Fulcrum Asset Management LLP raised its holdings in shares of Ciena Corporation (NYSE:CIEN – Free Report) by 255.9% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 8,606 shares of the communications equipment provider’s stock after purchasing an additional 6,188 shares during the quarter. Fulcrum Asset Management LLP’s holdings in Ciena were worth $3,054,000 at the end of the most recent quarter.
Other hedge funds have also recently bought and sold shares of the company. Bank of New York Mellon Corp purchased a new stake in Ciena during the 2nd quarter worth approximately $404,948,000. Pictet Asset Management Holding SA boosted its stake in shares of Ciena by 23.5% during the 3rd quarter. Pictet Asset Management Holding SA now owns 512,203 shares of the communications equipment provider’s stock valued at $180,239,000 after buying an additional 97,505 shares during the last quarter. Swiss National Bank grew its position in shares of Ciena by 7.0% during the first quarter. Swiss National Bank now owns 413,332 shares of the communications equipment provider’s stock worth $160,468,000 after buying an additional 26,900 shares in the last quarter. Robeco Institutional Asset Management B.V. grew its position in shares of Ciena by 4.1% during the third quarter. Robeco Institutional Asset Management B.V. now owns 332,271 shares of the communications equipment provider’s stock worth $116,900,000 after buying an additional 12,986 shares in the last quarter. Finally, Assenagon Asset Management S.A. increased its stake in shares of Ciena by 24.5% in the third quarter. Assenagon Asset Management S.A. now owns 266,384 shares of the communications equipment provider’s stock worth $93,719,000 after buying an additional 52,382 shares during the last quarter. Institutional investors and hedge funds own 91.99% of the company’s stock.
Analysts Set New Price Targets
Several research firms recently issued reports on CIEN. Weiss Ratings cut shares of Ciena from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, August 25th. Argus set a $550.00 price objective on shares of Ciena and gave the stock a “buy” rating in a report on Thursday, September 10th. Wall Street Zen raised shares of Ciena from a “hold” rating to a “buy” rating in a report on Sunday, October 25th. CL King set a $347.00 target price on shares of Ciena in a research report on Friday, September 4th. Finally, Raymond James Financial restated an “outperform” rating and issued a $600.00 target price (up from $530.00) on shares of Ciena in a research note on Thursday, September 3rd. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $485.93.
View Our Latest Report on CIEN
Insider Activity at Ciena
In other news, EVP Joseph Cumello sold 1,586 shares of Ciena stock in a transaction dated Friday, September 25th. The shares were sold at an average price of $358.52, for a total value of $568,612.72. Following the completion of the transaction, the executive vice president directly owned 39,570 shares of the company’s stock, valued at approximately $14,186,636.40. The trade was a 3.85% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Gary Smith sold 2,952 shares of Ciena stock in a transaction dated Monday, November 2nd. The shares were sold at an average price of $298.16, for a total transaction of $880,168.32. Following the completion of the transaction, the chief executive officer directly owned 222,503 shares of the company’s stock, valued at $66,341,494.48. This trade represents a 1.31% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 36,014 shares of company stock valued at $13,216,540 in the last ninety days. 0.58% of the stock is owned by insiders.
Ciena Stock Performance
CIEN stock opened at $269.80 on Tuesday. The company has a current ratio of 3.80, a quick ratio of 3.17 and a debt-to-equity ratio of 1.06. The firm has a market cap of $38.26 billion, a P/E ratio of 60.22, a P/E/G ratio of 2.18 and a beta of 1.33. Ciena Corporation has a 12-month low of $168.22 and a 12-month high of $637.51. The stock’s 50 day simple moving average is $348.48 and its 200 day simple moving average is $402.71.
Ciena (NYSE:CIEN – Get Free Report) last announced its quarterly earnings data on Thursday, September 3rd. The communications equipment provider reported $2.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.73 by $0.38. The firm had revenue of $1.67 billion for the quarter, compared to analysts’ expectations of $1.64 billion. Ciena had a return on equity of 25.33% and a net margin of 10.87%. The firm’s revenue for the quarter was up 37.0% on a year-over-year basis. During the same period last year, the business posted $0.35 earnings per share. As a group, equities research analysts predict that Ciena Corporation will post 6.00 EPS for the current year.
About Ciena
Ciena is a communications networking company that develops equipment, software and services used to build and manage telecommunications networks. Its offerings support the movement of data across fiber-optic, subsea and other network infrastructure.
The company’s products include optical transport systems, routing and switching equipment, and software for network automation and management. Ciena also provides consulting, implementation and support services to help customers plan, deploy and operate their networks.
Founded in 1992 and headquartered in Hanover, Maryland, Ciena serves communications service providers, governments, enterprises and other organizations around the world.
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