Cinctive Capital Management LP Acquires New Shares in Ciena Corporation $CIEN

Key Points

• Cinctive Capital Management LP acquired a new stake in Ciena Corporation, purchasing 28,282 shares valued at approximately $1.71 million.
• In the first quarter, several large investors increased their holdings in Ciena, with 91.99% of the stock currently owned by institutional investors.
• Ciena reported a 23.6% year-over-year increase in revenue for the latest quarter, despite missing earnings expectations.

Cinctive Capital Management LP acquired a new stake in Ciena Corporation (NYSE:CIEN - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 28,282 shares of the communications equipment provider's stock, valued at approximately $1,709,000.

Other large investors have also made changes to their positions in the company. Orion Capital Management LLC acquired a new stake in shares of Ciena during the fourth quarter valued at $42,000. Bessemer Group Inc. raised its holdings in shares of Ciena by 50.0% in the 1st quarter. Bessemer Group Inc. now owns 534 shares of the communications equipment provider's stock worth $32,000 after purchasing an additional 178 shares during the period. Bayforest Capital Ltd grew its stake in shares of Ciena by 34.7% in the first quarter. Bayforest Capital Ltd now owns 636 shares of the communications equipment provider's stock valued at $38,000 after buying an additional 164 shares in the last quarter. MassMutual Private Wealth & Trust FSB grew its stake in shares of Ciena by 66.7% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 640 shares of the communications equipment provider's stock valued at $39,000 after buying an additional 256 shares in the last quarter. Finally, AdvisorNet Financial Inc grew its stake in shares of Ciena by 9,162.5% in the first quarter. AdvisorNet Financial Inc now owns 741 shares of the communications equipment provider's stock valued at $45,000 after buying an additional 733 shares in the last quarter. Institutional investors and hedge funds own 91.99% of the company's stock.

Insider Buying and Selling

In related news, SVP Jason Phipps sold 2,325 shares of Ciena stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $80.50, for a total value of $187,162.50. Following the transaction, the senior vice president directly owned 84,833 shares in the company, valued at $6,829,056.50. The trade was a 2.67% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Brodie Gage sold 350 shares of Ciena stock in a transaction on Friday, August 15th. The stock was sold at an average price of $90.94, for a total value of $31,829.00. Following the completion of the transaction, the senior vice president owned 43,268 shares in the company, valued at $3,934,791.92. The trade was a 0.80% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 39,769 shares of company stock valued at $3,326,705. Insiders own 0.93% of the company's stock.

Ciena Stock Performance

Ciena stock traded up $7.93 during mid-day trading on Wednesday, hitting $130.12. 1,484,879 shares of the company's stock traded hands, compared to its average volume of 2,336,092. Ciena Corporation has a one year low of $49.21 and a one year high of $130.22. The company has a market cap of $18.35 billion, a PE ratio of 134.18, a price-to-earnings-growth ratio of 2.66 and a beta of 1.16. The firm has a 50 day moving average price of $90.94 and a 200 day moving average price of $77.78. The company has a quick ratio of 2.52, a current ratio of 3.28 and a debt-to-equity ratio of 0.55.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Rosenblatt Securities raised their price objective on Ciena from $100.00 to $127.50 and gave the company a "neutral" rating in a research note on Friday, September 5th. Bank of America boosted their price target on Ciena from $95.00 to $135.00 and gave the company a "buy" rating in a report on Friday, September 5th. Argus boosted their price target on Ciena from $100.00 to $135.00 and gave the company a "buy" rating in a report on Friday, September 5th. Stifel Nicolaus boosted their price target on Ciena from $90.00 to $100.00 and gave the company a "buy" rating in a report on Wednesday, September 3rd. Finally, Morgan Stanley boosted their price target on Ciena from $70.00 to $100.00 and gave the company an "underweight" rating in a report on Friday, September 5th. Two research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Ciena currently has a consensus rating of "Moderate Buy" and a consensus target price of $114.32.

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.