Ciena Corporation $CIEN Shares Bought by Titan Global Capital Management USA LLC

Titan Global Capital Management USA LLC boosted its stake in Ciena Corporation (NYSE:CIEN) by 92.4% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 212,382 shares of the communications equipment provider’s stock after buying an additional 101,987 shares during the period. Ciena accounts for 2.7% of Titan Global Capital Management USA LLC’s portfolio, making the stock its 16th biggest holding. Titan Global Capital Management USA LLC owned about 0.15% of Ciena worth $17,273,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Nuveen LLC acquired a new stake in shares of Ciena in the first quarter worth $70,065,000. Vaughan Nelson Investment Management L.P. grew its position in Ciena by 375.4% during the second quarter. Vaughan Nelson Investment Management L.P. now owns 1,235,696 shares of the communications equipment provider’s stock worth $100,499,000 after buying an additional 975,792 shares in the last quarter. Woodline Partners LP acquired a new stake in shares of Ciena during the 1st quarter worth approximately $49,221,000. Assenagon Asset Management S.A. raised its stake in shares of Ciena by 1,883.5% in the 2nd quarter. Assenagon Asset Management S.A. now owns 787,266 shares of the communications equipment provider’s stock valued at $64,028,000 after buying an additional 747,576 shares in the last quarter. Finally, William Blair Investment Management LLC grew its stake in shares of Ciena by 35.0% in the 2nd quarter. William Blair Investment Management LLC now owns 2,708,540 shares of the communications equipment provider’s stock valued at $220,286,000 after purchasing an additional 702,909 shares during the period. 91.99% of the stock is currently owned by institutional investors.

Ciena Trading Down 1.1%

NYSE CIEN opened at $199.15 on Friday. The stock has a market cap of $28.09 billion, a P/E ratio of 205.31, a PEG ratio of 2.62 and a beta of 1.17. The company’s fifty day simple moving average is $153.34 and its 200-day simple moving average is $106.38. The company has a current ratio of 3.28, a quick ratio of 2.52 and a debt-to-equity ratio of 0.55. Ciena Corporation has a 52 week low of $49.21 and a 52 week high of $203.40.

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

Insider Activity

In related news, Director Bruce L. Claflin sold 8,461 shares of the company’s stock in a transaction on Wednesday, September 24th. The shares were sold at an average price of $140.12, for a total value of $1,185,555.32. Following the completion of the sale, the director owned 54,624 shares in the company, valued at $7,653,914.88. This represents a 13.41% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Brodie Gage sold 350 shares of Ciena stock in a transaction dated Wednesday, October 15th. The shares were sold at an average price of $169.36, for a total value of $59,276.00. Following the transaction, the senior vice president owned 40,653 shares in the company, valued at $6,884,992.08. This trade represents a 0.85% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 52,174 shares of company stock worth $7,231,504. Company insiders own 0.93% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Zacks Research upgraded shares of Ciena from a “hold” rating to a “strong-buy” rating in a report on Tuesday, September 9th. UBS Group boosted their price target on Ciena from $78.00 to $120.00 and gave the company a “neutral” rating in a report on Friday, September 5th. Morgan Stanley upgraded Ciena from an “underweight” rating to an “equal weight” rating and upped their price objective for the stock from $100.00 to $140.00 in a research note on Friday, October 10th. B. Riley reiterated a “neutral” rating and issued a $113.00 price objective (up from $90.00) on shares of Ciena in a report on Friday, September 5th. Finally, JPMorgan Chase & Co. lifted their price target on Ciena from $105.00 to $140.00 and gave the company an “overweight” rating in a research note on Friday, September 5th. Three analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $137.53.

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.