Ciena Corporation $CIEN Shares Newly Acquired by Summit Global Investments

Summit Global Investments bought a new position in Ciena Corporation (NYSE:CIEN) during the third quarter, according to its most recent Form 13F filing with the SEC. The firm bought 2,609 shares of the communications equipment provider’s stock, valued at approximately $918,000.

Other institutional investors have also bought and sold shares of the company. Bank of New York Mellon Corp purchased a new stake in shares of Ciena in the second quarter valued at approximately $404,948,000. Swiss National Bank lifted its position in 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. Sumitomo Mitsui Trust Group Inc. lifted its position in Ciena by 10.7% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 321,825 shares of the communications equipment provider’s stock worth $124,942,000 after buying an additional 31,098 shares in the last quarter. Robeco Institutional Asset Management B.V. lifted its position in 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. boosted its stake in Ciena by 24.5% during 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. 91.99% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on CIEN. JPMorgan Chase & Co. dropped their target price on Ciena from $635.00 to $605.00 and set an “overweight” rating for the company in a report on Friday, September 4th. Argus set a $550.00 target price on Ciena and gave the stock a “buy” rating in a research note on Thursday, September 10th. Rothschild & Co Redburn reduced their price target on Ciena from $538.43 to $406.81 and set a “neutral” rating on the stock in a report on Monday, September 14th. TD Cowen reissued a “buy” rating on shares of Ciena in a research report on Thursday, September 17th. Finally, Citigroup reissued a “buy” rating on shares of Ciena in a report on Friday, September 4th. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $485.93.

Insiders Place Their Bets

In other news, Director Bruce L. 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 transaction of $1,016,834.87. Following the completion of the transaction, the director directly owned 8,279 shares in the company, valued at approximately $2,946,578.89. This represents a 25.66% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Marc Graff sold 4,995 shares of the firm’s stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $430.72, for a total value of $2,151,446.40. Following the sale, the chief financial officer directly owned 107,519 shares of the company’s stock, valued at $46,310,583.68. The trade was a 4.44% decrease in their ownership of the stock. 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. Over the last quarter, insiders have sold 33,062 shares of company stock worth $12,336,372. Corporate insiders own 0.58% of the company’s stock.

Ciena Trading Down 11.4%

CIEN opened at $284.09 on Tuesday. Ciena Corporation has a one year low of $168.22 and a one year high of $637.51. The stock has a market capitalization of $40.29 billion, a PE ratio of 63.41, a P/E/G ratio of 5.05 and a beta of 1.28. The business’s 50 day moving average price is $361.07 and its 200 day moving average price is $402.14. 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 (NYSE:CIEN) last issued its quarterly earnings data on Thursday, September 3rd. The communications equipment provider reported $2.11 earnings per share for the quarter, topping the consensus estimate of $1.73 by $0.38. Ciena had a return on equity of 25.33% and a net margin of 10.87%. The company had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.64 billion. During the same period in the prior year, the business posted $0.35 earnings per share. The firm’s revenue for the quarter was up 37.0% compared to the same quarter last year. As a group, equities research analysts expect that Ciena Corporation will post 6.00 EPS for the current year.

About Ciena

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.