Ciena Corporation $CIEN Stock: Fulcrum Asset Management LLP Grows Holdings

Fulcrum Asset Management LLP boosted its position in Ciena Corporation (NYSE:CIEN - Free Report) by 255.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 8,606 shares of the communications equipment provider's stock after acquiring an additional 6,188 shares during the quarter. Fulcrum Asset Management LLP's holdings in Ciena were worth $3,054,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp purchased a new position in shares of Ciena in the 2nd quarter worth about $404,948,000. Hsbc Holdings PLC grew its holdings in shares of Ciena by 309.8% during the 1st quarter. Hsbc Holdings PLC now owns 223,203 shares of the communications equipment provider's stock worth $86,509,000 after purchasing an additional 168,736 shares during the period. Allspring Global Investments Holdings LLC grew its holdings in shares of Ciena by 440.9% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 165,887 shares of the communications equipment provider's stock worth $62,894,000 after purchasing an additional 135,218 shares during the period. E20 Capital Ltd purchased a new stake in shares of Ciena during the 1st quarter worth about $41,676,000. Finally, Pictet Asset Management Holding SA increased its position in Ciena by 23.5% during the 3rd quarter. Pictet Asset Management Holding SA now owns 512,203 shares of the communications equipment provider's stock worth $180,239,000 after purchasing an additional 97,505 shares in the last quarter. Institutional investors and hedge funds own 91.99% of the company's stock.

Ciena Price Performance

CIEN stock opened at $269.80 on Tuesday. The firm has a market cap of $38.26 billion, a P/E ratio of 60.22, a price-to-earnings-growth ratio of 2.18 and a beta of 1.33. The company has a debt-to-equity ratio of 1.06, a quick ratio of 3.17 and a current ratio of 3.80. Ciena Corporation has a 1 year low of $168.22 and a 1 year high of $637.51. The stock has a 50-day simple moving average of $348.48 and a 200-day simple moving average of $402.71.

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

Analyst Upgrades and Downgrades

Several research firms recently commented on CIEN. UBS Group cut their price target on shares of Ciena from $508.00 to $394.00 and set a "neutral" rating on the stock in a report on Friday, September 4th. Bank of America reiterated a "buy" rating and set a $550.00 price objective (down from $660.00) on shares of Ciena in a research note on Thursday, August 20th. Northland Securities set a $550.00 price objective on shares of Ciena and gave the stock an "outperform" rating in a research report on Thursday, September 17th. Evercore raised shares of Ciena from an "in-line" rating to an "outperform" rating and increased their price objective for the stock from $375.00 to $550.00 in a research report on Monday, September 21st. Finally, Argus set a $550.00 target price on shares of Ciena and gave the company a "buy" rating in a research note on Thursday, September 10th. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and six have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $485.93.

Insider Activity at Ciena

In other news, EVP Jason Phipps sold 2,629 shares of the business's stock in a transaction on Thursday, October 1st. The shares were sold at an average price of $355.19, for a total transaction of $933,794.51. Following the transaction, the executive vice president directly owned 57,388 shares of the company's stock, valued at approximately $20,383,643.72. The trade was a 4.38% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Marc Graff sold 97 shares of the business's stock in a transaction on Thursday, October 1st. The stock was sold at an average price of $355.19, for a total transaction of $34,453.43. Following the transaction, the chief financial officer directly owned 107,136 shares in the company, valued at approximately $38,053,635.84. The trade was a 0.09% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 36,014 shares of company stock valued at $13,216,540. 0.58% of the stock is currently owned by corporate insiders.

About Ciena

Ciena is a communications networking company that develops equipment, software and services used to build and manage telecommunications networks. Its offerings support the movement of data across fiber-optic, subsea and other network infrastructure.

The company's products include optical transport systems, routing and switching equipment, and software for network automation and management. Ciena also provides consulting, implementation and support services to help customers plan, deploy and operate their networks.

Founded in 1992 and headquartered in Hanover, Maryland, Ciena serves communications service providers, governments, enterprises and other organizations around the world.

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