Ciena Corporation $CIEN Shares Bought by Delta Global Management LP

Delta Global Management LP lifted its stake in shares of Ciena Corporation (NYSE:CIEN) by 320.1% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 122,944 shares of the communications equipment provider’s stock after buying an additional 93,681 shares during the quarter. Ciena comprises about 1.3% of Delta Global Management LP’s holdings, making the stock its 25th biggest holding. Delta Global Management LP’s holdings in Ciena were worth $17,909,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Community Bank N.A. purchased a new position in shares of Ciena in the 3rd quarter valued at $25,000. Mather Group LLC. purchased a new stake in Ciena in the third quarter valued at $28,000. Assetmark Inc. boosted its stake in Ciena by 50.4% in the third quarter. Assetmark Inc. now owns 200 shares of the communications equipment provider’s stock valued at $29,000 after acquiring an additional 67 shares in the last quarter. Ameritas Advisory Services LLC boosted its stake in Ciena by 104.0% in the third quarter. Ameritas Advisory Services LLC now owns 204 shares of the communications equipment provider’s stock valued at $30,000 after acquiring an additional 104 shares in the last quarter. Finally, Salomon & Ludwin LLC purchased a new position in shares of Ciena during the third quarter worth about $31,000. Institutional investors and hedge funds own 91.99% of the company’s stock.

Insider Buying and Selling

In other news, Director Patrick Gallagher sold 11,618 shares of the company’s stock in a transaction that occurred on Monday, January 12th. The stock was sold at an average price of $227.45, for a total transaction of $2,642,514.10. Following the completion of the sale, the director owned 50,184 shares in the company, valued at $11,414,350.80. This represents a 18.80% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Jason Phipps sold 21,383 shares of the stock in a transaction on Thursday, January 15th. The stock was sold at an average price of $247.89, for a total value of $5,300,631.87. Following the sale, the senior vice president directly owned 91,765 shares of the company’s stock, valued at approximately $22,747,625.85. This represents a 18.90% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 147,131 shares of company stock worth $34,898,686. 0.58% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research firms have recently commented on CIEN. Raymond James Financial reiterated an “outperform” rating and set a $320.00 target price on shares of Ciena in a research report on Thursday, March 5th. Bank of America upgraded Ciena from a “neutral” rating to a “buy” rating and raised their price target for the stock from $260.00 to $355.00 in a research note on Friday, March 6th. Northland Securities set a $190.00 price target on Ciena and gave the stock a “market perform” rating in a research report on Friday, December 12th. Weiss Ratings reiterated a “hold (c)” rating on shares of Ciena in a research note on Wednesday, January 21st. Finally, Evercore set a $330.00 price objective on Ciena in a report on Thursday, February 19th. Twelve investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $320.65.

Ciena Price Performance

Shares of CIEN opened at $337.50 on Monday. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.14 and a current ratio of 2.81. Ciena Corporation has a fifty-two week low of $49.21 and a fifty-two week high of $365.90. The firm has a 50-day simple moving average of $284.42 and a 200-day simple moving average of $215.30. The company has a market capitalization of $47.72 billion, a price-to-earnings ratio of 214.97, a price-to-earnings-growth ratio of 1.33 and a beta of 1.07.

Ciena (NYSE:CIEN) last issued its quarterly earnings results on Thursday, March 5th. The communications equipment provider reported $1.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.17 by $0.18. The firm had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.40 billion. Ciena had a return on equity of 12.09% and a net margin of 4.47%.The firm’s revenue for the quarter was up 33.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.64 EPS. On average, equities research analysts anticipate that Ciena Corporation will post 1.6 earnings per share for the current year.

About Ciena

Ciena Corporation (NYSE: CIEN) is a global supplier of telecommunications networking equipment, software and services. The company develops high-capacity optical transport systems and packet-optical platforms that enable service providers, cloud operators and large enterprises to build, manage and scale their networks. Ciena’s product portfolio includes coherent optical solutions, packet networking platforms and a suite of network automation software designed to optimize bandwidth, reduce latency and simplify network operations.

In addition to hardware offerings, Ciena provides professional services and support, including network design, implementation and ongoing maintenance.