Eventide Asset Management LLC Raises Stake in Ciena Corporation $CIEN

by · The Markets Daily

Eventide Asset Management LLC grew its stake in shares of Ciena Corporation (NYSE:CIEN – Free Report) by 50.8% during the 1st quarter, Holdings Channel.com reports. The firm owned 28,079 shares of the communications equipment provider’s stock after acquiring an additional 9,456 shares during the period. Eventide Asset Management LLC’s holdings in Ciena were worth $1,699,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in CIEN. Bessemer Group Inc. boosted its position in shares of Ciena by 50.0% during the 1st quarter. Bessemer Group Inc. now owns 534 shares of the communications equipment provider’s stock worth $32,000 after purchasing an additional 178 shares in the last quarter. Bayforest Capital Ltd boosted its position in shares of Ciena by 34.7% during the 1st quarter. Bayforest Capital Ltd now owns 636 shares of the communications equipment provider’s stock worth $38,000 after purchasing an additional 164 shares in the last quarter. MassMutual Private Wealth & Trust FSB boosted its position in shares of Ciena by 66.7% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 640 shares of the communications equipment provider’s stock worth $39,000 after purchasing an additional 256 shares in the last quarter. Orion Capital Management LLC acquired a new position in shares of Ciena during the 4th quarter worth $42,000. Finally, AdvisorNet Financial Inc raised its stake in shares of Ciena by 9,162.5% during the 1st quarter. AdvisorNet Financial Inc now owns 741 shares of the communications equipment provider’s stock worth $45,000 after buying an additional 733 shares during the last quarter. 91.99% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on CIEN shares. Northland Securities set a $100.00 price objective on shares of Ciena in a research report on Monday, June 30th. Wolfe Research upgraded shares of Ciena to a “strong-buy” rating in a research report on Tuesday, July 8th. Rosenblatt Securities boosted their price objective on shares of Ciena from $78.00 to $100.00 and gave the stock a “neutral” rating in a research report on Friday, August 29th. Stifel Nicolaus boosted their price objective on shares of Ciena from $90.00 to $100.00 and gave the stock a “buy” rating in a research report on Wednesday. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Ciena from $83.00 to $105.00 and gave the stock an “overweight” rating in a research report on Thursday, July 17th. Two research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $91.54.

Get Our Latest Stock Report on Ciena

Insider Activity

In related news, SVP Joseph Cumello sold 2,044 shares of the business’s stock in a transaction dated Friday, June 27th. The shares were sold at an average price of $81.64, for a total value of $166,872.16. Following the completion of the transaction, the senior vice president owned 47,198 shares of the company’s stock, valued at approximately $3,853,244.72. The trade was a 4.15% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Gary B. Smith sold 6,800 shares of the stock in a transaction dated Tuesday, July 15th. The stock was sold at an average price of $82.23, for a total transaction of $559,164.00. Following the transaction, the chief executive officer owned 325,557 shares in the company, valued at approximately $26,770,552.11. The trade was a 2.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 39,769 shares of company stock worth $3,326,705. Company insiders own 0.93% of the company’s stock.

Ciena Trading Up 23.4%

Shares of CIEN stock opened at $116.97 on Friday. The firm has a 50-day moving average price of $88.67 and a 200 day moving average price of $77.17. Ciena Corporation has a twelve month low of $49.21 and a twelve month high of $122.00. The company has a market capitalization of $16.54 billion, a price-to-earnings ratio of 162.46, a PEG ratio of 2.12 and a beta of 1.16. The company has a current ratio of 3.40, a quick ratio of 2.57 and a debt-to-equity ratio of 0.55.

Ciena (NYSE:CIEN – Get Free Report) last announced its earnings results on Thursday, June 5th. The communications equipment provider reported $0.42 earnings per share for the quarter, missing the consensus estimate of $0.50 by ($0.08). Ciena had a net margin of 2.46% and a return on equity of 5.08%. The firm had revenue of $1.13 billion during the quarter, compared to analyst estimates of $1.09 billion. During the same period in the previous year, the firm posted $0.27 EPS. The company’s revenue for the quarter was up 23.6% compared to the same quarter last year. Research analysts forecast that Ciena Corporation will post 1.6 earnings per share for the current fiscal year.

Ciena Profile

(Free Report)

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.

Further Reading

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