MAI Capital Management Raises Stake in Ciena Corporation $CIEN

MAI Capital Management boosted its holdings in Ciena Corporation (NYSE:CIEN) by 21.5% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,455 shares of the communications equipment provider’s stock after purchasing an additional 257 shares during the quarter. MAI Capital Management’s holdings in Ciena were worth $118,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Bayforest Capital Ltd boosted its position in shares of Ciena by 34.7% in 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. Allworth Financial LP increased its position 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 buying an additional 372 shares in the last quarter. National Bank of Canada FI raised its stake in Ciena by 15.4% during the first quarter. National Bank of Canada FI now owns 1,147 shares of the communications equipment provider’s stock valued at $69,000 after buying an additional 153 shares during the last quarter. Quarry LP boosted its holdings in Ciena by 65.6% in the first quarter. Quarry LP now owns 1,593 shares of the communications equipment provider’s stock worth $96,000 after acquiring an additional 631 shares in the last quarter. Finally, Parkside Financial Bank & Trust boosted its holdings in Ciena by 82.5% in the second quarter. Parkside Financial Bank & Trust now owns 1,203 shares of the communications equipment provider’s stock worth $98,000 after acquiring an additional 544 shares in the last quarter. Institutional investors own 91.99% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on CIEN shares. Bank of America raised their price target on Ciena from $135.00 to $155.00 and gave the company a “buy” rating in a report on Wednesday, September 17th. JPMorgan Chase & Co. lifted their target price on shares of Ciena from $105.00 to $140.00 and gave the stock an “overweight” rating in a report on Friday, September 5th. Argus increased their price target on shares of Ciena from $100.00 to $135.00 and gave the company a “buy” rating in a report on Friday, September 5th. Stifel Nicolaus boosted their price objective on shares of Ciena from $120.00 to $152.00 and gave the stock a “buy” rating in a report on Tuesday, September 23rd. Finally, Morgan Stanley raised Ciena from an “underweight” rating to an “equal weight” rating and upped their price objective for the company from $100.00 to $140.00 in a research report on Friday, October 10th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $153.20.

Ciena Trading Up 2.6%

Ciena stock opened at $205.56 on Friday. Ciena Corporation has a 52-week low of $49.21 and a 52-week high of $214.17. The company has a market cap of $28.99 billion, a P/E ratio of 211.91, a P/E/G ratio of 2.62 and a beta of 1.17. The company has a quick ratio of 2.52, a current ratio of 3.28 and a debt-to-equity ratio of 0.55. The business has a 50-day simple moving average of $175.20 and a two-hundred day simple moving average of $119.47.

Ciena (NYSE:CIEN) last posted its quarterly earnings data on Thursday, April 6th. The communications equipment provider reported $0.47 earnings per share (EPS) for the quarter. The company had revenue of $844.44 million for the quarter. Ciena had a net margin of 3.10% and a return on equity of 6.62%. Analysts predict that Ciena Corporation will post 1.6 EPS for the current year.

Insider Buying and Selling at Ciena

In other news, CEO Gary B. Smith sold 6,800 shares of the company’s stock in a transaction on Monday, November 10th. The stock was sold at an average price of $209.45, for a total value of $1,424,260.00. Following the completion of the sale, the chief executive officer directly owned 261,670 shares in the company, valued at $54,806,781.50. This represents a 2.53% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, SVP Joseph Cumello sold 1,863 shares of Ciena stock in a transaction on Friday, September 26th. The shares were sold at an average price of $141.14, for a total value of $262,943.82. Following the transaction, the senior vice president owned 43,531 shares in the company, valued at $6,143,965.34. This trade represents a 4.10% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 51,935 shares of company stock worth $8,029,442. 0.93% of the stock is currently owned by insiders.

Ciena Company Profile

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.