Tectonic Advisors LLC Boosts Holdings in Ciena Corporation $CIEN

Key Points

• Tectonic Advisors LLC increased its stake in Ciena Corporation by 12.9%, owning a total of 103,319 shares, valued at approximately $8.4 million.
• Several major investors, including UMB Bank and SG Americas Securities, significantly raised their positions in Ciena during the first quarter, highlighting increased institutional interest.
• Analysts have upgraded Ciena's target prices, with Morgan Stanley setting a new target of $100 and Stifel Nicolaus raising it to $152, indicating a positive outlook for the company.

Tectonic Advisors LLC lifted its stake in Ciena Corporation (NYSE:CIEN - Free Report) by 12.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 103,319 shares of the communications equipment provider's stock after purchasing an additional 11,772 shares during the quarter. Tectonic Advisors LLC owned 0.07% of Ciena worth $8,403,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently modified their holdings of CIEN. Merit Financial Group LLC raised its position in shares of Ciena by 11.8% in the 1st quarter. Merit Financial Group LLC now owns 5,547 shares of the communications equipment provider's stock worth $335,000 after purchasing an additional 587 shares during the last quarter. UMB Bank n.a. raised its position in Ciena by 70.2% in the 1st quarter. UMB Bank n.a. now owns 1,222 shares of the communications equipment provider's stock worth $74,000 after buying an additional 504 shares during the last quarter. GAMMA Investing LLC raised its position in Ciena by 40.4% in the 1st quarter. GAMMA Investing LLC now owns 2,960 shares of the communications equipment provider's stock worth $179,000 after buying an additional 851 shares during the last quarter. SG Americas Securities LLC raised its position in Ciena by 176.0% in the 1st quarter. SG Americas Securities LLC now owns 9,591 shares of the communications equipment provider's stock worth $580,000 after buying an additional 6,116 shares during the last quarter. Finally, Assenagon Asset Management S.A. purchased a new position in Ciena in the 1st quarter worth about $2,398,000. Hedge funds and other institutional investors own 91.99% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on CIEN shares. Weiss Ratings reissued a "hold (c)" rating on shares of Ciena in a research report on Wednesday. Morgan Stanley boosted their target price on Ciena from $70.00 to $100.00 and gave the stock an "underweight" rating in a research report on Friday, September 5th. Stifel Nicolaus boosted their target price on Ciena from $120.00 to $152.00 and gave the stock a "buy" rating in a research report on Tuesday, September 23rd. Barclays boosted their target price on Ciena from $102.00 to $138.00 and gave the stock an "overweight" rating in a research report on Friday, September 5th. Finally, B. Riley reissued a "neutral" rating and issued a $113.00 target price (up previously from $90.00) on shares of Ciena in a research report on Friday, September 5th. Three analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Ciena presently has a consensus rating of "Moderate Buy" and a consensus price target of $127.15.

Insider Activity

In related news, Director Bruce L. Claflin sold 8,461 shares of the stock in a transaction that occurred on Wednesday, September 24th. The shares were sold at an average price of $140.12, for a total value of $1,185,555.32. Following the completion of the sale, the director directly owned 54,624 shares of the company's stock, valued at approximately $7,653,914.88. This represents a 13.41% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Brodie Gage sold 350 shares of the stock in a transaction that occurred 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 of the company's stock, valued at $5,665,176. This represents a 0.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 45,724 shares of company stock valued at $5,336,431. 0.93% of the stock is owned by insiders.

Ciena Price Performance

NYSE CIEN opened at $159.66 on Thursday. Ciena Corporation has a 52 week low of $49.21 and a 52 week high of $159.85. The firm has a market capitalization of $22.52 billion, a P/E ratio of 164.60, a PEG ratio of 2.10 and a beta of 1.15. The company has a quick ratio of 2.52, a current ratio of 3.28 and a debt-to-equity ratio of 0.55. The company has a 50-day moving average price of $115.45 and a 200-day moving average price of $88.15.

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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