Andar Capital Management HK Ltd Purchases Shares of 47,690 Ciena Corporation (NYSE:CIEN)

Key Points

• Andar Capital Management HK Ltd made a significant investment of $2.88 million in Ciena Corporation by acquiring 47,690 shares, representing 5.6% of its portfolio.
• Ciena's quarterly earnings report indicated a net margin of 2.46% and revenue of $1.13 billion, which was higher than analyst expectations.
• Several hedge funds have recently altered their positions in Ciena, with institutional investors owning 91.99% of the company's stock.

Andar Capital Management HK Ltd purchased a new position in shares of Ciena Corporation (NYSE:CIEN - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 47,690 shares of the communications equipment provider's stock, valued at approximately $2,882,000. Ciena comprises approximately 5.6% of Andar Capital Management HK Ltd's investment portfolio, making the stock its 9th largest holding.

Other hedge funds have also recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD grew its position in shares of Ciena by 195.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 4,626,153 shares of the communications equipment provider's stock worth $392,345,000 after buying an additional 3,062,883 shares during the last quarter. Polar Capital Holdings Plc grew its holdings in shares of Ciena by 113.7% during the 4th quarter. Polar Capital Holdings Plc now owns 2,169,406 shares of the communications equipment provider's stock worth $183,987,000 after acquiring an additional 1,154,260 shares during the period. Marshall Wace LLP grew its stake in shares of Ciena by 4,215.9% in the 4th quarter. Marshall Wace LLP now owns 899,828 shares of the communications equipment provider's stock worth $76,314,000 after buying an additional 878,979 shares during the last quarter. Janus Henderson Group PLC grew its stake in shares of Ciena by 971.7% in the 4th quarter. Janus Henderson Group PLC now owns 729,722 shares of the communications equipment provider's stock worth $61,891,000 after buying an additional 661,630 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new position in Ciena in the 4th quarter valued at approximately $40,919,000. Institutional investors own 91.99% of the company's stock.

Insiders Place Their Bets

In other Ciena news, SVP Jason Phipps sold 2,325 shares of Ciena stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $80.50, for a total value of $187,162.50. Following the transaction, the senior vice president directly owned 84,833 shares of the company's stock, valued at approximately $6,829,056.50. The trade was a 2.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Brodie Gage sold 350 shares of the business's stock in a transaction on Tuesday, July 15th. The shares were sold at an average price of $82.57, for a total transaction of $28,899.50. Following the sale, the senior vice president directly owned 43,618 shares in the company, valued at $3,601,538.26. This trade represents a 0.80% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 35,469 shares of company stock valued at $2,817,891. 0.93% of the stock is currently owned by company insiders.

Ciena Trading Down 4.6%

Shares of Ciena stock traded down $4.29 on Friday, hitting $88.55. 2,151,918 shares of the company traded hands, compared to its average volume of 1,962,251. The stock's 50 day moving average price is $80.75 and its 200-day moving average price is $76.11. The company has a current ratio of 3.40, a quick ratio of 2.57 and a debt-to-equity ratio of 0.55. Ciena Corporation has a 52 week low of $44.89 and a 52 week high of $101.44. The company has a market cap of $12.52 billion, a PE ratio of 122.99, a PEG ratio of 1.98 and a beta of 1.11.

Ciena (NYSE:CIEN - Get Free Report) last issued its quarterly earnings data on Thursday, June 5th. The communications equipment provider reported $0.42 EPS for the quarter, missing analysts' consensus estimates of $0.50 by ($0.08). The business had revenue of $1.13 billion during the quarter, compared to the consensus estimate of $1.09 billion. Ciena had a return on equity of 5.08% and a net margin of 2.46%. The business's quarterly revenue was up 23.6% on a year-over-year basis. During the same period last year, the firm earned $0.27 EPS. Equities research analysts predict that Ciena Corporation will post 1.6 EPS for the current year.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on CIEN shares. Evercore ISI reaffirmed a "mixed" rating on shares of Ciena in a research report on Friday, June 6th. Wall Street Zen upgraded Ciena from a "hold" rating to a "buy" rating in a research note on Saturday, July 5th. UBS Group increased their price target on Ciena from $73.00 to $78.00 and gave the stock a "neutral" rating in a research note on Friday, June 6th. Wolfe Research upgraded Ciena to a "strong-buy" rating in a research report on Tuesday, July 8th. Finally, Northland Securities set a $100.00 price target on shares of Ciena in a report on Monday, June 30th. 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 given a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $85.54.

Ciena 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.