Ciena Corporation $CIEN Position Increased by Cornerstone Advisors LLC

Cornerstone Advisors LLC lifted its position in Ciena Corporation (NYSE:CIEN) by 67.3% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 23,350 shares of the communications equipment provider’s stock after purchasing an additional 9,389 shares during the quarter. Cornerstone Advisors LLC’s holdings in Ciena were worth $8,215,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CIEN. Markowski Investments bought a new stake in Ciena in the 2nd quarter valued at $28,000. Carolina Wealth Advisors LLC raised its stake in shares of Ciena by 57.8% in the 2nd quarter. Carolina Wealth Advisors LLC now owns 71 shares of the communications equipment provider’s stock valued at $35,000 after buying an additional 26 shares in the last quarter. Asset Dedication LLC raised its stake in shares of Ciena by 2,100.0% in the 1st quarter. Asset Dedication LLC now owns 88 shares of the communications equipment provider’s stock valued at $34,000 after buying an additional 84 shares in the last quarter. Western Wealth Management LLC bought a new position in shares of Ciena during the 1st quarter worth about $49,000. Finally, Nvwm LLC bought a new position in shares of Ciena during the 3rd quarter worth about $45,000. 91.99% of the stock is owned by institutional investors.

Insider Activity at Ciena

In other news, EVP Jason Phipps sold 2,629 shares of the firm’s stock in a transaction on Thursday, October 1st. The stock was sold at an average price of $355.19, for a total value of $933,794.51. Following the completion of the sale, the executive vice president directly owned 57,388 shares in the company, valued at approximately $20,383,643.72. This trade represents a 4.38% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Joseph Cumello sold 1,586 shares of Ciena stock in a transaction dated Friday, September 25th. The shares were sold at an average price of $358.52, for a total value of $568,612.72. Following the completion of the transaction, the executive vice president directly owned 39,570 shares of the company’s stock, valued at $14,186,636.40. This represents a 3.85% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 31,019 shares of company stock valued at $11,065,093. 0.58% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Rothschild & Co Redburn decreased their target price on shares of Ciena from $538.43 to $406.81 and set a “neutral” rating on the stock in a research report on Monday, September 14th. Weiss Ratings raised shares of Ciena from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday. UBS Group cut their price target on shares of Ciena from $508.00 to $394.00 and set a “neutral” rating for the company in a research note on Friday, September 4th. Morgan Stanley restated a “positive” rating on shares of Ciena in a research note on Thursday, September 17th. Finally, TD Cowen reaffirmed 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 issued a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $485.93.

Ciena Stock Down 4.6%

Shares of CIEN opened at $280.35 on Friday. The company has a market capitalization of $39.76 billion, a P/E ratio of 62.58, a PEG ratio of 2.36 and a beta of 1.33. Ciena Corporation has a one year low of $168.22 and a one year high of $637.51. The business’s 50 day simple moving average is $343.09 and its 200-day simple moving average is $403.74. The company has a debt-to-equity ratio of 1.06, a current ratio of 3.80 and a quick ratio of 3.17.

Ciena (NYSE:CIEN) last released its quarterly 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 firm had revenue of $1.67 billion during the quarter, compared to analysts’ expectations of $1.64 billion. During the same period last year, the firm posted $0.35 EPS. The business’s revenue was up 37.0% on a year-over-year basis. As a group, sell-side analysts predict that Ciena Corporation will post 6.00 EPS for the current fiscal year.

Ciena Company Profile

Ciena is a communications networking company that develops equipment, software and services used to build and manage telecommunications networks. Its offerings support the movement of data across fiber-optic, subsea and other network infrastructure. The company’s products include optical transport systems, routing and switching equipment, and software for network automation and management. Ciena also provides consulting, implementation and support services to help customers plan, deploy and operate their networks.