Diversified Trust Co Takes Position in Ciena Corporation $CIEN

Key Points

• Diversified Trust Co purchased 6,313 shares of Ciena Corporation, valued at approximately $513,000, in the second quarter.
• Ciena has seen a series of upgrades from analysts, with Barclays and JPMorgan raising their price targets significantly to $138.00 and $140.00 respectively, reflecting a positive outlook on the stock.
• Institutional investors currently own 91.99% of Ciena’s shares, indicating strong institutional confidence in the company.

Diversified Trust Co bought a new stake in Ciena Corporation (NYSE:CIEN - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 6,313 shares of the communications equipment provider's stock, valued at approximately $513,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Ion Asset Management Ltd. raised its position in Ciena by 6.3% in the 1st quarter. Ion Asset Management Ltd. now owns 1,356,752 shares of the communications equipment provider's stock valued at $81,989,000 after buying an additional 80,426 shares during the last quarter. Nuveen LLC acquired a new stake in Ciena in the 1st quarter valued at approximately $70,065,000. Analog Century Management LP raised its position in Ciena by 33.0% in the 1st quarter. Analog Century Management LP now owns 841,311 shares of the communications equipment provider's stock valued at $50,840,000 after buying an additional 208,509 shares during the last quarter. Woodline Partners LP acquired a new stake in Ciena in the 1st quarter valued at approximately $49,221,000. Finally, Wealth Enhancement Advisory Services LLC raised its position in Ciena by 0.4% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 813,979 shares of the communications equipment provider's stock valued at $66,242,000 after buying an additional 2,968 shares during the last quarter. Institutional investors and hedge funds own 91.99% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the company. Wolfe Research raised Ciena to a "strong-buy" rating in a research report on Tuesday, July 8th. Barclays lifted their target price on Ciena from $102.00 to $138.00 and gave the company an "overweight" rating in a research report on Friday, September 5th. JPMorgan Chase & Co. boosted their price target on Ciena from $105.00 to $140.00 and gave the stock an "overweight" rating in a research report on Friday, September 5th. Wall Street Zen raised Ciena from a "hold" rating to a "buy" rating in a research report on Friday, September 5th. Finally, Morgan Stanley boosted their price target on Ciena from $70.00 to $100.00 and gave the stock an "underweight" rating in a research report on Friday, September 5th. Three research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $119.46.

Ciena Stock Performance

CIEN opened at $139.58 on Wednesday. The business has a fifty day simple moving average of $102.11 and a 200 day simple moving average of $81.96. The company has a market capitalization of $19.69 billion, a PE ratio of 143.90, a price-to-earnings-growth ratio of 2.01 and a beta of 1.16. Ciena Corporation has a 1 year low of $49.21 and a 1 year high of $141.43. The company has a debt-to-equity ratio of 0.55, a current ratio of 3.28 and a quick ratio of 2.52.

Insider Activity

In other news, SVP Brodie Gage sold 350 shares of the company's stock in a transaction on Monday, September 15th. The stock was sold at an average price of $132.00, for a total transaction of $46,200.00. Following the completion of the sale, the senior vice president directly owned 42,918 shares in the company, valued at approximately $5,665,176. This represents a 0.81% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP Jason Phipps sold 2,325 shares of the company's stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $80.50, for a total value of $187,162.50. Following 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 ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 39,769 shares of company stock worth $3,769,163. 0.93% of the stock is currently owned by company insiders.

About Ciena

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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