Ciena Corporation $CIEN Stock: Tectonic Advisors LLC Increases Holdings

Key Points

• Tectonic Advisors increased its Ciena stake by 72.4% in the third quarter, bringing its holdings to 22,655 shares valued at approximately $7.97 million. Institutional investors collectively own 91.99% of the company.
• Ciena reported strong quarterly results, with adjusted earnings of $2.11 per share and revenue of $1.67 billion, surpassing estimates; revenue increased 37% year over year.
• The stock recently traded at $320.37, down 0.7%, while analysts maintained a generally positive outlook with a “Moderate Buy” consensus rating and an average price target of $485.93. Executives also sold shares through pre-arranged trading plans.

Tectonic Advisors LLC grew its position in Ciena Corporation (NYSE:CIEN - Free Report) by 72.4% in the third quarter, according to its most recent filing with the SEC. The fund owned 22,655 shares of the communications equipment provider's stock after acquiring an additional 9,516 shares during the period. Tectonic Advisors LLC's holdings in Ciena were worth $7,971,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of the company. SmartHarvest Portfolios LLC grew its position in Ciena by 1.8% during the 1st quarter. SmartHarvest Portfolios LLC now owns 1,142 shares of the communications equipment provider's stock worth $443,000 after acquiring an additional 20 shares during the last quarter. Carolina Wealth Advisors LLC increased its holdings in Ciena by 57.8% in the 2nd quarter. Carolina Wealth Advisors LLC now owns 71 shares of the communications equipment provider's stock worth $35,000 after purchasing an additional 26 shares in the last quarter. Triumph Capital Management raised its position in Ciena by 15.2% in the second quarter. Triumph Capital Management now owns 205 shares of the communications equipment provider's stock valued at $101,000 after purchasing an additional 27 shares during the last quarter. Syon Capital LLC raised its position in Ciena by 3.1% in the second quarter. Syon Capital LLC now owns 910 shares of the communications equipment provider's stock valued at $446,000 after purchasing an additional 27 shares during the last quarter. Finally, Modera Wealth Management LLC boosted its stake in shares of Ciena by 1.8% during the first quarter. Modera Wealth Management LLC now owns 1,685 shares of the communications equipment provider's stock valued at $654,000 after purchasing an additional 29 shares in the last quarter. Institutional investors and hedge funds own 91.99% of the company's stock.

Ciena Trading Down 0.7%

CIEN stock traded down $2.27 during trading on Friday, hitting $320.37. The company had a trading volume of 1,968,977 shares, compared to its average volume of 3,059,812. The stock has a market cap of $45.43 billion, a PE ratio of 71.51, a PEG ratio of 4.48 and a beta of 1.28. Ciena Corporation has a one year low of $168.22 and a one year high of $637.51. The company has a current ratio of 3.80, a quick ratio of 3.17 and a debt-to-equity ratio of 1.06. The business has a 50-day moving average of $368.26 and a 200-day moving average of $437.64.

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

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. Wall Street Zen cut Ciena from a "buy" rating to a "hold" rating in a report on Saturday, October 17th. Argus set a $550.00 price objective on Ciena and gave the company a "buy" rating in a research note on Thursday, September 10th. CL King set a $347.00 price objective on shares of Ciena in a report on Friday, September 4th. Bank of America reiterated a "buy" rating and set a $550.00 target price (down from $660.00) on shares of Ciena in a research report on Thursday, August 20th. Finally, Rosenblatt Securities reiterated a "buy" rating and set a $525.00 target price on shares of Ciena in a research report on Thursday, September 17th. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $485.93.

Insider Activity at Ciena

In other news, EVP Jason Phipps sold 2,629 shares of the firm's stock in a transaction that occurred 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 completion of the sale, the executive vice president owned 57,388 shares of the company's stock, valued at $20,383,643.72. This trade represents a 4.38% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Gary B. Smith sold 2,952 shares of Ciena stock in a transaction on Thursday, October 15th. The shares were sold at an average price of $348.02, for a total transaction of $1,027,355.04. Following the completion of the sale, the chief executive officer owned 225,455 shares of the company's stock, valued at $78,462,849.10. This represents a 1.29% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 36,014 shares of company stock worth $13,457,571 over the last quarter. 0.58% of the stock is owned by company insiders.

About Ciena

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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