Ciena Corporation $CIEN Shares Newly Bought by Deltec Asset Management LLC

Key Points

• Deltec Asset Management initiated a 6,000-share Ciena position worth approximately $2.1 million, while other major institutions also increased their holdings. Institutional investors collectively own 91.99% of Ciena.
• Ciena’s latest quarterly results exceeded expectations, with EPS of $2.11 versus the $1.73 consensus estimate and revenue of $1.67 billion, up 37% year over year.
• Analysts maintain a generally positive outlook, with a “Moderate Buy” consensus and an average price target of $485.93, despite recent insider selling and mixed target-price revisions.

Deltec Asset Management LLC bought a new position in Ciena Corporation (NYSE:CIEN - Free Report) during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 6,000 shares of the communications equipment provider's stock, valued at approximately $2,111,000.

A number of other large investors have also recently modified their holdings of the business. Bank of New York Mellon Corp purchased a new stake in Ciena in the second quarter valued at approximately $404,948,000. Swiss National Bank raised its position in shares of Ciena by 7.0% during the 1st quarter. Swiss National Bank now owns 413,332 shares of the communications equipment provider's stock valued at $160,468,000 after buying an additional 26,900 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. raised its position in shares of Ciena by 10.7% during the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 321,825 shares of the communications equipment provider's stock valued at $124,942,000 after buying an additional 31,098 shares in the last quarter. Robeco Institutional Asset Management B.V. lifted its holdings in shares of Ciena by 4.1% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 332,271 shares of the communications equipment provider's stock worth $116,900,000 after acquiring an additional 12,986 shares during the last quarter. Finally, Assenagon Asset Management S.A. lifted its holdings in shares of Ciena by 24.5% during the 3rd quarter. Assenagon Asset Management S.A. now owns 266,384 shares of the communications equipment provider's stock worth $93,719,000 after acquiring an additional 52,382 shares during the last quarter. Institutional investors own 91.99% of the company's stock.

Insider Transactions at Ciena

In other Ciena news, Director Bruce Claflin sold 2,857 shares of the stock in a transaction on Thursday, September 24th. The shares were sold at an average price of $355.91, for a total transaction of $1,016,834.87. Following the completion of the sale, the director owned 8,279 shares of the company's stock, valued at $2,946,578.89. This represents a 25.66% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Thomas Nevens sold 3,738 shares of the stock in a transaction on Wednesday, September 23rd. The shares were sold at an average price of $359.04, for a total transaction of $1,342,091.52. Following the sale, the director directly owned 6,289 shares of the company's stock, valued at $2,258,002.56. The trade was a 37.28% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 36,014 shares of company stock valued at $13,457,571. 0.58% of the stock is currently owned by insiders.

Analyst Ratings Changes

CIEN has been the topic of a number of research analyst reports. JPMorgan Chase & Co. reduced their target price on Ciena from $635.00 to $605.00 and set an "overweight" rating on the stock in a research note on Friday, September 4th. Northland Securities set a $550.00 price target on Ciena and gave the company an "outperform" rating in a research report on Thursday, September 17th. Raymond James Financial reaffirmed an "outperform" rating and set a $600.00 price target (up from $530.00) on shares of Ciena in a research note on Thursday, September 3rd. Morgan Stanley reiterated a "positive" rating on shares of Ciena in a report on Thursday, September 17th. Finally, Weiss Ratings lowered Ciena from a "hold (c+)" rating to a "hold (c)" rating in a research report on Tuesday, August 25th. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $485.93.

Ciena Trading Up 5.1%

Shares of CIEN stock opened at $336.47 on Tuesday. The stock has a market capitalization of $47.71 billion, a PE ratio of 75.10, a P/E/G ratio of 4.45 and a beta of 1.28. Ciena Corporation has a 1-year low of $168.22 and a 1-year high of $637.51. The business has a 50-day moving average of $368.55 and a 200 day moving average of $399.77. The company has a debt-to-equity ratio of 1.06, a current ratio of 3.80 and a quick ratio of 3.17.

Ciena (NYSE:CIEN - Get Free Report) last posted its quarterly earnings results on Thursday, September 3rd. The communications equipment provider reported $2.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.73 by $0.38. Ciena had a return on equity of 25.33% and a net margin of 10.87%. The business had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.64 billion. During the same period last year, the company earned $0.35 EPS. Ciena's revenue for the quarter was up 37.0% compared to the same quarter last year. As a group, sell-side analysts anticipate that Ciena Corporation will post 6.00 earnings per share for the current year.

Ciena Profile

Ciena Corporation NYSE: CIEN is a networking technology company that provides hardware, software, and services for communications networks. Its solutions help telecommunications carriers, cloud providers, enterprises, government organizations, and research institutions build, manage, and automate high-capacity networks.

The company's portfolio includes optical networking systems, routing and switching platforms, network automation software, and network management tools. Ciena also offers consulting, implementation, maintenance, and professional services designed to support network planning, deployment, optimization, and ongoing operations.

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