Ciena Corporation $CIEN Shares Purchased by Delta Global Management LP

Delta Global Management LP raised its position in Ciena Corporation (NYSE:CIEN) by 320.1% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 122,944 shares of the communications equipment provider’s stock after purchasing an additional 93,681 shares during the quarter. Ciena accounts for approximately 1.3% of Delta Global Management LP’s portfolio, making the stock its 25th largest position. Delta Global Management LP owned about 0.09% of Ciena worth $17,909,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in the company. Community Bank N.A. purchased a new stake in shares of Ciena in the 3rd quarter valued at $25,000. Mather Group LLC. acquired a new position in Ciena during the 3rd quarter worth about $28,000. Assetmark Inc. boosted its holdings in Ciena by 50.4% during the 3rd quarter. Assetmark Inc. now owns 200 shares of the communications equipment provider’s stock valued at $29,000 after acquiring an additional 67 shares during the period. Ameritas Advisory Services LLC boosted its holdings in Ciena by 104.0% during the 3rd quarter. Ameritas Advisory Services LLC now owns 204 shares of the communications equipment provider’s stock valued at $30,000 after acquiring an additional 104 shares during the period. Finally, Salomon & Ludwin LLC acquired a new position in Ciena in the 3rd quarter valued at about $31,000. 91.99% of the stock is currently owned by institutional investors and hedge funds.

Ciena Stock Up 0.2%

CIEN stock opened at $337.50 on Monday. The company’s 50 day moving average price is $284.42 and its 200 day moving average price is $215.30. The firm has a market capitalization of $47.72 billion, a price-to-earnings ratio of 214.97, a PEG ratio of 1.33 and a beta of 1.07. Ciena Corporation has a fifty-two week low of $49.21 and a fifty-two week high of $365.90. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.14 and a current ratio of 2.81.

Ciena (NYSE:CIEN) last issued its quarterly earnings results on Thursday, March 5th. The communications equipment provider reported $1.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.17 by $0.18. Ciena had a net margin of 4.47% and a return on equity of 12.09%. The company had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.40 billion. During the same quarter in the previous year, the firm earned $0.64 earnings per share. The firm’s quarterly revenue was up 33.1% on a year-over-year basis. On average, equities research analysts anticipate that Ciena Corporation will post 1.6 EPS for the current fiscal year.

Wall Street Analyst Weigh In

CIEN has been the topic of several research reports. Rosenblatt Securities increased their price target on shares of Ciena from $305.00 to $350.00 and gave the stock a “buy” rating in a research report on Friday, March 6th. Barclays lifted their price objective on shares of Ciena from $279.00 to $372.00 and gave the company an “overweight” rating in a report on Friday, March 6th. Evercore set a $330.00 target price on shares of Ciena in a report on Thursday, February 19th. Stifel Nicolaus reissued a “buy” rating and issued a $320.00 price target (up from $280.00) on shares of Ciena in a research report on Thursday, March 5th. Finally, UBS Group boosted their price target on shares of Ciena from $230.00 to $285.00 and gave the stock a “neutral” rating in a research note on Friday, March 6th. Twelve analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Ciena presently has an average rating of “Moderate Buy” and a consensus price target of $320.65.

Insider Activity

In other news, CEO Gary B. Smith sold 2,952 shares of the company’s stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $354.64, for a total transaction of $1,046,897.28. Following the completion of the transaction, the chief executive officer directly owned 296,036 shares of the company’s stock, valued at approximately $104,986,207.04. This represents a 0.99% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Joseph Cumello sold 11,929 shares of the stock in a transaction dated Monday, January 12th. The shares were sold at an average price of $229.82, for a total value of $2,741,522.78. Following the completion of the transaction, the senior vice president owned 49,475 shares in the company, valued at approximately $11,370,344.50. The trade was a 19.43% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 147,131 shares of company stock valued at $34,898,686 in the last 90 days. Company insiders own 0.58% of the company’s stock.

Ciena Company Profile

Ciena Corporation (NYSE: CIEN) is a global supplier of telecommunications networking equipment, software and services. The company develops high-capacity optical transport systems and packet-optical platforms that enable service providers, cloud operators and large enterprises to build, manage and scale their networks. Ciena’s product portfolio includes coherent optical solutions, packet networking platforms and a suite of network automation software designed to optimize bandwidth, reduce latency and simplify network operations.

In addition to hardware offerings, Ciena provides professional services and support, including network design, implementation and ongoing maintenance.