Tectonic Advisors LLC Sells 50,805 Shares of Ciena Corporation $CIEN

Tectonic Advisors LLC decreased its stake in shares of Ciena Corporation (NYSE:CIEN) by 49.2% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 52,514 shares of the communications equipment provider’s stock after selling 50,805 shares during the quarter. Tectonic Advisors LLC’s holdings in Ciena were worth $7,650,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the stock. Mather Group LLC. bought a new position in shares of Ciena during the third quarter valued at $28,000. Salomon & Ludwin LLC bought a new position in Ciena in the 3rd quarter worth about $31,000. Bayforest Capital Ltd grew its position in Ciena by 34.7% during the 1st quarter. Bayforest Capital Ltd now owns 636 shares of the communications equipment provider’s stock valued at $38,000 after purchasing an additional 164 shares during the last quarter. Allworth Financial LP increased its stake in Ciena by 107.5% during the 2nd quarter. Allworth Financial LP now owns 718 shares of the communications equipment provider’s stock valued at $58,000 after purchasing an additional 372 shares in the last quarter. Finally, True Wealth Design LLC raised its holdings in Ciena by 3,663.6% in the third quarter. True Wealth Design LLC now owns 414 shares of the communications equipment provider’s stock worth $60,000 after buying an additional 403 shares during the last quarter. 91.99% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have recently commented on CIEN. BNP Paribas Exane upgraded shares of Ciena from a “neutral” rating to an “outperform” rating and set a $185.00 price target on the stock in a report on Monday, October 13th. Argus upped their price objective on Ciena from $135.00 to $280.00 and gave the company a “buy” rating in a research report on Friday, December 12th. Northland Securities set a $190.00 target price on Ciena and gave the stock a “market perform” rating in a report on Friday, December 12th. Rosenblatt Securities boosted their price target on Ciena from $175.00 to $305.00 and gave the stock a “buy” rating in a research note on Friday, December 12th. Finally, Zacks Research raised Ciena from a “hold” rating to a “strong-buy” rating in a report on Tuesday, December 23rd. Two analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and seven have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Ciena currently has an average rating of “Moderate Buy” and a consensus target price of $237.50.

Ciena Stock Performance

CIEN stock opened at $233.37 on Friday. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.73 and a quick ratio of 2.09. Ciena Corporation has a 1 year low of $49.21 and a 1 year high of $248.00. The company has a market cap of $32.87 billion, a P/E ratio of 274.56, a price-to-earnings-growth ratio of 1.34 and a beta of 1.13. The stock’s fifty day moving average price is $206.58 and its 200-day moving average price is $143.28.

Ciena (NYSE:CIEN) last posted its earnings results on Thursday, December 11th. The communications equipment provider reported $0.91 earnings per share for the quarter, beating analysts’ consensus estimates of $0.76 by $0.15. The company had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.29 billion. Ciena had a return on equity of 8.38% and a net margin of 2.59%.Ciena’s revenue was up 20.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.54 earnings per share. On average, equities analysts forecast that Ciena Corporation will post 1.6 earnings per share for the current year.

Insider Activity

In other Ciena news, Director Thomas Michael Nevens sold 8,554 shares of the stock in a transaction that occurred on Monday, December 15th. The shares were sold at an average price of $224.66, for a total value of $1,921,741.64. Following the transaction, the director directly owned 9,422 shares in the company, valued at approximately $2,116,746.52. This trade represents a 47.59% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Gary B. Smith sold 6,800 shares of Ciena stock in a transaction on Monday, December 22nd. The stock was sold at an average price of $233.46, for a total transaction of $1,587,528.00. Following the transaction, the chief executive officer owned 391,437 shares in the company, valued at $91,384,882.02. This represents a 1.71% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 43,565 shares of company stock valued at $8,897,954 in the last quarter. 0.93% of the stock is currently owned by insiders.

About Ciena

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.