3,083 Shares in Ciena Corporation $CIEN Bought by Jag Capital Management LLC

Key Points

• Jag Capital Management LLC has acquired 3,083 shares of Ciena Corporation, valued at approximately $251,000, indicating increasing institutional interest in the company.
• Ciena's stock has significantly appreciated, trading up 5.8%, with a market capitalization of $23.27 billion and a 52-week high of $167.34.
• Recent analyst ratings show a consensus price target of $137.53 for Ciena, with many analysts expressing a positive outlook on the stock.

Jag Capital Management LLC acquired a new position in shares of Ciena Corporation (NYSE:CIEN - Free Report) in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 3,083 shares of the communications equipment provider's stock, valued at approximately $251,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Bessemer Group Inc. grew its position in Ciena by 50.0% in the 1st quarter. Bessemer Group Inc. now owns 534 shares of the communications equipment provider's stock worth $32,000 after purchasing an additional 178 shares during the last quarter. Bayforest Capital Ltd grew its position in 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 during the last quarter. National Bank of Canada FI grew its holdings in Ciena by 15.4% in the 1st quarter. National Bank of Canada FI now owns 1,147 shares of the communications equipment provider's stock worth $69,000 after buying an additional 153 shares in the last quarter. Global Trust Asset Management LLC bought a new position in Ciena in the 1st quarter worth approximately $86,000. Finally, Fifth Third Bancorp grew its holdings in Ciena by 30.8% in the 1st quarter. Fifth Third Bancorp now owns 1,490 shares of the communications equipment provider's stock worth $90,000 after buying an additional 351 shares in the last quarter. 91.99% of the stock is currently owned by institutional investors.

Ciena Trading Up 5.8%

Shares of CIEN stock opened at $164.98 on Tuesday. The stock has a 50-day simple moving average of $119.66 and a 200 day simple moving average of $90.47. Ciena Corporation has a fifty-two week low of $49.21 and a fifty-two week high of $167.34. The stock has a market capitalization of $23.27 billion, a P/E ratio of 170.08, a P/E/G ratio of 2.16 and a beta of 1.15. The company has a quick ratio of 2.52, a current ratio of 3.28 and a debt-to-equity ratio of 0.55.

Ciena (NYSE:CIEN - Get Free Report) last posted its quarterly earnings data on Thursday, April 6th. The communications equipment provider reported $0.47 earnings per share for the quarter. Ciena had a net margin of 3.10% and a return on equity of 6.62%. The company had revenue of $844.44 million during the quarter. On average, sell-side analysts expect that Ciena Corporation will post 1.6 earnings per share for the current fiscal year.

Insider Buying and Selling at Ciena

In related news, CEO Gary B. Smith sold 6,800 shares of the firm's stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $149.88, for a total transaction of $1,019,184.00. Following the completion of the sale, the chief executive officer directly owned 282,070 shares in the company, valued at approximately $42,276,651.60. This trade represents a 2.35% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Joseph Cumello sold 1,863 shares of the firm's stock in a transaction that occurred on Friday, September 26th. The stock was sold at an average price of $141.14, for a total transaction of $262,943.82. Following the sale, the senior vice president owned 43,531 shares of the company's stock, valued at $6,143,965.34. The trade was a 4.10% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 38,224 shares of company stock valued at $4,719,468. 0.93% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

CIEN has been the subject of several recent analyst reports. JPMorgan Chase & Co. increased their price target on Ciena from $105.00 to $140.00 and gave the stock an "overweight" rating in a research note on Friday, September 5th. Northland Securities set a $100.00 price target on Ciena in a research note on Monday, June 30th. B. Riley reiterated a "neutral" rating and issued a $113.00 target price (up previously from $90.00) on shares of Ciena in a research report on Friday, September 5th. UBS Group increased their target price on shares of Ciena from $78.00 to $120.00 and gave the company a "neutral" rating in a research report on Friday, September 5th. Finally, Evercore ISI increased their target price on shares of Ciena from $95.00 to $120.00 and gave the company an "in-line" rating in a research report on Thursday, September 4th. Three equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $137.53.

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.

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