Concurrent Investment Advisors LLC Takes $232,000 Position in Ciena Corporation $CIEN

Key Points

• Concurrent Investment Advisors LLC acquired a new position in Ciena Corporation during the 2nd quarter, purchasing 2,857 shares valued at approximately $232,000.
• Several analysts have upgraded their ratings on Ciena, with Morgan Stanley moving it from "underweight" to "equal weight" and raising its price target from $100 to $140.
• Insiders sold a total of 45,374 shares of Ciena stock recently, indicating potential changes in confidence among company executives.

Concurrent Investment Advisors LLC purchased a new stake in Ciena Corporation (NYSE:CIEN - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 2,857 shares of the communications equipment provider's stock, valued at approximately $232,000.

Several other hedge funds have also modified their holdings of CIEN. Bessemer Group Inc. lifted 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 valued at $32,000 after buying an additional 178 shares during the period. Bayforest Capital Ltd lifted its holdings in shares of Ciena by 34.7% in the 1st 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 during the period. National Bank of Canada FI lifted its holdings in shares of Ciena by 15.4% in the 1st quarter. National Bank of Canada FI now owns 1,147 shares of the communications equipment provider's stock valued at $69,000 after buying an additional 153 shares during the period. Quarry LP lifted its holdings in shares of Ciena by 65.6% in the 1st quarter. Quarry LP now owns 1,593 shares of the communications equipment provider's stock valued at $96,000 after buying an additional 631 shares during the period. Finally, UMB Bank n.a. lifted its holdings in shares of Ciena by 27.3% in the 2nd quarter. UMB Bank n.a. now owns 1,556 shares of the communications equipment provider's stock valued at $127,000 after buying an additional 334 shares during the period. 91.99% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have recently commented on CIEN shares. Morgan Stanley raised Ciena from an "underweight" rating to an "equal weight" rating and raised their price target for the company from $100.00 to $140.00 in a report on Friday, October 10th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Ciena in a report on Wednesday, October 8th. Stifel Nicolaus lifted their price objective on Ciena from $120.00 to $152.00 and gave the stock a "buy" rating in a report on Tuesday, September 23rd. BNP Paribas set a $185.00 price objective on Ciena and gave the stock an "outperform" rating in a report on Monday, October 13th. Finally, Wall Street Zen raised Ciena from a "hold" rating to a "buy" rating in a report on Friday, September 5th. Three equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $137.53.

Insider Buying and Selling

In other news, Director Bruce L. Claflin sold 8,461 shares of the business's stock in a transaction on Wednesday, September 24th. The stock was sold at an average price of $140.12, for a total value of $1,185,555.32. Following the completion of the transaction, the director directly owned 54,624 shares of the company's stock, valued at $7,653,914.88. The trade was a 13.41% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Brodie Gage sold 350 shares of the business's stock in a transaction on Wednesday, October 15th. The stock was sold at an average price of $169.36, for a total value of $59,276.00. Following the completion of the transaction, the senior vice president directly owned 40,653 shares of the company's stock, valued at approximately $6,884,992.08. This trade represents a 0.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 45,374 shares of company stock valued at $5,936,444. 0.93% of the stock is owned by insiders.

Ciena Stock Performance

NYSE CIEN opened at $173.20 on Tuesday. Ciena Corporation has a fifty-two week low of $49.21 and a fifty-two week high of $177.79. The stock has a market cap of $24.43 billion, a price-to-earnings ratio of 178.55, a price-to-earnings-growth ratio of 2.37 and a beta of 1.15. The business has a fifty day moving average of $127.26 and a 200-day moving average of $94.33. The company has a quick ratio of 2.52, a current ratio of 3.28 and a debt-to-equity ratio of 0.55.

Ciena (NYSE:CIEN - Get Free Report) last released its quarterly earnings results on Thursday, April 6th. The communications equipment provider reported $0.47 earnings per share for the quarter. Ciena had a return on equity of 6.62% and a net margin of 3.10%.The company had revenue of $844.44 million during the quarter. As a group, analysts predict that Ciena Corporation will post 1.6 earnings per share for the current fiscal year.

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.

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