8,000 Shares in Ciena Corporation $CIEN Bought by Connective Portfolio Management LLC

Key Points

• Connective Portfolio Management LLC acquired 8,000 shares of Ciena Corporation, valued at approximately $651,000, making it the 27th largest holding in their portfolio.
• Several hedge funds have increased their stakes in Ciena, with National Bank of Canada growing its position by 15.4% recently.
• Analysts have significantly raised their price targets for Ciena, with Needham & Company LLC setting a new target of $130.00, indicating strong confidence in the company’s performance.

Connective Portfolio Management LLC acquired a new position in shares of Ciena Corporation (NYSE:CIEN - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 8,000 shares of the communications equipment provider's stock, valued at approximately $651,000. Ciena makes up 1.4% of Connective Portfolio Management LLC's portfolio, making the stock its 27th largest holding.

Several other hedge funds also recently added to or reduced their stakes in CIEN. National Bank of Canada FI grew its position in Ciena by 15.4% in the first quarter. National Bank of Canada FI now owns 1,147 shares of the communications equipment provider's stock worth $69,000 after acquiring an additional 153 shares in the last quarter. Bayforest Capital Ltd grew its position in Ciena by 34.7% in the first quarter. Bayforest Capital Ltd now owns 636 shares of the communications equipment provider's stock worth $38,000 after acquiring an additional 164 shares in the last quarter. Bessemer Group Inc. grew its position in Ciena by 50.0% in the first quarter. Bessemer Group Inc. now owns 534 shares of the communications equipment provider's stock worth $32,000 after acquiring an additional 178 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Ciena by 0.5% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 38,910 shares of the communications equipment provider's stock worth $2,351,000 after acquiring an additional 178 shares in the last quarter. Finally, State of Alaska Department of Revenue grew its position in Ciena by 1.1% in the first quarter. State of Alaska Department of Revenue now owns 16,649 shares of the communications equipment provider's stock worth $1,006,000 after acquiring an additional 180 shares in the last quarter. 91.99% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have commented on the stock. Morgan Stanley boosted their target price on shares of Ciena from $70.00 to $100.00 and gave the stock an "underweight" rating in a research report on Friday, September 5th. Stifel Nicolaus upped their price objective on shares of Ciena from $90.00 to $100.00 and gave the stock a "buy" rating in a report on Wednesday, September 3rd. Needham & Company LLC upped their price objective on shares of Ciena from $90.00 to $130.00 and gave the stock a "buy" rating in a report on Friday, September 5th. Northland Securities set a $100.00 price objective on shares of Ciena in a report on Monday, June 30th. Finally, B. Riley reaffirmed a "neutral" rating and set a $113.00 price objective (up from $90.00) on shares of Ciena in a report on Friday, September 5th. Three research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $114.32.

Ciena Trading Up 3.7%

Shares of CIEN stock opened at $136.12 on Tuesday. Ciena Corporation has a 52-week low of $49.21 and a 52-week high of $138.35. The stock has a market cap of $19.20 billion, a price-to-earnings ratio of 140.33, a P/E/G ratio of 2.58 and a beta of 1.16. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.52 and a current ratio of 3.28. The firm has a fifty day moving average of $95.10 and a 200-day moving average of $79.26.

Insider Activity

In other Ciena news, SVP Brodie Gage sold 350 shares of the stock in a transaction dated Friday, August 15th. The shares were sold at an average price of $90.94, for a total transaction of $31,829.00. Following the sale, the senior vice president owned 43,268 shares of the company's stock, valued at $3,934,791.92. This represents a 0.80% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Joseph Cumello sold 2,044 shares of the stock in a transaction dated Friday, June 27th. The stock was sold at an average price of $81.64, for a total transaction of $166,872.16. Following the sale, the senior vice president directly owned 47,198 shares in the company, valued at approximately $3,853,244.72. This represents a 4.15% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 32,619 shares of company stock worth $2,796,803. Company insiders own 0.93% of the company's stock.

About Ciena

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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