9,389 Ciena Corporation $CIEN Shares Purchased by Cornerstone Advisors LLC

Cornerstone Advisors LLC raised its position in Ciena Corporation (NYSE:CIEN) by 67.3% during the third quarter, Holdings Channel reports. The institutional investor owned 23,350 shares of the communications equipment provider’s stock after buying an additional 9,389 shares during the quarter. Cornerstone Advisors LLC’s holdings in Ciena were worth $8,215,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the company. Aberdeen Group plc lifted its stake in shares of Ciena by 588.2% during the third quarter. Aberdeen Group plc now owns 134,651 shares of the communications equipment provider’s stock valued at $47,373,000 after acquiring an additional 115,086 shares during the period. Valmark Advisers Inc. boosted its holdings in Ciena by 8.6% in the third quarter. Valmark Advisers Inc. now owns 1,051 shares of the communications equipment provider’s stock valued at $370,000 after acquiring an additional 83 shares during the last quarter. Allworth Financial LP boosted its holdings in Ciena by 5.1% in the third quarter. Allworth Financial LP now owns 2,401 shares of the communications equipment provider’s stock valued at $845,000 after acquiring an additional 116 shares during the last quarter. Fisher Asset Management LLC increased its position in Ciena by 44.6% in the third quarter. Fisher Asset Management LLC now owns 982 shares of the communications equipment provider’s stock worth $346,000 after purchasing an additional 303 shares during the period. Finally, Private Advisory Group LLC increased its position in Ciena by 4,612.6% in the third quarter. Private Advisory Group LLC now owns 35,627 shares of the communications equipment provider’s stock worth $12,534,000 after purchasing an additional 34,871 shares during the period. 91.99% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

CIEN has been the subject of several recent research reports. CL King set a $347.00 price objective on Ciena in a report on Friday, September 4th. Sanford C. Bernstein initiated coverage on shares of Ciena in a research note on Wednesday, September 30th. They issued an “outperform” rating and a $440.00 target price on the stock. Northland Securities set a $550.00 price target on shares of Ciena and gave the stock an “outperform” rating in a research report on Thursday, September 17th. Rothschild & Co Redburn lowered their price target on shares of Ciena from $538.43 to $406.81 and set a “neutral” rating for the company in a research report on Monday, September 14th. Finally, Needham & Company LLC reissued a “buy” rating and set a $520.00 price target on shares of Ciena in a research note on Thursday, September 17th. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Ciena has an average rating of “Moderate Buy” and an average target price of $485.93.

Ciena Stock Down 4.6%

NYSE:CIEN opened at $280.35 on Friday. Ciena Corporation has a 12-month low of $168.22 and a 12-month high of $637.51. The company has a quick ratio of 3.17, a current ratio of 3.80 and a debt-to-equity ratio of 1.06. The firm has a market capitalization of $39.76 billion, a P/E ratio of 62.58, a P/E/G ratio of 2.36 and a beta of 1.33. The stock’s fifty day simple moving average is $343.09 and its 200-day simple moving average is $403.74.

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

Insider Activity

In other news, EVP Joseph Cumello sold 1,586 shares of the company’s stock in a transaction dated Friday, September 25th. The stock was sold at an average price of $358.52, for a total value of $568,612.72. Following the completion of the sale, the executive vice president directly owned 39,570 shares of the company’s stock, valued at $14,186,636.40. This represents a 3.85% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, 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 transaction of $974,691.36. Following the completion of the sale, the chief executive officer owned 240,126 shares in the company, valued at $79,284,802.68. This represents a 1.21% 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. In the last 90 days, insiders have sold 31,019 shares of company stock valued at $11,065,093. Insiders own 0.58% of the company’s stock.

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.