Park Avenue Securities LLC Raises Stock Holdings in Ciena Corporation $CIEN

Key Points

• Park Avenue Securities LLC raised its holdings in Ciena Corporation by 10.4% during the 2nd quarter, totaling approximately $3.75 million in value.
• Several brokerages have recently increased their price targets for Ciena, with Bank of America and Barclays setting ambitious targets of $155.00 and $138.00 respectively.
• Ciena stock opened at $139.13, with a market capitalization of $19.63 billion and a current P/E ratio of 143.43.

Park Avenue Securities LLC lifted its holdings in Ciena Corporation (NYSE:CIEN - Free Report) by 10.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 46,077 shares of the communications equipment provider's stock after buying an additional 4,351 shares during the quarter. Park Avenue Securities LLC's holdings in Ciena were worth $3,747,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. National Bank of Canada FI raised its holdings in shares of Ciena by 15.4% in the first quarter. National Bank of Canada FI now owns 1,147 shares of the communications equipment provider's stock worth $69,000 after buying an additional 153 shares during the period. Bayforest Capital Ltd raised its holdings 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 worth $38,000 after buying an additional 164 shares during the period. Bessemer Group Inc. raised its holdings in shares of Ciena by 50.0% in the first quarter. Bessemer Group Inc. now owns 534 shares of the communications equipment provider's stock worth $32,000 after buying an additional 178 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Ciena by 0.5% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 38,910 shares of the communications equipment provider's stock worth $2,351,000 after buying an additional 178 shares during the period. Finally, State of Alaska Department of Revenue raised its holdings in shares of Ciena by 1.1% in the first quarter. State of Alaska Department of Revenue now owns 16,649 shares of the communications equipment provider's stock worth $1,006,000 after buying an additional 180 shares during the period. 91.99% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages recently issued reports on CIEN. Rosenblatt Securities increased their price objective on Ciena from $100.00 to $127.50 and gave the stock a "neutral" rating in a research note on Friday, September 5th. B. Riley reissued a "neutral" rating and issued a $113.00 price objective (up previously from $90.00) on shares of Ciena in a research note on Friday, September 5th. Wolfe Research raised Ciena to a "strong-buy" rating in a research note on Tuesday, July 8th. Bank of America increased their price objective on Ciena from $135.00 to $155.00 and gave the stock a "buy" rating in a research note on Wednesday, September 17th. Finally, Barclays increased their price objective on Ciena from $102.00 to $138.00 and gave the stock an "overweight" rating in a research note on Friday, September 5th. Three 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 company's stock. According to data from MarketBeat, Ciena currently has a consensus rating of "Moderate Buy" and an average target price of $115.75.

Ciena Stock Up 0.5%

Ciena stock opened at $139.13 on Tuesday. The company has a debt-to-equity ratio of 0.55, a current ratio of 3.28 and a quick ratio of 2.52. The stock has a market capitalization of $19.63 billion, a price-to-earnings ratio of 143.43, a PEG ratio of 2.00 and a beta of 1.16. Ciena Corporation has a 1-year low of $49.21 and a 1-year high of $139.74. The business has a fifty day moving average price of $100.97 and a 200-day moving average price of $81.55.

Insider Transactions at Ciena

In related news, SVP Brodie Gage sold 350 shares of the firm's stock in a transaction on Monday, September 15th. The stock was sold at an average price of $132.00, for a total value of $46,200.00. Following the completion of the transaction, the senior vice president owned 42,918 shares in the company, valued at $5,665,176. This trade represents a 0.81% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Jason Phipps sold 2,325 shares of the firm's 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 completion of the transaction, the senior vice president owned 84,833 shares of the company's stock, valued at $6,829,056.50. This trade represents a 2.67% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 39,769 shares of company stock worth $3,769,163. Insiders own 0.93% of the company's stock.

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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