Fox Run Management L.L.C. Has $841,000 Position in Ciena Corporation $CIEN

Fox Run Management L.L.C. cut its holdings in shares of Ciena Corporation (NYSE:CIEN) by 23.4% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 10,336 shares of the communications equipment provider’s stock after selling 3,165 shares during the quarter. Fox Run Management L.L.C.’s holdings in Ciena were worth $841,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Cambridge Investment Research Advisors Inc. acquired a new position in shares of Ciena during the first quarter worth $219,000. M&T Bank Corp lifted its position in shares of Ciena by 16.3% in the 1st quarter. M&T Bank Corp now owns 9,765 shares of the communications equipment provider’s stock worth $590,000 after purchasing an additional 1,365 shares during the period. Greenleaf Trust boosted its stake in shares of Ciena by 23.9% in the 1st quarter. Greenleaf Trust now owns 6,168 shares of the communications equipment provider’s stock valued at $373,000 after purchasing an additional 1,190 shares during the last quarter. Cerity Partners LLC increased its position in shares of Ciena by 25.5% during the first quarter. Cerity Partners LLC now owns 61,446 shares of the communications equipment provider’s stock worth $3,713,000 after buying an additional 12,494 shares during the period. Finally, Stephens Inc. AR raised its stake in Ciena by 21.8% during the first quarter. Stephens Inc. AR now owns 5,451 shares of the communications equipment provider’s stock worth $329,000 after buying an additional 975 shares during the last quarter. 91.99% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have weighed in on CIEN. Weiss Ratings reiterated a “hold (c)” rating on shares of Ciena in a report on Wednesday, October 8th. JPMorgan Chase & Co. upped their target price on Ciena from $105.00 to $140.00 and gave the company an “overweight” rating in a research report on Friday, September 5th. Stifel Nicolaus raised their target price on Ciena from $120.00 to $152.00 and gave the stock a “buy” rating in a research note on Tuesday, September 23rd. Wall Street Zen lowered Ciena from a “strong-buy” rating to a “buy” rating in a research note on Saturday. Finally, Argus increased their price target on Ciena from $100.00 to $135.00 and gave the stock a “buy” rating in a report on Friday, September 5th. Three analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, Ciena currently has a consensus rating of “Moderate Buy” and a consensus target price of $137.53.

Insider Buying and Selling at Ciena

In other Ciena news, Director Bruce L. Claflin sold 8,461 shares of the company’s stock in a transaction on Wednesday, September 24th. The shares were sold at an average price of $140.12, for a total transaction of $1,185,555.32. Following the transaction, the director owned 54,624 shares in the company, valued at approximately $7,653,914.88. This represents a 13.41% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Joseph Cumello sold 1,863 shares of Ciena stock in a transaction dated Friday, September 26th. The shares were sold at an average price of $141.14, for a total transaction of $262,943.82. Following the transaction, the senior vice president owned 43,531 shares of the company’s stock, valued at $6,143,965.34. This represents a 4.10% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 52,174 shares of company stock worth $7,231,504. Company insiders own 0.93% of the company’s stock.

Ciena Stock Down 1.1%

CIEN stock opened at $199.15 on Monday. The stock’s 50 day simple moving average is $153.34 and its 200 day simple moving average is $107.02. The company has a market cap of $28.09 billion, a P/E ratio of 205.31, a price-to-earnings-growth ratio of 2.62 and a beta of 1.17. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.52 and a current ratio of 3.28. Ciena Corporation has a fifty-two week low of $49.21 and a fifty-two week high of $203.40.

Ciena (NYSE:CIEN) last released its quarterly earnings data on Thursday, April 6th. The communications equipment provider reported $0.47 EPS for the quarter. Ciena had a return on equity of 6.62% and a net margin of 3.10%.The firm had revenue of $844.44 million during the quarter. On average, research analysts expect that Ciena Corporation will post 1.6 earnings per share for the current fiscal year.

Ciena Company Profile

Ciena Corporation provides hardware and software services for delivery of video, data, and voice traffic metro, aggregation, and access communications network worldwide. The company’s Networking Platforms segment offers convergence of coherent optical transport, open optical networking, optical transport network switching, IP routing, and switching services.