CloudAlpha Capital Management Limited Hong Kong Buys New Position in Ciena Corporation $CIEN

CloudAlpha Capital Management Limited Hong Kong bought a new position in shares of Ciena Corporation (NYSE:CIEN) in the 3rd quarter, Holdings Channel reports. The fund bought 143,200 shares of the communications equipment provider’s stock, valued at approximately $20,860,000. Ciena accounts for 0.8% of CloudAlpha Capital Management Limited Hong Kong’s portfolio, making the stock its 22nd largest position.

Other institutional investors have also recently added to or reduced their stakes in the company. Lecap Asset Management Ltd. bought a new stake in shares of Ciena in the 3rd quarter worth approximately $1,993,000. World Investment Advisors bought a new stake in Ciena in the second quarter valued at $253,000. Convergence Investment Partners LLC purchased a new position in Ciena during the 3rd quarter valued at $1,726,000. JPMorgan Chase & Co. raised its holdings in Ciena by 7.4% in the 2nd quarter. JPMorgan Chase & Co. now owns 5,243,053 shares of the communications equipment provider’s stock worth $426,420,000 after purchasing an additional 359,579 shares in the last quarter. Finally, M & L Capital Management Ltd purchased a new stake in shares of Ciena in the 3rd quarter worth about $714,000. 91.99% of the stock is owned by institutional investors and hedge funds.

Ciena Stock Up 6.5%

Shares of Ciena stock opened at $288.89 on Tuesday. Ciena Corporation has a twelve month low of $49.21 and a twelve month high of $297.01. The company has a quick ratio of 2.09, a current ratio of 2.73 and a debt-to-equity ratio of 0.56. The company’s 50 day moving average is $235.94 and its 200 day moving average is $175.96. The company has a market cap of $40.69 billion, a price-to-earnings ratio of 339.87, a price-to-earnings-growth ratio of 1.52 and a beta of 1.13.

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

Insider Transactions at Ciena

In other news, Director Patrick Gallagher sold 11,618 shares of Ciena stock in a transaction that occurred on Monday, January 12th. The shares were sold at an average price of $227.45, for a total transaction of $2,642,514.10. Following the sale, the director owned 50,184 shares in the company, valued at $11,414,350.80. This trade represents a 18.80% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Joseph Cumello sold 11,929 shares of the business’s stock in a transaction on Monday, January 12th. The stock was sold at an average price of $229.82, for a total transaction of $2,741,522.78. Following the completion of the sale, the senior vice president owned 49,475 shares in the company, valued at approximately $11,370,344.50. The trade was a 19.43% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 157,242 shares of company stock valued at $36,341,766. Company insiders own 0.93% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. Northland Securities set a $190.00 price objective on Ciena and gave the company a “market perform” rating in a research report on Friday, December 12th. Bank of America restated a “neutral” rating and set a $260.00 price target on shares of Ciena in a research report on Tuesday, January 20th. Morgan Stanley set a $213.00 price objective on Ciena in a report on Wednesday, December 17th. Rosenblatt Securities boosted their target price on shares of Ciena from $175.00 to $305.00 and gave the company a “buy” rating in a report on Friday, December 12th. Finally, BNP Paribas Exane set a $185.00 price target on shares of Ciena and gave the stock an “outperform” rating in a research note on Monday, October 13th. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $241.67.

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.