Intech Investment Management LLC Has $8.19 Million Holdings in Ciena Corporation $CIEN

Key Points

• Intech Investment Management LLC increased its stake in Ciena Corporation by 106.8% during the first quarter, owning 135,574 shares valued at approximately $8.19 million.
• Overall, 91.99% of Ciena's stock is held by institutional investors, indicating strong institutional confidence in the company.
• Analyst ratings for Ciena are generally positive, with an average rating of "Moderate Buy" and a consensus target price of $114.32.

Intech Investment Management LLC raised its position in Ciena Corporation (NYSE:CIEN - Free Report) by 106.8% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 135,574 shares of the communications equipment provider's stock after buying an additional 70,027 shares during the period. Intech Investment Management LLC owned 0.10% of Ciena worth $8,193,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Focus Partners Wealth boosted its position in Ciena by 14.6% in the first quarter. Focus Partners Wealth now owns 5,762 shares of the communications equipment provider's stock valued at $348,000 after buying an additional 733 shares in the last quarter. Bayforest Capital Ltd boosted its position in 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. Woodline Partners LP acquired a new stake in Ciena in the 1st quarter valued at about $49,221,000. United Services Automobile Association acquired a new stake in Ciena in the 1st quarter valued at about $581,000. Finally, Caxton Associates LLP acquired a new stake in Ciena in the 1st quarter valued at about $3,767,000. 91.99% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on CIEN shares. Wall Street Zen upgraded shares of Ciena from a "hold" rating to a "buy" rating in a research report on Friday, September 5th. B. Riley restated a "neutral" rating and issued a $113.00 price objective (up previously from $90.00) on shares of Ciena in a research report on Friday, September 5th. Rosenblatt Securities raised their price objective on shares of Ciena from $100.00 to $127.50 and gave the company a "neutral" rating in a research report on Friday, September 5th. Northland Securities set a $100.00 price objective on shares of Ciena in a research report on Monday, June 30th. Finally, Morgan Stanley raised their price objective on shares of Ciena from $70.00 to $100.00 and gave the company an "underweight" rating in a research report on Friday, September 5th. Two analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Ciena presently has an average rating of "Moderate Buy" and a consensus target price of $114.32.

Ciena Stock Performance

Ciena stock opened at $129.94 on Thursday. The company has a current ratio of 3.28, a quick ratio of 2.52 and a debt-to-equity ratio of 0.55. Ciena Corporation has a 1 year low of $49.21 and a 1 year high of $131.40. The company has a market cap of $18.33 billion, a PE ratio of 133.96, a PEG ratio of 2.40 and a beta of 1.16. The company's 50-day moving average is $91.95 and its two-hundred day moving average is $78.14.

Insider Buying and Selling

In other news, SVP Brodie Gage sold 350 shares of the business's stock in a transaction dated Friday, August 15th. The stock was sold at an average price of $90.94, for a total transaction of $31,829.00. Following the completion of the transaction, the senior vice president directly owned 43,268 shares in the company, valued at approximately $3,934,791.92. The trade was a 0.80% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Gary B. Smith sold 6,800 shares of the business's stock in a transaction dated Tuesday, July 15th. The stock was sold at an average price of $82.23, for a total value of $559,164.00. Following the transaction, the chief executive officer owned 325,557 shares of the company's stock, valued at $26,770,552.11. The trade was a 2.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 39,769 shares of company stock valued at $3,326,705 over the last 90 days. 0.93% of the stock is owned by corporate insiders.

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.

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