Andar Capital Management HK Ltd Makes New $2.88 Million Investment in 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 bought a new stake in Ciena Corporation (NYSE:CIEN - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 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 holdings, making the stock its 9th biggest holding.

A number of other large investors also recently bought and sold shares of the stock. Annis Gardner Whiting Capital Advisors LLC lifted its holdings in Ciena by 108.6% in 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 acquiring an additional 151 shares during the period. Bessemer Group Inc. lifted its position in Ciena by 73.7% during the 4th quarter. Bessemer Group Inc. now owns 356 shares of the communications equipment provider's stock worth $30,000 after acquiring an additional 151 shares in the last quarter. Bayforest Capital Ltd raised 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 valued at $38,000 after purchasing an additional 164 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Ciena by 0.5% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 38,910 shares of the communications equipment provider's stock valued at $2,351,000 after acquiring an additional 178 shares in the last quarter. Finally, State of Alaska Department of Revenue grew its stake in Ciena by 1.1% during the 1st quarter. State of Alaska Department of Revenue now owns 16,649 shares of the communications equipment provider's stock worth $1,006,000 after buying an additional 180 shares during the last quarter. Institutional investors and hedge funds own 91.99% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on CIEN shares. Wall Street Zen upgraded shares of Ciena from a "hold" rating to a "buy" rating in a research report on Saturday, July 5th. Northland Securities set a $100.00 target price on Ciena in a research report on Monday, June 30th. Rosenblatt Securities raised their target price on Ciena from $65.00 to $85.00 and gave the company a "neutral" rating in a report on Tuesday, June 3rd. Needham & Company LLC reiterated a "buy" rating and issued a $90.00 price objective on shares of Ciena in a research report on Friday, June 6th. Finally, B. Riley reiterated a "buy" rating and issued a $90.00 price objective (up previously from $89.00) on shares of Ciena in a research report on Friday, June 6th. One analyst has rated the stock with a sell rating, four have given a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $85.54.

Insider Activity at Ciena

In other Ciena news, SVP Joseph Cumello sold 2,044 shares of the company's stock in a transaction dated Friday, June 27th. The stock was sold at an average price of $81.64, for a total value of $166,872.16. Following the completion of the transaction, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Brodie Gage sold 350 shares of the business's stock in a transaction dated Tuesday, July 15th. The shares were sold at an average price of $82.57, for a total value of $28,899.50. Following the completion of the transaction, the senior vice president directly owned 43,618 shares in the company, valued at $3,601,538.26. This represents a 0.80% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 35,469 shares of company stock worth $2,817,891 in the last ninety days. Insiders own 0.93% of the company's stock.

Ciena Trading Up 3.0%

CIEN stock traded up $2.72 during midday trading on Wednesday, hitting $94.21. 1,363,103 shares of the company's stock were exchanged, compared to its average volume of 2,310,040. Ciena Corporation has a one year low of $46.51 and a one year high of $101.44. The company has a market cap of $13.32 billion, a PE ratio of 130.84, a price-to-earnings-growth ratio of 2.07 and a beta of 1.11. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.57 and a current ratio of 3.40. The stock's fifty day moving average price is $81.18 and its 200-day moving average price is $76.27.

Ciena (NYSE:CIEN - Get Free Report) last posted its earnings results on Thursday, June 5th. The communications equipment provider reported $0.42 EPS for the quarter, missing the consensus estimate of $0.50 by ($0.08). The firm had revenue of $1.13 billion during the quarter, compared to analyst estimates of $1.09 billion. Ciena had a net margin of 2.46% and a return on equity of 5.08%. Ciena's revenue for the quarter was up 23.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.27 EPS. Research analysts predict that Ciena Corporation will post 1.6 earnings per share for the current fiscal year.

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.