s stock worth $322,000 after buying an additional 191 shares in the last quarter. Finally, Louisiana State Employees Retirement System increased its holdings in Ciena by 0.5% in the 2nd quarter. Louisiana State Employees Retirement System now owns 40,000 shares of the communications equipment provider’s stock valued at $3,253,000 after buying an additional 200 shares during the period. Institutional investors own 91.99% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Evercore ISI lifted their target price on shares of Ciena from $120.00 to $200.00 and gave the company an “in-line” rating in a research report on Monday, November 10th. Citigroup raised their price target on shares of Ciena from $141.00 to $230.00 and gave the stock a “buy” rating in a research note on Monday, November 10th. Barclays upped their price objective on Ciena from $102.00 to $138.00 and gave the company an “overweight” rating in a research note on Friday, September 5th. Needham & Company LLC raised their target price on Ciena from $90.00 to $130.00 and gave the stock a “buy” rating in a research report on Friday, September 5th. Finally, Bank of America boosted their price target on Ciena from $135.00 to $155.00 and gave the company a “buy” rating in a research note on Wednesday, September 17th. Three research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, Ciena presently has a consensus rating of “Moderate Buy” and a consensus target price of $153.20.

Insider Activity at Ciena

In other news, Director Bruce L. Claflin sold 8,461 shares of the stock in a transaction that occurred on Wednesday, September 24th. The shares were sold at an average price of $140.12, for a total transaction of $1,185,555.32. Following the sale, the director directly owned 54,624 shares of the company’s stock, valued at $7,653,914.88. This represents a 13.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Joseph Cumello sold 1,863 shares of the firm’s stock in a transaction that occurred on Friday, September 26th. The shares were sold at an average price of $141.14, for a total transaction of $262,943.82. Following the completion of the sale, the senior vice president directly owned 43,531 shares of the company’s stock, valued at approximately $6,143,965.34. This represents a 4.10% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 51,935 shares of company stock valued at $8,029,442 over the last ninety days. Company insiders own 0.93% of the company’s stock.

Ciena Stock Performance

Shares of NYSE:CIEN opened at $188.83 on Thursday. The business has a fifty day moving average of $167.16 and a 200-day moving average of $113.98. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.52 and a current ratio of 3.28. Ciena Corporation has a twelve month low of $49.21 and a twelve month high of $214.17. The firm has a market cap of $26.64 billion, a PE ratio of 194.67, a price-to-earnings-growth ratio of 2.62 and a beta of 1.17.

Ciena (NYSE:CIEN) last issued its quarterly earnings results on Thursday, April 6th. The communications equipment provider reported $0.47 earnings per share (EPS) for the quarter. The business had revenue of $844.44 million for the quarter. Ciena had a net margin of 3.10% and a return on equity of 6.62%. On average, equities research analysts predict that Ciena Corporation will post 1.6 EPS for the current fiscal year.

About Ciena

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.