Summit Global Investments Makes New $918,000 Investment in Ciena Corporation $CIEN

Summit Global Investments purchased a new position in shares of Ciena Corporation (NYSE:CIEN) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 2,609 shares of the communications equipment provider’s stock, valued at approximately $918,000.

A number of other institutional investors have also modified their holdings of CIEN. Kassira Wealth Management LLC boosted its holdings in Ciena by 1.6% during the 3rd quarter. Kassira Wealth Management LLC now owns 2,699 shares of the communications equipment provider’s stock valued at $950,000 after acquiring an additional 42 shares during the period. MGO One Seven LLC grew its position in Ciena by 17.0% in the 3rd quarter. MGO One Seven LLC now owns 1,703 shares of the communications equipment provider’s stock valued at $599,000 after acquiring an additional 247 shares in the last quarter. State of Wyoming increased its stake in Ciena by 1,231.0% during the third quarter. State of Wyoming now owns 1,677 shares of the communications equipment provider’s stock worth $590,000 after purchasing an additional 1,551 shares during the period. Peak Financial Advisors LLC increased its stake in Ciena by 7.5% during the third quarter. Peak Financial Advisors LLC now owns 11,368 shares of the communications equipment provider’s stock worth $4,000,000 after purchasing an additional 798 shares during the period. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al increased its stake in Ciena by 27.3% during the third quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 30,220 shares of the communications equipment provider’s stock worth $10,632,000 after purchasing an additional 6,480 shares during the period. 91.99% of the stock is owned by institutional investors and hedge funds.

Ciena Price Performance

Shares of NYSE CIEN opened at $284.09 on Tuesday. The company has a debt-to-equity ratio of 1.06, a current ratio of 3.80 and a quick ratio of 3.17. The company has a market cap of $40.29 billion, a price-to-earnings ratio of 63.41, a price-to-earnings-growth ratio of 5.05 and a beta of 1.28. The stock’s 50-day moving average is $361.07 and its two-hundred day moving average is $402.14. Ciena Corporation has a 1-year low of $168.22 and a 1-year high of $637.51.

Ciena (NYSE:CIEN) last announced its quarterly earnings data on Thursday, September 3rd. The communications equipment provider reported $2.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.73 by $0.38. Ciena had a return on equity of 25.33% and a net margin of 10.87%. The business had revenue of $1.67 billion during the quarter, compared to analysts’ expectations of $1.64 billion. During the same quarter last year, the business posted $0.35 EPS. The business’s quarterly revenue was up 37.0% compared to the same quarter last year. Analysts forecast that Ciena Corporation will post 6.00 EPS for the current fiscal year.

Analysts Set New Price Targets

Several analysts have recently issued reports on CIEN shares. JPMorgan Chase & Co. reduced their price target on shares of Ciena from $635.00 to $605.00 and set an “overweight” rating on the stock in a research report on Friday, September 4th. Rothschild & Co Redburn dropped their price objective on shares of Ciena from $538.43 to $406.81 and set a “neutral” rating for the company in a report on Monday, September 14th. Evercore raised shares of Ciena from an “in-line” rating to an “outperform” rating and upped their target price for the stock from $375.00 to $550.00 in a research note on Monday, September 21st. Citigroup reiterated a “buy” rating on shares of Ciena in a report on Friday, September 4th. Finally, Barclays raised their price target on shares of Ciena from $475.00 to $548.00 and gave the company an “overweight” rating in a research report on Thursday, September 17th. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $485.93.

Insider Buying and Selling

In other Ciena news, CEO Gary Smith sold 2,952 shares of the stock in a transaction that occurred on Tuesday, September 15th. The shares were sold at an average price of $330.18, for a total value of $974,691.36. Following the sale, the chief executive officer directly owned 240,126 shares of the company’s stock, valued at approximately $79,284,802.68. This represents a 1.21% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Marc D. Graff sold 4,995 shares of the firm’s stock in a transaction on Friday, August 14th. The shares were sold at an average price of $430.72, for a total transaction of $2,151,446.40. Following the completion of the sale, the chief financial officer owned 107,519 shares in the company, valued at $46,310,583.68. The trade was a 4.44% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 33,062 shares of company stock valued at $12,336,372 over the last ninety days. 0.58% of the stock is currently owned by corporate insiders.

About Ciena

Ciena Corporation (NYSE: CIEN) is a networking technology company that provides hardware, software, and services for communications networks. Its solutions help telecommunications carriers, cloud providers, enterprises, government organizations, and research institutions build, manage, and automate high-capacity networks.

The company’s portfolio includes optical networking systems, routing and switching platforms, network automation software, and network management tools. Ciena also offers consulting, implementation, maintenance, and professional services designed to support network planning, deployment, optimization, and ongoing operations.