Praxis Investment Management Inc. Has $226,000 Stock Position in Ciena Corporation (NYSE:CIEN)

Praxis Investment Management Inc. increased its stake in Ciena Corporation (NYSE:CIENFree Report) by 35.0% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,740 shares of the communications equipment provider’s stock after acquiring an additional 970 shares during the quarter. Praxis Investment Management Inc.’s holdings in Ciena were worth $226,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Annis Gardner Whiting Capital Advisors LLC lifted its stake in Ciena by 108.6% in the fourth quarter. Annis Gardner Whiting Capital Advisors LLC now owns 290 shares of the communications equipment provider’s stock valued at $25,000 after buying an additional 151 shares during the period. Bessemer Group Inc. lifted its stake in Ciena by 73.7% in the fourth quarter. Bessemer Group Inc. now owns 356 shares of the communications equipment provider’s stock valued at $30,000 after buying an additional 151 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in Ciena by 328.2% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 364 shares of the communications equipment provider’s stock valued at $30,000 after buying an additional 279 shares during the period. Atlas Capital Advisors Inc. lifted its stake in Ciena by 77.2% in the fourth quarter. Atlas Capital Advisors Inc. now owns 420 shares of the communications equipment provider’s stock valued at $36,000 after buying an additional 183 shares during the period. Finally, Picton Mahoney Asset Management acquired a new position in Ciena in the fourth quarter valued at approximately $41,000. 91.99% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, SVP Jason Phipps sold 18,888 shares of the company’s stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $59.88, for a total transaction of $1,131,013.44. Following the transaction, the senior vice president now owns 89,258 shares of the company’s stock, valued at $5,344,769.04. This represents a 17.47% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Gary B. Smith sold 6,800 shares of the company’s stock in a transaction on Thursday, May 1st. The shares were sold at an average price of $71.90, for a total value of $488,920.00. Following the transaction, the chief executive officer now directly owns 368,880 shares in the company, valued at $26,522,472. This represents a 1.81% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 49,638 shares of company stock valued at $3,345,797. Insiders own 0.93% of the company’s stock.

Ciena Stock Up 1.4%

CIEN stock opened at $75.57 on Tuesday. The stock’s fifty day simple moving average is $73.49 and its two-hundred day simple moving average is $76.17. The company has a current ratio of 3.40, a quick ratio of 2.57 and a debt-to-equity ratio of 0.55. Ciena Corporation has a 1-year low of $44.89 and a 1-year high of $101.44. The stock has a market cap of $10.68 billion, a P/E ratio of 104.96, a P/E/G ratio of 1.63 and a beta of 1.12.

Ciena (NYSE:CIENGet Free Report) last posted its quarterly earnings data on Thursday, June 5th. The communications equipment provider reported $0.42 earnings per share for the quarter, missing the consensus estimate of $0.50 by ($0.08). Ciena had a return on equity of 5.08% and a net margin of 2.46%. The business had revenue of $1.13 billion during the quarter, compared to analysts’ expectations of $1.09 billion. During the same period in the prior year, the firm posted $0.27 EPS. The firm’s revenue for the quarter was up 23.6% on a year-over-year basis. Analysts expect that Ciena Corporation will post 1.6 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. Morgan Stanley boosted their price objective on Ciena from $44.00 to $73.00 and gave the company an “equal weight” rating in a report on Friday, June 6th. Citigroup decreased their price objective on Ciena from $98.00 to $75.00 and set a “buy” rating for the company in a report on Monday, April 14th. Barclays set a $100.00 price objective on Ciena and gave the company an “overweight” rating in a report on Wednesday, March 12th. JPMorgan Chase & Co. boosted their price objective on Ciena from $76.00 to $86.00 and gave the company an “overweight” rating in a report on Tuesday, May 27th. Finally, Rosenblatt Securities boosted their price objective on Ciena from $65.00 to $85.00 and gave the company a “neutral” rating in a report on Tuesday, June 3rd. Six research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Ciena presently has a consensus rating of “Moderate Buy” and a consensus target price of $83.15.

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Ciena Company Profile

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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.

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Institutional Ownership by Quarter for Ciena (NYSE:CIEN)

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