Peak Financial Advisors LLC Takes Position in Ciena Corporation $CIEN

Peak Financial Advisors LLC purchased a new stake in shares of Ciena Corporation (NYSE:CIEN) in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 3,593 shares of the communications equipment provider’s stock, valued at approximately $523,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Vanguard Group Inc. grew its stake in Ciena by 0.7% in the 2nd quarter. Vanguard Group Inc. now owns 15,088,445 shares of the communications equipment provider’s stock valued at $1,227,143,000 after purchasing an additional 103,199 shares during the period. JPMorgan Chase & Co. grew its position in Ciena by 7.4% during the second quarter. JPMorgan Chase & Co. now owns 5,243,053 shares of the communications equipment provider’s stock valued at $426,420,000 after buying an additional 359,579 shares during the period. Bank of America Corp DE increased its holdings in Ciena by 10.4% during the second quarter. Bank of America Corp DE now owns 3,495,795 shares of the communications equipment provider’s stock worth $284,313,000 after buying an additional 329,821 shares during the last quarter. William Blair Investment Management LLC raised its position in Ciena by 35.0% in the second quarter. William Blair Investment Management LLC now owns 2,708,540 shares of the communications equipment provider’s stock worth $220,286,000 after acquiring an additional 702,909 shares during the period. Finally, Senvest Management LLC boosted its stake in Ciena by 12.4% in the second quarter. Senvest Management LLC now owns 1,655,012 shares of the communications equipment provider’s stock valued at $134,602,000 after acquiring an additional 182,900 shares during the last quarter. Hedge funds and other institutional investors own 91.99% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on CIEN shares. Stifel Nicolaus set a $270.00 price target on shares of Ciena in a research note on Thursday, December 11th. BNP Paribas set a $185.00 target price on Ciena and gave the stock an “outperform” rating in a research report on Monday, October 13th. Rosenblatt Securities upped their price target on Ciena from $175.00 to $305.00 and gave the company a “buy” rating in a research report on Friday, December 12th. Northland Securities set a $190.00 price target on Ciena and gave the stock a “market perform” rating in a research note on Friday, December 12th. Finally, Zacks Research cut Ciena from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 24th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and eight have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Ciena currently has a consensus rating of “Moderate Buy” and an average price target of $237.50.

Insider Activity at Ciena

In other Ciena news, SVP Joseph Cumello sold 1,863 shares of the firm’s stock in a transaction on Friday, September 26th. The shares were sold at an average price of $141.14, for a total value of $262,943.82. Following the completion of the transaction, the senior vice president directly owned 43,531 shares of the company’s stock, valued at $6,143,965.34. This trade represents a 4.10% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Gary B. Smith sold 6,800 shares of the company’s stock in a transaction on Wednesday, December 3rd. The stock was sold at an average price of $192.61, for a total transaction of $1,309,748.00. Following the completion of the transaction, the chief executive officer directly owned 254,870 shares in the company, valued at approximately $49,090,510.70. The trade was a 2.60% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 53,889 shares of company stock valued at $9,778,110 in the last quarter. 0.93% of the stock is currently owned by company insiders.

Ciena Stock Performance

NYSE:CIEN opened at $203.88 on Thursday. The business’s fifty day moving average is $191.74 and its 200 day moving average is $131.53. The firm has a market cap of $28.72 billion, a price-to-earnings ratio of 239.86, a PEG ratio of 1.22 and a beta of 1.17. The company has a debt-to-equity ratio of 0.56, a quick ratio of 2.09 and a current ratio of 2.73. Ciena Corporation has a 52-week low of $49.21 and a 52-week high of $248.00.

Ciena (NYSE:CIEN) last issued its earnings results on Thursday, December 11th. The communications equipment provider reported $0.91 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 last year, the company earned $0.54 EPS. The firm’s revenue was up 20.1% compared to the same quarter last year. Research analysts predict that Ciena Corporation will post 1.6 EPS for the current year.

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.