PVG Asset Management Corp bought a new position in shares of Ciena Corporation (NYSE:CIEN) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 30,690 shares of the communications equipment provider’s stock, valued at approximately $674,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Ciena by 11.3% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,085 shares of the communications equipment provider’s stock worth $127,000 after purchasing an additional 517 shares during the last quarter. Fortaleza Asset Management Inc. bought a new stake in shares of Ciena in the second quarter worth $134,000. Acadian Asset Management LLC bought a new stake in Ciena during the second quarter valued at $159,000. Howe & Rusling Inc. bought a new stake in Ciena during the third quarter valued at $158,000. Finally, First Quadrant L P CA bought a new stake in Ciena during the third quarter valued at $183,000.

In other news, CFO James E. Moylan, Jr. sold 2,000 shares of the stock in a transaction that occurred on Thursday, November 30th. The shares were sold at an average price of $21.46, for a total transaction of $42,920.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Andrew C. Petrik sold 1,251 shares of the stock in a transaction that occurred on Friday, September 15th. The shares were sold at an average price of $21.60, for a total transaction of $27,021.60. The disclosure for this sale can be found here. Insiders sold a total of 89,052 shares of company stock valued at $1,898,778 over the last ninety days. 1.45% of the stock is currently owned by insiders.

CIEN has been the topic of a number of research analyst reports. Stifel Nicolaus reaffirmed a “buy” rating on shares of Ciena in a research report on Friday, November 3rd. Citigroup raised shares of Ciena from a “neutral” rating to a “buy” rating and upped their price target for the company from $23.87 to $29.00 in a research report on Wednesday, August 30th. BidaskClub cut shares of Ciena from a “sell” rating to a “strong sell” rating in a research report on Saturday, November 4th. Nomura cut their price target on shares of Ciena from $30.00 to $28.00 and set a “buy” rating on the stock in a research report on Friday, September 1st. Finally, Zacks Investment Research cut shares of Ciena from a “hold” rating to a “sell” rating in a research report on Tuesday, October 31st. Two analysts have rated the stock with a sell rating, four have assigned a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the company. Ciena presently has a consensus rating of “Buy” and a consensus price target of $28.48.

Shares of Ciena Corporation (CIEN) opened at $21.77 on Tuesday. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.93 and a quick ratio of 1.68. Ciena Corporation has a fifty-two week low of $19.40 and a fifty-two week high of $27.98. The firm has a market cap of $2,993.89, a PE ratio of 14.95, a P/E/G ratio of 0.86 and a beta of 1.67.

Ciena (NYSE:CIEN) last posted its earnings results on Thursday, December 7th. The communications equipment provider reported $0.46 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.50 by ($0.04). Ciena had a return on equity of 18.32% and a net margin of 45.04%. The business had revenue of $744.40 million during the quarter, compared to analyst estimates of $736.91 million. During the same quarter in the prior year, the company earned $0.44 EPS. The company’s revenue was up 3.9% on a year-over-year basis. analysts expect that Ciena Corporation will post 1.65 earnings per share for the current fiscal year.

Ciena declared that its board has authorized a share buyback plan on Thursday, December 7th that authorizes the company to buyback $300.00 million in shares. This buyback authorization authorizes the communications equipment provider to repurchase shares of its stock through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

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Ciena Company Profile

Ciena Corporation is a network strategy and technology company, which provides solutions that enable a range of network operators to adopt communication architectures and deliver an array of services, relied upon by enterprise and consumer end users. It provides equipment, software and services that support the transport, switching, aggregation, service delivery and management of voice, video and data traffic on communications networks.

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Institutional Ownership by Quarter for Ciena (NYSE:CIEN)

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