Transcend Capital Advisors LLC Buys 2,255 Shares of Ciena Corporation $CIEN

Transcend Capital Advisors LLC lifted its stake in shares of Ciena Corporation (NYSE:CIEN) by 87.2% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,841 shares of the communications equipment provider’s stock after acquiring an additional 2,255 shares during the quarter. Transcend Capital Advisors LLC’s holdings in Ciena were worth $705,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in CIEN. Global Retirement Partners LLC raised its holdings in Ciena by 11.1% during the 3rd quarter. Global Retirement Partners LLC now owns 698 shares of the communications equipment provider’s stock worth $102,000 after purchasing an additional 70 shares during the last quarter. Nisa Investment Advisors LLC boosted its stake in shares of Ciena by 1.3% in the 3rd quarter. Nisa Investment Advisors LLC now owns 6,475 shares of the communications equipment provider’s stock valued at $943,000 after purchasing an additional 80 shares during the last quarter. GAMMA Investing LLC increased its position in shares of Ciena by 2.3% during the third quarter. GAMMA Investing LLC now owns 4,071 shares of the communications equipment provider’s stock worth $593,000 after buying an additional 92 shares during the period. Fifth Third Wealth Advisors LLC raised its stake in Ciena by 2.3% during the third quarter. Fifth Third Wealth Advisors LLC now owns 4,889 shares of the communications equipment provider’s stock worth $712,000 after buying an additional 112 shares during the last quarter. Finally, Nwam LLC lifted its holdings in Ciena by 4.7% in the third quarter. Nwam LLC now owns 2,505 shares of the communications equipment provider’s stock valued at $404,000 after buying an additional 113 shares during the period. 91.99% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have weighed in on CIEN shares. UBS Group increased their price target on Ciena from $120.00 to $230.00 and gave the stock a “neutral” rating in a report on Friday, December 12th. BNP Paribas Exane set a $185.00 target price on Ciena and gave the company an “outperform” rating in a research report on Monday, October 13th. JPMorgan Chase & Co. lifted their target price on Ciena from $215.00 to $250.00 and gave the stock an “overweight” rating in a report on Friday, December 12th. Barclays increased their price target on Ciena from $138.00 to $279.00 and gave the stock an “overweight” rating in a report on Friday, December 12th. Finally, Morgan Stanley set a $213.00 price objective on shares of Ciena in a research note on Wednesday, December 17th. Two analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat.com, Ciena currently has an average rating of “Moderate Buy” and a consensus price target of $241.67.

Insider Buying and Selling at Ciena

In other news, Director Thomas Michael Nevens sold 8,554 shares of the company’s stock in a transaction that occurred on Monday, December 15th. The stock was sold at an average price of $224.66, for a total value of $1,921,741.64. Following the completion of the transaction, the director directly owned 9,422 shares of the company’s stock, valued at $2,116,746.52. This represents a 47.59% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Gary B. Smith sold 83,552 shares of the stock in a transaction that occurred on Monday, January 5th. The shares were sold at an average price of $229.44, for a total value of $19,170,170.88. Following the sale, the chief executive officer directly owned 307,885 shares of the company’s stock, valued at $70,641,134.40. The trade was a 21.34% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 161,090 shares of company stock valued at $36,981,975 in the last quarter. 0.93% of the stock is owned by company insiders.

Ciena Stock Performance

Shares of Ciena stock opened at $267.87 on Tuesday. The company has a market cap of $37.73 billion, a PE ratio of 315.15, a price-to-earnings-growth ratio of 1.41 and a beta of 1.13. The company has a quick ratio of 2.09, a current ratio of 2.73 and a debt-to-equity ratio of 0.56. Ciena Corporation has a 52 week low of $49.21 and a 52 week high of $271.21. The business has a 50 day moving average price of $229.11 and a 200-day moving average price of $169.51.

Ciena (NYSE:CIEN) last announced its quarterly earnings results on Thursday, December 11th. The communications equipment provider reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.76 by $0.15. Ciena had a return on equity of 8.38% and a net margin of 2.59%.The business had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $1.29 billion. During the same quarter in the prior year, the company posted $0.54 earnings per share. Ciena’s revenue was up 20.1% compared to the same quarter last year. Equities analysts anticipate that Ciena Corporation will post 1.6 earnings per share for the current fiscal year.

Ciena Company Profile

Ciena Corporation (NYSE: CIEN) is a global supplier of telecommunications networking equipment, software and services. The company develops high-capacity optical transport systems and packet-optical platforms that enable service providers, cloud operators and large enterprises to build, manage and scale their networks. Ciena’s product portfolio includes coherent optical solutions, packet networking platforms and a suite of network automation software designed to optimize bandwidth, reduce latency and simplify network operations.

In addition to hardware offerings, Ciena provides professional services and support, including network design, implementation and ongoing maintenance.