60,853 Shares in Ciena Co. (NYSE:CIEN) Bought by CloudAlpha Capital Management Limited Hong Kong

CloudAlpha Capital Management Limited Hong Kong purchased a new position in Ciena Co. (NYSE:CIEN) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 60,853 shares of the communications equipment provider’s stock, valued at approximately $3,748,000. Ciena makes up about 0.2% of CloudAlpha Capital Management Limited Hong Kong’s holdings, making the stock its 24th biggest position.

Other institutional investors and hedge funds have also bought and sold shares of the company. KBC Group NV boosted its stake in Ciena by 1.0% in the 3rd quarter. KBC Group NV now owns 50,161 shares of the communications equipment provider’s stock worth $3,089,000 after purchasing an additional 488 shares in the last quarter. Oppenheimer Asset Management Inc. grew its holdings in shares of Ciena by 826.1% in the third quarter. Oppenheimer Asset Management Inc. now owns 98,600 shares of the communications equipment provider’s stock valued at $6,073,000 after purchasing an additional 87,953 shares in the last quarter. Ashton Thomas Private Wealth LLC bought a new stake in Ciena in the third quarter worth $1,337,000. North Growth Management Ltd. lifted its position in shares of Ciena by 0.4% during the third quarter. North Growth Management Ltd. now owns 531,000 shares of the communications equipment provider’s stock worth $32,677,000 after purchasing an additional 2,000 shares during the last quarter. Finally, Chartwell Investment Partners LLC raised its holdings in shares of Ciena by 97.5% in the third quarter. Chartwell Investment Partners LLC now owns 46,584 shares of the communications equipment provider’s stock valued at $2,869,000 after acquiring an additional 23,000 shares in the last quarter. 91.99% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, SVP David M. Rothenstein sold 3,500 shares of the firm’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $56.24, for a total transaction of $196,840.00. Following the transaction, the senior vice president now owns 205,421 shares in the company, valued at approximately $11,552,877.04. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, SVP Jason Phipps sold 2,200 shares of Ciena stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $61.49, for a total transaction of $135,278.00. Following the completion of the sale, the senior vice president now owns 91,149 shares of the company’s stock, valued at $5,604,752.01. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP David M. Rothenstein sold 3,500 shares of the business’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $56.24, for a total value of $196,840.00. Following the completion of the transaction, the senior vice president now directly owns 205,421 shares of the company’s stock, valued at $11,552,877.04. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 9,200 shares of company stock worth $568,123 over the last three months. 0.83% of the stock is owned by insiders.

Analyst Ratings Changes

Several analysts recently commented on CIEN shares. Barclays boosted their price target on Ciena from $55.00 to $67.00 and gave the stock an “overweight” rating in a research report on Thursday, September 5th. Rosenblatt Securities raised their price target on Ciena from $54.00 to $60.00 and gave the stock a “neutral” rating in a research note on Thursday, September 5th. Needham & Company LLC reissued a “buy” rating and issued a $65.00 price target on shares of Ciena in a report on Thursday, September 5th. Evercore ISI cut Ciena from an “outperform” rating to an “in-line” rating and set a $65.00 price target for the company. in a report on Tuesday, October 15th. Finally, Morgan Stanley downgraded Ciena from an “overweight” rating to an “equal weight” rating and set a $63.00 target price for the company. in a research report on Monday, October 28th. Eight equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $63.08.

Ciena Stock Up 0.7 %

Shares of Ciena stock opened at $71.44 on Thursday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.99 and a current ratio of 4.06. Ciena Co. has a 52-week low of $42.20 and a 52-week high of $73.47. The stock has a market capitalization of $10.32 billion, a price-to-earnings ratio of 76.00, a P/E/G ratio of 5.76 and a beta of 0.94. The company’s 50 day moving average price is $63.14 and its 200-day moving average price is $54.32.

Ciena (NYSE:CIEN) last posted its quarterly earnings results on Wednesday, September 4th. The communications equipment provider reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.26 by $0.09. Ciena had a return on equity of 5.98% and a net margin of 3.44%. The firm had revenue of $942.30 million during the quarter, compared to analyst estimates of $928.31 million. During the same quarter in the previous year, the firm earned $0.36 EPS. Ciena’s quarterly revenue was down 11.8% compared to the same quarter last year. Equities research analysts forecast that Ciena Co. will post 1.13 EPS for the current year.

Ciena announced that its board has initiated a share repurchase plan on Wednesday, October 2nd that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the communications equipment provider to buy up to 10.5% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Ciena Company 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.