Inspire Investing LLC Has $1.13 Million Stock Holdings in Ciena Corporation $CIEN

Key Points

• Inspire Investing LLC increased its stake in Ciena Corporation by 516.6%, owning 18,719 shares valued at approximately $1.13 million following additional purchases in the first quarter.
• Other hedge funds also showed strong interest, with significant purchases and increases in holdings, reflecting a high institutional ownership of 91.99% of the stock.
• Ciena's stock opened at $131.15, with a market cap of $18.50 billion, demonstrating substantial price recovery from a one-year low of $49.21.

Inspire Investing LLC lifted its stake in Ciena Corporation (NYSE:CIEN - Free Report) by 516.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 18,719 shares of the communications equipment provider's stock after acquiring an additional 15,683 shares during the period. Inspire Investing LLC's holdings in Ciena were worth $1,131,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently made changes to their positions in CIEN. Captrust Financial Advisors lifted its stake in shares of Ciena by 60.3% in the 4th quarter. Captrust Financial Advisors now owns 12,745 shares of the communications equipment provider's stock worth $1,081,000 after acquiring an additional 4,794 shares during the period. Cetera Investment Advisers lifted its stake in shares of Ciena by 3.4% in the 4th quarter. Cetera Investment Advisers now owns 19,804 shares of the communications equipment provider's stock worth $1,680,000 after acquiring an additional 660 shares during the period. Lazard Asset Management LLC acquired a new stake in shares of Ciena in the 4th quarter worth approximately $96,000. Nissay Asset Management Corp Japan ADV lifted its stake in shares of Ciena by 11.0% in the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 33,995 shares of the communications equipment provider's stock worth $2,946,000 after acquiring an additional 3,359 shares during the period. Finally, Quantinno Capital Management LP lifted its stake in shares of Ciena by 49.3% in the 4th quarter. Quantinno Capital Management LP now owns 30,023 shares of the communications equipment provider's stock worth $2,546,000 after acquiring an additional 9,916 shares during the period. 91.99% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CIEN has been the subject of a number of research analyst reports. Zacks Research raised shares of Ciena from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, September 9th. Wolfe Research upgraded shares of Ciena to a "strong-buy" rating in a report on Tuesday, July 8th. Evercore ISI boosted their target price on shares of Ciena from $95.00 to $120.00 and gave the stock an "in-line" rating in a report on Thursday, September 4th. B. Riley reiterated a "neutral" rating and issued a $113.00 target price (up from $90.00) on shares of Ciena in a report on Friday, September 5th. Finally, Northland Securities set a $100.00 target price on shares of Ciena in a report on Monday, June 30th. Three equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $114.32.

Ciena Trading Up 3.7%

Shares of NYSE:CIEN traded up $4.84 during mid-day trading on Monday, hitting $136.12. The stock had a trading volume of 3,375,191 shares, compared to its average volume of 2,801,301. 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 company has a market cap of $19.20 billion, a PE ratio of 140.33, a P/E/G ratio of 2.58 and a beta of 1.16. Ciena Corporation has a 12-month low of $49.21 and a 12-month high of $138.35. The company's 50 day moving average is $95.10 and its 200-day moving average is $79.26.

Insider Activity

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

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.