Ciena Corporation $CIEN Shares Bought by Primecap Management Co. CA

Primecap Management Co. CA boosted its holdings in Ciena Corporation (NYSE:CIEN) by 15.9% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 554,500 shares of the communications equipment provider’s stock after acquiring an additional 75,950 shares during the quarter. Primecap Management Co. CA owned 0.39% of Ciena worth $45,097,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. World Investment Advisors bought a new stake in shares of Ciena during the 2nd quarter worth $253,000. Vaughan Nelson Investment Management L.P. boosted its position in shares of Ciena by 375.4% in the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 1,235,696 shares of the communications equipment provider’s stock valued at $100,499,000 after purchasing an additional 975,792 shares during the period. Inspire Investing LLC increased its stake in Ciena by 516.6% in the 1st quarter. Inspire Investing LLC now owns 18,719 shares of the communications equipment provider’s stock worth $1,131,000 after purchasing an additional 15,683 shares in the last quarter. Amundi raised its holdings in Ciena by 322.8% during the 1st quarter. Amundi now owns 34,035 shares of the communications equipment provider’s stock worth $1,912,000 after buying an additional 25,986 shares during the period. Finally, Connective Portfolio Management LLC purchased a new stake in Ciena during the second quarter valued at about $651,000. 91.99% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, SVP Brodie Gage sold 350 shares of the business’s stock in a transaction on Wednesday, October 15th. The shares were sold at an average price of $169.36, for a total value of $59,276.00. Following the completion of the sale, the senior vice president directly owned 40,653 shares in the company, valued at approximately $6,884,992.08. The trade was a 0.85% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Bruce L. Claflin sold 8,461 shares of the firm’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 completion of the transaction, the director owned 54,624 shares in the company, valued at $7,653,914.88. The trade was a 13.41% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 51,935 shares of company stock worth $8,029,442. 0.93% of the stock is owned by company insiders.

Ciena Stock Up 1.0%

Shares of Ciena stock opened at $188.83 on Thursday. The firm has a market cap of $26.64 billion, a price-to-earnings ratio of 194.67, a P/E/G ratio of 2.62 and a beta of 1.17. The stock has a 50-day simple moving average of $167.16 and a 200-day simple moving average of $113.98. Ciena Corporation has a 52-week low of $49.21 and a 52-week high of $214.17. The company has a debt-to-equity ratio of 0.55, a current ratio of 3.28 and a quick ratio of 2.52.

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

Analyst Ratings Changes

Several research analysts have recently weighed in on CIEN shares. BNP Paribas set a $185.00 target price on shares of Ciena and gave the stock an “outperform” rating in a research report on Monday, October 13th. Morgan Stanley upgraded shares of Ciena from an “underweight” rating to an “equal weight” rating and lifted their price objective for the stock from $100.00 to $140.00 in a research report on Friday, October 10th. Barclays increased their target price on Ciena from $102.00 to $138.00 and gave the company an “overweight” rating in a report on Friday, September 5th. UBS Group raised their target price on Ciena from $78.00 to $120.00 and gave the stock a “neutral” rating in a research report on Friday, September 5th. Finally, Citigroup upped their price target on Ciena from $141.00 to $230.00 and gave the company a “buy” rating in a research report on Monday, November 10th. Three analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $153.20.

Ciena 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.