Norden Group LLC Purchases Shares of 1,442 Ciena Corporation $CIEN

Norden Group LLC acquired a new position in Ciena Corporation (NYSE:CIEN) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 1,442 shares of the communications equipment provider’s stock, valued at approximately $337,000.

Several other large investors have also recently modified their holdings of CIEN. Jacobs Levy Equity Management Inc. purchased a new position in Ciena in the first quarter worth $395,000. Jones Financial Companies Lllp lifted its holdings in shares of Ciena by 139.6% during the 1st quarter. Jones Financial Companies Lllp now owns 5,253 shares of the communications equipment provider’s stock valued at $317,000 after purchasing an additional 3,061 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in shares of Ciena by 1.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 222,054 shares of the communications equipment provider’s stock worth $13,419,000 after purchasing an additional 3,117 shares in the last quarter. Focus Partners Wealth boosted its position in shares of Ciena by 14.6% in the 1st quarter. Focus Partners Wealth now owns 5,762 shares of the communications equipment provider’s stock worth $348,000 after purchasing an additional 733 shares in the last quarter. Finally, Cetera Investment Advisers grew its stake in Ciena by 24.6% during the 2nd quarter. Cetera Investment Advisers now owns 24,772 shares of the communications equipment provider’s stock worth $2,015,000 after buying an additional 4,898 shares during the last quarter. Institutional investors own 91.99% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on CIEN shares. Morgan Stanley increased their price target on Ciena from $280.00 to $286.00 and gave the company an “equal weight” rating in a research note on Thursday, March 5th. Rosenblatt Securities boosted their price target on Ciena from $305.00 to $350.00 and gave the stock a “buy” rating in a research note on Friday, March 6th. Bank of America raised shares of Ciena from a “neutral” rating to a “buy” rating and increased their price objective for the company from $260.00 to $355.00 in a research report on Friday, March 6th. Wolfe Research reiterated an “outperform” rating and issued a $375.00 target price on shares of Ciena in a research note on Thursday, March 5th. Finally, B. Riley Financial boosted their target price on shares of Ciena from $222.00 to $283.00 and gave the stock a “neutral” rating in a research report on Friday, March 6th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, Ciena currently has a consensus rating of “Moderate Buy” and an average target price of $327.12.

Ciena Trading Up 0.3%

Shares of Ciena stock opened at $402.67 on Monday. The stock has a market cap of $56.94 billion, a PE ratio of 256.48, a price-to-earnings-growth ratio of 1.54 and a beta of 1.07. The firm has a fifty day moving average price of $316.01 and a 200 day moving average price of $235.77. Ciena Corporation has a 1 year low of $49.21 and a 1 year high of $446.89. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.81 and a quick ratio of 2.14.

Ciena (NYSE:CIEN) last announced its quarterly earnings results on Thursday, March 5th. The communications equipment provider reported $1.35 earnings per share for the quarter, topping the consensus estimate of $1.17 by $0.18. The company had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.40 billion. Ciena had a return on equity of 12.09% and a net margin of 4.47%.The firm’s revenue for the quarter was up 33.1% compared to the same quarter last year. During the same period last year, the firm earned $0.64 EPS. Equities research analysts predict that Ciena Corporation will post 1.6 earnings per share for the current year.

Insider Activity

In other Ciena news, Director Patrick Gallagher sold 11,618 shares of the company’s stock in a transaction that occurred on Monday, January 12th. The stock was sold at an average price of $227.45, for a total value of $2,642,514.10. Following the sale, the director owned 50,184 shares in the company, valued at approximately $11,414,350.80. This represents a 18.80% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, SVP Joseph Cumello sold 11,929 shares of the firm’s stock in a transaction that occurred 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 sale, the senior vice president directly owned 49,475 shares in the company, valued at $11,370,344.50. The trade was a 19.43% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 148,283 shares of company stock valued at $36,397,491 over the last 90 days. Company insiders own 0.58% of the company’s stock.

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.