Sequoia Financial Advisors LLC Acquires Shares of 3,443 Ciena Corporation $CIEN

Sequoia Financial Advisors LLC acquired a new stake in shares of Ciena Corporation (NYSE:CIEN - Free Report) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 3,443 shares of the communications equipment provider's stock, valued at approximately $280,000.

A number of other hedge funds have also added to or reduced their stakes in the stock. Ion Asset Management Ltd. increased its position in Ciena by 6.3% during 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 purchasing an additional 80,426 shares during the period. Vaughan Nelson Investment Management L.P. boosted its holdings in shares of Ciena by 375.4% during the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 1,235,696 shares of the communications equipment provider's stock valued at $100,499,000 after buying an additional 975,792 shares in the last quarter. Nuveen LLC bought a new position in Ciena in the 1st quarter worth about $70,065,000. Analog Century Management LP boosted its stake 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 worth $50,840,000 after purchasing an additional 208,509 shares in the last quarter. Finally, Woodline Partners LP bought a new position in Ciena in the 1st quarter worth about $49,221,000. 91.99% of the stock is owned by hedge funds and other institutional investors.

Ciena Stock Down 3.1%

NYSE CIEN opened at $164.42 on Thursday. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.52 and a current ratio of 3.28. The company has a market capitalization of $23.19 billion, a P/E ratio of 169.51, a P/E/G ratio of 2.35 and a beta of 1.15. Ciena Corporation has a one year low of $49.21 and a one year high of $177.79. The stock has a 50 day moving average price of $130.12 and a 200-day moving average price of $95.34.

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

Insider Buying and Selling

In related news, SVP Brodie Gage sold 350 shares of the firm'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 sale, the senior vice president directly owned 40,653 shares in the company, valued at $6,884,992.08. This trade represents a 0.85% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Joseph Cumello sold 1,863 shares of the firm's stock in a transaction on Friday, September 26th. The stock was sold at an average price of $141.14, for a total value of $262,943.82. Following the completion of the sale, the senior vice president owned 43,531 shares of the company's stock, valued at approximately $6,143,965.34. This represents a 4.10% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 45,374 shares of company stock valued at $5,936,444 in the last three months. Corporate insiders own 0.93% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. JPMorgan Chase & Co. boosted their target price on Ciena from $105.00 to $140.00 and gave the stock an "overweight" rating in a research report on Friday, September 5th. Stifel Nicolaus upped their price target on Ciena from $120.00 to $152.00 and gave the stock a "buy" rating in a research note on Tuesday, September 23rd. B. Riley restated a "neutral" rating and issued a $113.00 price target (up from $90.00) on shares of Ciena in a research note on Friday, September 5th. Argus upped their price target on Ciena from $100.00 to $135.00 and gave the stock a "buy" rating in a research note on Friday, September 5th. Finally, Wall Street Zen upgraded Ciena from a "hold" rating to a "buy" rating in a research note on Friday, September 5th. Three research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $137.53.

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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