Ciena Corporation $CIEN Shares Purchased by Private Advisory Group LLC

Private Advisory Group LLC increased its stake in shares of Ciena Corporation (NYSE:CIEN) by 4,612.6% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 35,627 shares of the communications equipment provider’s stock after buying an additional 34,871 shares during the quarter. Private Advisory Group LLC’s holdings in Ciena were worth $12,534,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the company. Carolina Wealth Advisors LLC grew its stake in Ciena by 57.8% during the 2nd quarter. Carolina Wealth Advisors LLC now owns 71 shares of the communications equipment provider’s stock valued at $35,000 after purchasing an additional 26 shares during the last quarter. Triumph Capital Management increased its holdings in shares of Ciena by 15.2% in the second quarter. Triumph Capital Management now owns 205 shares of the communications equipment provider’s stock valued at $101,000 after purchasing an additional 27 shares during the period. Syon Capital LLC increased its holdings in shares of Ciena by 3.1% in the second quarter. Syon Capital LLC now owns 910 shares of the communications equipment provider’s stock valued at $446,000 after purchasing an additional 27 shares during the period. Modera Wealth Management LLC raised its stake in shares of Ciena by 1.8% in the first quarter. Modera Wealth Management LLC now owns 1,685 shares of the communications equipment provider’s stock worth $654,000 after purchasing an additional 29 shares during the last quarter. Finally, Parkside Financial Bank & Trust raised its stake in shares of Ciena by 4.6% in the second quarter. Parkside Financial Bank & Trust now owns 844 shares of the communications equipment provider’s stock worth $414,000 after purchasing an additional 37 shares during the last quarter. 91.99% of the stock is owned by institutional investors and hedge funds.

Ciena Price Performance

Shares of CIEN opened at $294.80 on Friday. The business’s 50-day moving average is $343.81 and its two-hundred day moving average is $403.58. The company has a market capitalization of $41.81 billion, a P/E ratio of 65.80, a P/E/G ratio of 2.37 and a beta of 1.33. The company has a debt-to-equity ratio of 1.06, a quick ratio of 3.17 and a current ratio of 3.80. Ciena Corporation has a fifty-two week low of $168.22 and a fifty-two week high of $637.51.

Ciena (NYSE:CIEN) last released its quarterly earnings data 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 last year, the business posted $0.35 EPS. The company’s revenue was up 37.0% on a year-over-year basis. Research analysts predict that Ciena Corporation will post 6.00 earnings per share for the current year.

Analyst Ratings Changes

A number of research firms recently commented on CIEN. Rosenblatt Securities reaffirmed a “buy” rating and set a $525.00 target price on shares of Ciena in a report on Thursday, September 17th. B. Riley Financial cut their price target on shares of Ciena from $516.00 to $413.00 and set a “neutral” rating on the stock in a report on Monday, August 31st. Needham & Company LLC reiterated a “buy” rating and issued a $520.00 price target on shares of Ciena in a report on Thursday, September 17th. Citigroup reissued a “buy” rating on shares of Ciena in a research report on Friday, September 4th. Finally, Evercore upgraded shares of Ciena from an “in-line” rating to an “outperform” rating and lifted their price objective for the company from $375.00 to $550.00 in a research note on Monday, September 21st. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and six have given a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $485.93.

Insider Activity

In other Ciena news, EVP Joseph Cumello sold 1,586 shares of the business’s stock in a transaction that occurred on Friday, September 25th. The stock was 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 approximately $14,186,636.40. The trade was a 3.85% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Jason Phipps sold 2,629 shares of the company’s stock in a transaction that occurred 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 owned 57,388 shares in the company, valued at approximately $20,383,643.72. This represents a 4.38% 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. Insiders sold 31,019 shares of company stock valued at $11,065,093 over the last 90 days. Company insiders own 0.58% of the company’s stock.

About Ciena

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.