Choreo LLC Buys New Position in Ciena Corporation $CIEN

Choreo LLC purchased a new position in shares of Ciena Corporation (NYSE:CIEN) in the second quarter, HoldingsChannel reports. The fund purchased 3,156 shares of the communications equipment provider’s stock, valued at approximately $257,000.

Several other hedge funds also recently made changes to their positions in the business. Coldstream Capital Management Inc. lifted its position in shares of Ciena by 2.9% in the second quarter. Coldstream Capital Management Inc. now owns 4,693 shares of the communications equipment provider’s stock worth $382,000 after purchasing an additional 132 shares in the last quarter. National Bank of Canada FI increased its stake in Ciena by 15.4% in the 1st quarter. National Bank of Canada FI now owns 1,147 shares of the communications equipment provider’s stock valued at $69,000 after buying an additional 153 shares during the last quarter. Bayforest Capital Ltd lifted its position in Ciena by 34.7% during the 1st quarter. Bayforest Capital Ltd now owns 636 shares of the communications equipment provider’s stock worth $38,000 after buying an additional 164 shares in the last quarter. Advisors Capital Management LLC boosted its stake in shares of Ciena by 5.1% during the 2nd quarter. Advisors Capital Management LLC now owns 3,961 shares of the communications equipment provider’s stock worth $322,000 after buying an additional 191 shares during the last quarter. Finally, Louisiana State Employees Retirement System grew its holdings in shares of Ciena by 0.5% in the 2nd quarter. Louisiana State Employees Retirement System now owns 40,000 shares of the communications equipment provider’s stock valued at $3,253,000 after acquiring an additional 200 shares in the last quarter. 91.99% of the stock is owned by institutional investors.

Ciena Stock Up 2.9%

CIEN opened at $201.33 on Friday. The stock’s fifty day simple moving average is $181.14 and its 200 day simple moving average is $123.59. Ciena Corporation has a 1-year low of $49.21 and a 1-year high of $214.17. The stock has a market cap of $28.40 billion, a PE ratio of 207.56, a price-to-earnings-growth ratio of 1.23 and a beta of 1.17. The company has a current ratio of 3.28, a quick ratio of 2.52 and a debt-to-equity ratio of 0.55.

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

Insider Activity at Ciena

In other news, SVP Joseph Cumello sold 1,863 shares of the company’s stock in a transaction that occurred on Friday, September 26th. The stock was sold at an average price of $141.14, for a total value of $262,943.82. Following the transaction, the senior vice president owned 43,531 shares of the company’s stock, valued at approximately $6,143,965.34. This represents a 4.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Bruce L. Claflin sold 8,461 shares of the stock in a transaction that occurred on Wednesday, September 24th. The stock was sold at an average price of $140.12, for a total value 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 trade represents a 13.41% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 51,935 shares of company stock worth $8,707,266 in the last quarter. Corporate insiders own 0.93% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently commented on CIEN shares. B. Riley reissued a “neutral” rating and set a $113.00 price target (up from $90.00) on shares of Ciena in a research report on Friday, September 5th. Barclays increased their price objective on Ciena from $102.00 to $138.00 and gave the company an “overweight” rating in a report on Friday, September 5th. Zacks Research downgraded shares of Ciena from a “strong-buy” rating to a “hold” rating in a report on Monday, November 24th. Bank of America upped their price target on shares of Ciena from $135.00 to $155.00 and gave the stock a “buy” rating in a research report on Wednesday, September 17th. Finally, Wall Street Zen downgraded shares of Ciena from a “strong-buy” rating to a “buy” rating in a research report on Saturday, November 8th. Two research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $163.53.

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.