Deltec Asset Management LLC Makes New Investment in Ciena Corporation $CIEN

Deltec Asset Management LLC bought a new stake in shares of Ciena Corporation (NYSE:CIEN) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 6,000 shares of the communications equipment provider’s stock, valued at approximately $2,111,000.

Several other hedge funds also recently made changes to their positions in the company. Bank of New York Mellon Corp purchased a new stake in shares of Ciena in the 2nd quarter worth about $404,948,000. Swiss National Bank grew its position in Ciena by 7.0% during the 1st quarter. Swiss National Bank now owns 413,332 shares of the communications equipment provider’s stock valued at $160,468,000 after purchasing an additional 26,900 shares during the last quarter. Robeco Institutional Asset Management B.V. grew its position in Ciena by 4.1% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 332,271 shares of the communications equipment provider’s stock valued at $116,900,000 after purchasing an additional 12,986 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. increased its stake in Ciena by 10.7% during the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 321,825 shares of the communications equipment provider’s stock valued at $124,942,000 after purchasing an additional 31,098 shares in the last quarter. Finally, Assenagon Asset Management S.A. increased its stake in Ciena by 24.5% during the 3rd quarter. Assenagon Asset Management S.A. now owns 266,384 shares of the communications equipment provider’s stock valued at $93,719,000 after purchasing an additional 52,382 shares in the last quarter. 91.99% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

CIEN has been the subject of several recent analyst reports. Northland Securities set a $550.00 target price on shares of Ciena and gave the stock an “outperform” rating in a report on Thursday, September 17th. Citigroup reiterated a “buy” rating on shares of Ciena in a research report on Friday, September 4th. Weiss Ratings cut shares of Ciena from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, August 25th. Morgan Stanley reiterated a “positive” rating on shares of Ciena in a research note on Thursday, September 17th. Finally, Zacks Research upgraded Ciena from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, September 9th. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $485.93.

Ciena Trading Up 5.1%

Shares of CIEN opened at $336.47 on Tuesday. The stock has a market capitalization of $47.71 billion, a PE ratio of 75.10, a P/E/G ratio of 4.45 and a beta of 1.28. The company’s fifty day moving average is $368.55 and its 200 day moving average is $399.77. The company has a debt-to-equity ratio of 1.06, a quick ratio of 3.17 and a current ratio of 3.80. Ciena Corporation has a fifty-two week low of $168.22 and a fifty-two week high of $637.51.

Ciena (NYSE:CIEN) last released its quarterly earnings data on Thursday, September 3rd. The communications equipment provider reported $2.11 EPS for the quarter, beating the consensus estimate of $1.73 by $0.38. Ciena had a net margin of 10.87% and a return on equity of 25.33%. The business had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.64 billion. During the same quarter last year, the business earned $0.35 earnings per share. Ciena’s quarterly revenue was up 37.0% compared to the same quarter last year. Sell-side analysts expect that Ciena Corporation will post 6.00 earnings per share for the current fiscal year.

Insider Activity

In other Ciena news, Director Bruce Claflin sold 2,857 shares of the stock in a transaction on Thursday, September 24th. The stock was sold at an average price of $355.91, for a total value of $1,016,834.87. Following the sale, the director owned 8,279 shares in the company, valued at $2,946,578.89. This trade represents a 25.66% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Marc D. Graff sold 4,995 shares of Ciena stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $430.72, for a total transaction of $2,151,446.40. Following the sale, the chief financial officer owned 107,519 shares of the company’s stock, valued at $46,310,583.68. The trade was a 4.44% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 36,014 shares of company stock worth $13,457,571 in the last 90 days. Company insiders own 0.58% of the company’s stock.

Ciena Profile

Ciena Corporation (NYSE: CIEN) is a networking technology company that provides hardware, software, and services for communications networks. Its solutions help telecommunications carriers, cloud providers, enterprises, government organizations, and research institutions build, manage, and automate high-capacity networks.

The company’s portfolio includes optical networking systems, routing and switching platforms, network automation software, and network management tools. Ciena also offers consulting, implementation, maintenance, and professional services designed to support network planning, deployment, optimization, and ongoing operations.