Mirae Asset Global Investments Co. Ltd. Purchases 64,876 Shares of Ciena Corporation $CIEN

Mirae Asset Global Investments Co. Ltd. acquired a new position in Ciena Corporation (NYSE:CIEN) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 64,876 shares of the communications equipment provider’s stock, valued at approximately $22,825,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Markowski Investments purchased a new stake in Ciena during the second quarter valued at about $28,000. Asset Dedication LLC boosted its position in Ciena by 2,100.0% during the first quarter. Asset Dedication LLC now owns 88 shares of the communications equipment provider’s stock worth $34,000 after purchasing an additional 84 shares during the period. Carolina Wealth Advisors LLC boosted its position in Ciena by 57.8% during the second quarter. Carolina Wealth Advisors LLC now owns 71 shares of the communications equipment provider’s stock worth $35,000 after purchasing an additional 26 shares during the period. Bogart Wealth LLC boosted its position in Ciena by 635.7% during the first quarter. Bogart Wealth LLC now owns 103 shares of the communications equipment provider’s stock worth $40,000 after purchasing an additional 89 shares during the period. Finally, Nvwm LLC purchased a new position in shares of Ciena in the third quarter worth about $45,000. 91.99% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. Rosenblatt Securities reissued a “buy” rating and issued a $525.00 price target on shares of Ciena in a research report on Thursday, September 17th. Zacks Research raised shares of Ciena from a “hold” rating to a “strong-buy” rating in a report on Wednesday, September 9th. Northland Securities set a $550.00 price objective on shares of Ciena and gave the stock an “outperform” rating in a report on Thursday, September 17th. Argus set a $550.00 price objective on shares of Ciena and gave the company a “buy” rating in a research note on Thursday, September 10th. Finally, TD Cowen reissued a “buy” rating on shares of Ciena in a report on Thursday, September 17th. One research 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 stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $485.93.

Ciena Stock Performance

Shares of CIEN opened at $284.09 on Tuesday. Ciena Corporation has a 52-week low of $168.22 and a 52-week high of $637.51. The stock’s 50-day simple moving average is $361.07 and its 200 day simple moving average 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. The stock has a market capitalization of $40.29 billion, a price-to-earnings ratio of 63.41, a price-to-earnings-growth ratio of 5.05 and a beta of 1.28.

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

Insider Transactions at Ciena

In related news, EVP Jason Phipps sold 2,629 shares of the business’s stock in a transaction that occurred on Thursday, October 1st. The shares were sold at an average price of $355.19, for a total transaction of $933,794.51. Following the completion of the transaction, the executive vice president owned 57,388 shares of the company’s stock, valued at approximately $20,383,643.72. The trade was a 4.38% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Gary Smith sold 2,952 shares of the company’s stock in a transaction that occurred on Thursday, October 15th. The stock was sold at an average price of $348.02, for a total transaction of $1,027,355.04. Following the sale, the chief executive officer directly owned 225,455 shares in the company, valued at $78,462,849.10. This trade represents a 1.29% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 33,062 shares of company stock valued at $12,336,372. Company insiders own 0.58% of the company’s stock.

Ciena Company 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.