Ciena Corporation $CIEN Stake Increased by CenterBook Partners LP

CenterBook Partners LP grew its holdings in Ciena Corporation (NYSE:CIEN) by 507.2% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 18,998 shares of the communications equipment provider’s stock after buying an additional 15,869 shares during the quarter. CenterBook Partners LP’s holdings in Ciena were worth $6,684,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of CIEN. Calamos Wealth Management LLC bought a new position in Ciena in the 3rd quarter valued at $6,635,000. Calamos Advisors LLC increased its stake in shares of Ciena by 95.4% in the 3rd quarter. Calamos Advisors LLC now owns 43,394 shares of the communications equipment provider’s stock valued at $15,267,000 after buying an additional 21,191 shares during the period. Alta Advisers Ltd raised its position in shares of Ciena by 99.2% during the third quarter. Alta Advisers Ltd now owns 1,032 shares of the communications equipment provider’s stock worth $363,000 after acquiring an additional 514 shares during the last quarter. Westside Investment Management Inc. lifted its stake in shares of Ciena by 14.8% during the third quarter. Westside Investment Management Inc. now owns 310 shares of the communications equipment provider’s stock valued at $109,000 after acquiring an additional 40 shares during the period. Finally, Kestra Advisory Services LLC lifted its stake in shares of Ciena by 10.7% during the third quarter. Kestra Advisory Services LLC now owns 13,458 shares of the communications equipment provider’s stock valued at $4,735,000 after acquiring an additional 1,299 shares during the period. Institutional investors and hedge funds own 91.99% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. JPMorgan Chase & Co. lowered their price objective on Ciena from $635.00 to $605.00 and set an “overweight” rating for the company in a research report on Friday, September 4th. Rothschild & Co Redburn dropped their price target on shares of Ciena from $538.43 to $406.81 and set a “neutral” rating for the company in a research note on Monday, September 14th. Citigroup restated a “buy” rating on shares of Ciena in a report on Friday, September 4th. TD Cowen reaffirmed a “buy” rating on shares of Ciena in a research note on Thursday, September 17th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $520.00 target price on shares of Ciena in a report on Thursday, September 17th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $485.93.

Insider Activity at Ciena

In related news, EVP Jason Phipps sold 2,629 shares of the stock in a transaction that occurred on Thursday, October 1st. The stock was sold at an average price of $355.19, for a total transaction of $933,794.51. Following the completion of the sale, the executive vice president directly owned 57,388 shares of the company’s stock, valued at approximately $20,383,643.72. This represents a 4.38% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Joseph Cumello sold 1,586 shares of the firm’s stock in a transaction that occurred on Friday, September 25th. The stock was sold at an average price of $358.52, for a total transaction of $568,612.72. Following the sale, the executive vice president owned 39,570 shares in the company, valued at $14,186,636.40. This trade represents a 3.85% 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 a total of 36,014 shares of company stock valued at $13,216,540 over the last 90 days. Insiders own 0.58% of the company’s stock.

Ciena Trading Up 5.3%

Shares of CIEN stock traded up $12.12 on Friday, reaching $242.93. The company had a trading volume of 4,717,091 shares, compared to its average volume of 3,292,244. The stock has a market cap of $34.45 billion, a PE ratio of 54.23, a PEG ratio of 2.28 and a beta of 1.33. The company has a 50-day moving average of $350.63 and a 200-day moving average of $402.53. The company has a current ratio of 3.80, a quick ratio of 3.17 and a debt-to-equity ratio of 1.06. Ciena Corporation has a 12 month low of $168.22 and a 12 month high of $637.51.

Ciena (NYSE:CIEN) last issued its quarterly earnings data on Thursday, September 3rd. The communications equipment provider reported $2.11 EPS for the quarter, topping 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 for the quarter, compared to the consensus estimate of $1.64 billion. During the same quarter last year, the business posted $0.35 EPS. The firm’s revenue was up 37.0% compared to the same quarter last year. On average, equities analysts forecast that Ciena Corporation will post 6.00 earnings per share for the current year.

About Ciena

Ciena is a communications networking company that develops equipment, software and services used to build and manage telecommunications networks. Its offerings support the movement of data across fiber-optic, subsea and other network infrastructure.

The company’s products include optical transport systems, routing and switching equipment, and software for network automation and management. Ciena also provides consulting, implementation and support services to help customers plan, deploy and operate their networks.

Founded in 1992 and headquartered in Hanover, Maryland, Ciena serves communications service providers, governments, enterprises and other organizations around the world.