Ciena Corporation (NYSE:CIEN) Stock Position Lifted by Penserra Capital Management LLC

Penserra Capital Management LLC increased its holdings in shares of Ciena Corporation (NYSE:CIEN - Free Report) by 9.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 40,391 shares of the communications equipment provider's stock after purchasing an additional 3,441 shares during the period. Penserra Capital Management LLC's holdings in Ciena were worth $2,440,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the business. Annis Gardner Whiting Capital Advisors LLC lifted its position in Ciena by 108.6% during the 4th quarter. Annis Gardner Whiting Capital Advisors LLC now owns 290 shares of the communications equipment provider's stock worth $25,000 after acquiring an additional 151 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in shares of Ciena by 328.2% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 364 shares of the communications equipment provider's stock valued at $30,000 after buying an additional 279 shares in the last quarter. Bessemer Group Inc. boosted its stake in shares of Ciena by 73.7% in the fourth quarter. Bessemer Group Inc. now owns 356 shares of the communications equipment provider's stock valued at $30,000 after buying an additional 151 shares in the last quarter. Atlas Capital Advisors Inc. boosted its stake in shares of Ciena by 77.2% in the fourth quarter. Atlas Capital Advisors Inc. now owns 420 shares of the communications equipment provider's stock valued at $36,000 after buying an additional 183 shares in the last quarter. Finally, MassMutual Private Wealth & Trust FSB boosted its position in shares of Ciena by 66.7% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 640 shares of the communications equipment provider's stock worth $39,000 after purchasing an additional 256 shares in the last quarter. Institutional investors and hedge funds own 91.99% of the company's stock.

Insiders Place Their Bets

In other news, SVP Jason Phipps sold 2,325 shares of the business's stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $80.50, for a total value of $187,162.50. Following the completion of the sale, the senior vice president owned 84,833 shares of the company's stock, valued at approximately $6,829,056.50. The trade was a 2.67% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Joseph Cumello sold 2,044 shares of the business'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 of the company's stock, valued at $3,853,244.72. This trade represents a 4.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 41,919 shares of company stock valued at $3,115,199. 0.93% of the stock is owned by insiders.

Ciena Stock Down 0.6%

Shares of NYSE:CIEN traded down $0.46 during mid-day trading on Friday, hitting $77.99. 1,638,172 shares of the company traded hands, compared to its average volume of 2,134,761. The firm has a market cap of $11.03 billion, a P/E ratio of 108.32, a PEG ratio of 1.76 and a beta of 1.11. The firm's 50 day simple moving average is $78.03 and its 200 day simple moving average is $75.93. Ciena Corporation has a 52-week low of $44.89 and a 52-week high of $101.44. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.57 and a current ratio of 3.40.

Ciena (NYSE:CIEN - Get Free Report) last released its quarterly earnings results on Thursday, June 5th. The communications equipment provider reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.50 by ($0.08). Ciena had a return on equity of 5.08% and a net margin of 2.46%. The firm had revenue of $1.13 billion for the quarter, compared to analysts' expectations of $1.09 billion. During the same period last year, the firm earned $0.27 EPS. The business's quarterly revenue was up 23.6% on a year-over-year basis. On average, equities analysts anticipate that Ciena Corporation will post 1.6 EPS for the current year.

Analysts Set New Price Targets

A number of analysts have commented on CIEN shares. UBS Group boosted their target price on Ciena from $73.00 to $78.00 and gave the stock a "neutral" rating in a research report on Friday, June 6th. Morgan Stanley reaffirmed an "underweight" rating and issued a $70.00 target price (down previously from $73.00) on shares of Ciena in a research note on Tuesday. Needham & Company LLC reaffirmed a "buy" rating and issued a $90.00 target price on shares of Ciena in a research note on Friday, June 6th. Citigroup reduced their target price on shares of Ciena from $98.00 to $75.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Finally, Wall Street Zen upgraded shares of Ciena from a "hold" rating to a "buy" rating in a report on Saturday, July 5th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $84.08.

Ciena Company 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.