Poinciana Advisors Group LLC Takes Position in Ciena Corporation $CIEN

Key Points

• Poinciana Advisors Group LLC has acquired a new stake in Ciena Corporation, purchasing 3,387 shares valued at approximately $275,000 during the second quarter.
• Institutional ownership of Ciena is high, with 91.99% of the stock owned by institutional investors, indicating strong interest from large funds.
• Analysts are optimistic about Ciena’s outlook; with an average target price of $122.86, the company has received multiple "buy" ratings from prominent research firms.

Poinciana Advisors Group LLC purchased a new stake in Ciena Corporation (NYSE:CIEN - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 3,387 shares of the communications equipment provider's stock, valued at approximately $275,000.

Several other institutional investors have also added to or reduced their stakes in the stock. Ion Asset Management Ltd. lifted 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 acquiring an additional 80,426 shares in the last quarter. Nuveen LLC bought a new stake in Ciena in the 1st quarter valued at $70,065,000. Analog Century Management LP lifted 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 acquiring an additional 208,509 shares in the last quarter. Woodline Partners LP bought a new stake in Ciena in the 1st quarter valued at $49,221,000. Finally, Wealth Enhancement Advisory Services LLC lifted 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 acquiring an additional 2,968 shares in the last quarter. 91.99% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on CIEN shares. Northland Securities set a $100.00 price objective on shares of Ciena in a research report on Monday, June 30th. Bank of America boosted their price objective on shares of Ciena from $135.00 to $155.00 and gave the company a "buy" rating in a research report on Wednesday, September 17th. Stifel Nicolaus boosted their price objective on shares of Ciena from $120.00 to $152.00 and gave the company a "buy" rating in a research report on Tuesday, September 23rd. Morgan Stanley boosted their price target on shares of Ciena from $70.00 to $100.00 and gave the stock an "underweight" rating in a research report on Friday, September 5th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Ciena from $105.00 to $140.00 and gave the stock an "overweight" rating in a research report on Friday, September 5th. Three equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $122.86.

Insider Activity

In other news, SVP Joseph Cumello sold 1,863 shares of the business's stock in a transaction dated Friday, September 26th. The shares were sold at an average price of $141.14, for a total transaction of $262,943.82. Following the transaction, the senior vice president directly owned 43,531 shares in the company, valued at $6,143,965.34. The trade was a 4.10% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Bruce L. Claflin sold 8,461 shares of the business's stock in a transaction dated Wednesday, September 24th. The stock was sold at an average price of $140.12, for a total transaction of $1,185,555.32. Following the transaction, the director owned 54,624 shares in the company, valued at $7,653,914.88. This represents a 13.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 38,924 shares of company stock valued at $4,317,247 over the last quarter. 0.93% of the stock is currently owned by company insiders.

Ciena Trading Up 1.6%

Shares of NYSE:CIEN opened at $144.13 on Tuesday. The stock has a market capitalization of $20.33 billion, a PE ratio of 148.59, a price-to-earnings-growth ratio of 2.01 and a beta of 1.16. The company's 50-day moving average price is $106.56 and its two-hundred day moving average price is $84.21. Ciena Corporation has a one year low of $49.21 and a one year high of $146.51. The company has a debt-to-equity ratio of 0.55, a current ratio of 3.28 and a quick ratio of 2.52.

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.

Want to see what other hedge funds are holding CIEN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Ciena Corporation (NYSE:CIEN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.