Campbell Newman Asset Management Inc. Raises Stock Position in Ciena Corporation $CIEN

Key Points

• Campbell Newman Asset Management Inc. increased its stake in Ciena Corporation by 7.1%, owning 34,442 shares valued at approximately $2.8 million as of the end of the second quarter.
• Analysts are optimistic about Ciena, with Wolfe Research upgrading it to a "strong-buy" rating and Bank of America raising the target price from $135 to $155.
• Ciena's stock has shown significant volatility over the past year, with a 12-month range between $49.21 and $146.51, currently trading at $144.13.

Campbell Newman Asset Management Inc. lifted its position in shares of Ciena Corporation (NYSE:CIEN - Free Report) by 7.1% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 34,442 shares of the communications equipment provider's stock after acquiring an additional 2,289 shares during the quarter. Campbell Newman Asset Management Inc.'s holdings in Ciena were worth $2,801,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Bessemer Group Inc. boosted its position in Ciena by 50.0% during the first quarter. Bessemer Group Inc. now owns 534 shares of the communications equipment provider's stock worth $32,000 after purchasing an additional 178 shares in the last quarter. Bayforest Capital Ltd increased its position in Ciena by 34.7% during 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 in the last quarter. MassMutual Private Wealth & Trust FSB raised its position in shares of Ciena by 66.7% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 640 shares of the communications equipment provider's stock valued at $39,000 after buying an additional 256 shares during the last quarter. AdvisorNet Financial Inc raised its holdings in Ciena by 9,162.5% in the 1st quarter. AdvisorNet Financial Inc now owns 741 shares of the communications equipment provider's stock valued at $45,000 after acquiring an additional 733 shares during the last quarter. Finally, National Bank of Canada FI lifted its position in Ciena by 15.4% during the first 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 during the period. 91.99% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts recently weighed in on CIEN shares. Wolfe Research upgraded Ciena to a "strong-buy" rating in a report on Tuesday, July 8th. UBS Group increased their price objective 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. 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. Bank of America upped their target price on shares of Ciena from $135.00 to $155.00 and gave the company a "buy" rating in a research note on Wednesday, September 17th. Finally, B. Riley reaffirmed a "neutral" rating and set a $113.00 price target (up previously from $90.00) on shares of Ciena in a research note on Friday, September 5th. Three investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $122.86.

Ciena Stock Up 1.6%

CIEN stock opened at $144.13 on Tuesday. The company has a current ratio of 3.28, a quick ratio of 2.52 and a debt-to-equity ratio of 0.55. The firm has a 50 day simple moving average of $106.56 and a 200-day simple moving average of $84.21. The company has a market capitalization of $20.33 billion, a P/E ratio of 148.59, a PEG ratio of 2.01 and a beta of 1.16. Ciena Corporation has a twelve month low of $49.21 and a twelve month high of $146.51.

Insider Activity at Ciena

In related news, Director Bruce L. Claflin sold 8,461 shares of Ciena stock in a transaction dated Wednesday, September 24th. The stock was sold at an average price of $140.12, for a total value of $1,185,555.32. Following the completion of the transaction, the director directly owned 54,624 shares in the company, valued at approximately $7,653,914.88. This trade represents a 13.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Gary B. Smith sold 6,800 shares of the business's stock in a transaction dated Tuesday, July 15th. The shares were sold at an average price of $82.23, for a total value of $559,164.00. Following the completion of the sale, the chief executive officer directly owned 325,557 shares of the company's stock, valued at approximately $26,770,552.11. This represents a 2.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 38,924 shares of company stock valued at $4,317,247 in the last 90 days. 0.93% of the stock is currently owned by insiders.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.