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Foundations Investment Advisors LLC Makes New $12.97 Million Investment in Ciena Corporation (NYSE:CIEN)

Ciena logo with Computer and Technology background

Key Points

  • Foundations Investment Advisors LLC purchased 214,682 shares of Ciena Corporation, representing a new investment valued at approximately $12.97 million.
  • Several brokerages have recently updated their ratings and price targets for Ciena, with UBS Group raising their target from $73.00 to $78.00, while Needham & Company maintains a "buy" rating with a $90.00 target.
  • In its latest quarterly earnings report, Ciena reported earnings of $0.42 per share, falling short of estimates, but its revenue of $1.13 billion surpassed analyst expectations and marked a 23.6% year-over-year increase.
  • MarketBeat previews the top five stocks to own by September 1st.

Foundations Investment Advisors LLC acquired a new position in shares of Ciena Corporation (NYSE:CIEN - Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 214,682 shares of the communications equipment provider's stock, valued at approximately $12,973,000. Foundations Investment Advisors LLC owned 0.15% of Ciena at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Annis Gardner Whiting Capital Advisors LLC lifted its position in Ciena by 108.6% during the fourth quarter. Annis Gardner Whiting Capital Advisors LLC now owns 290 shares of the communications equipment provider's stock valued at $25,000 after purchasing an additional 151 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in Ciena by 328.2% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 364 shares of the communications equipment provider's stock valued at $30,000 after purchasing an additional 279 shares during the period. Bessemer Group Inc. lifted its position in Ciena by 73.7% during the fourth quarter. Bessemer Group Inc. now owns 356 shares of the communications equipment provider's stock valued at $30,000 after purchasing an additional 151 shares during the period. Atlas Capital Advisors Inc. lifted its position in Ciena by 77.2% during the fourth quarter. Atlas Capital Advisors Inc. now owns 420 shares of the communications equipment provider's stock valued at $36,000 after purchasing an additional 183 shares during the period. Finally, MassMutual Private Wealth & Trust FSB lifted its position in Ciena by 66.7% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 640 shares of the communications equipment provider's stock valued at $39,000 after purchasing an additional 256 shares during the period. 91.99% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

CIEN has been the subject of a number of research reports. UBS Group boosted their target price on shares of Ciena from $73.00 to $78.00 and gave the company a "neutral" rating in a research report on Friday, June 6th. Wolfe Research raised shares of Ciena to a "strong-buy" rating in a report on Tuesday, July 8th. Citigroup cut their price objective on shares of Ciena from $98.00 to $75.00 and set a "buy" rating for the company in a report on Monday, April 14th. Evercore ISI reaffirmed a "mixed" rating on shares of Ciena in a report on Friday, June 6th. Finally, Wall Street Zen raised shares of Ciena from a "hold" rating to a "buy" rating in a report on Saturday, July 5th. One analyst has rated the stock with a sell rating, four have given a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, Ciena currently has an average rating of "Moderate Buy" and a consensus target price of $85.54.

Read Our Latest Report on CIEN

Insiders Place Their Bets

In other news, SVP Joseph Cumello sold 2,044 shares of the stock in a transaction that occurred on 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 sale, the senior vice president owned 47,198 shares of the company's stock, valued at $3,853,244.72. This represents a 4.15% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, SVP Jason Phipps sold 2,325 shares of the company's stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $80.50, for a total transaction of $187,162.50. Following the completion of the transaction, the senior vice president owned 84,833 shares in the company, valued at approximately $6,829,056.50. This represents a 2.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 35,469 shares of company stock worth $2,817,891. 0.93% of the stock is currently owned by company insiders.

Ciena Price Performance

Shares of CIEN stock traded up $0.70 on Thursday, reaching $93.65. 1,185,602 shares of the company were exchanged, compared to its average volume of 2,325,997. The company has a market cap of $13.24 billion, a price-to-earnings ratio of 130.03, a P/E/G ratio of 2.04 and a beta of 1.11. The business has a 50-day moving average price of $80.32 and a 200 day moving average price of $76.12. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.57 and a current ratio of 3.40. Ciena Corporation has a 1 year low of $44.89 and a 1 year high of $101.44.

Ciena (NYSE:CIEN - Get Free Report) last announced its quarterly earnings data on Thursday, June 5th. The communications equipment provider reported $0.42 earnings per share (EPS) 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 business had revenue of $1.13 billion for the quarter, compared to analysts' expectations of $1.09 billion. During the same period in the prior year, the company posted $0.27 EPS. The firm's revenue was up 23.6% on a year-over-year basis. Equities 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.

See Also

Institutional Ownership by Quarter for Ciena (NYSE:CIEN)

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