7,126 Shares in Ciena Co. (NYSE:CIEN) Bought by USA Financial Formulas

USA Financial Formulas purchased a new stake in shares of Ciena Co. (NYSE:CIEN - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 7,126 shares of the communications equipment provider's stock, valued at approximately $431,000.

Other hedge funds also recently bought and sold shares of the company. Assenagon Asset Management S.A. purchased a new position in shares of Ciena during the 1st quarter worth approximately $2,398,000. SG Americas Securities LLC grew its holdings in shares of Ciena by 176.0% during the 1st quarter. SG Americas Securities LLC now owns 9,591 shares of the communications equipment provider's stock worth $580,000 after acquiring an additional 6,116 shares during the period. GAMMA Investing LLC grew its holdings in shares of Ciena by 40.4% during the 1st quarter. GAMMA Investing LLC now owns 2,960 shares of the communications equipment provider's stock worth $179,000 after acquiring an additional 851 shares during the period. Park Avenue Securities LLC grew its holdings in shares of Ciena by 8.8% during the 1st quarter. Park Avenue Securities LLC now owns 41,726 shares of the communications equipment provider's stock worth $2,522,000 after acquiring an additional 3,376 shares during the period. Finally, UMB Bank n.a. grew its holdings in shares of Ciena by 70.2% during the 1st quarter. UMB Bank n.a. now owns 1,222 shares of the communications equipment provider's stock worth $74,000 after acquiring an additional 504 shares during the period. Hedge funds and other institutional investors own 91.99% of the company's stock.

Insider Transactions at Ciena

In other news, SVP Jason Phipps sold 18,888 shares of the firm's stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $59.88, for a total value of $1,131,013.44. Following the transaction, the senior vice president now directly owns 89,258 shares in the company, valued at $5,344,769.04. This trade represents a 17.47% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, SVP Brodie Gage sold 350 shares of the firm's stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $78.67, for a total value of $27,534.50. Following the completion of the transaction, the senior vice president now directly owns 46,233 shares in the company, valued at approximately $3,637,150.11. This represents a 0.75% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 51,788 shares of company stock worth $3,431,319 in the last ninety days. Insiders own 0.93% of the company's stock.

Analyst Ratings Changes

A number of research firms have weighed in on CIEN. Wall Street Zen downgraded Ciena from a "buy" rating to a "hold" rating in a report on Saturday, June 7th. B. Riley reiterated a "buy" rating and set a $90.00 target price (up previously from $89.00) on shares of Ciena in a report on Friday, June 6th. Evercore ISI reiterated a "mixed" rating on shares of Ciena in a report on Friday, June 6th. Northland Capmk upgraded Ciena from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, March 12th. Finally, Rosenblatt Securities upped their price target on Ciena from $65.00 to $85.00 and gave the stock a "neutral" rating in a research note on Tuesday, June 3rd. Six analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Ciena presently has a consensus rating of "Moderate Buy" and an average price target of $83.15.

Ciena Stock Performance

Shares of Ciena stock traded down $1.94 during trading on Friday, hitting $72.19. 1,845,230 shares of the company's stock traded hands, compared to its average volume of 2,086,181. The company has a debt-to-equity ratio of 0.54, a current ratio of 3.55 and a quick ratio of 2.72. Ciena Co. has a 1 year low of $44.89 and a 1 year high of $101.44. The stock has a market capitalization of $10.21 billion, a P/E ratio of 126.65, a PEG ratio of 1.54 and a beta of 1.12. The business has a 50-day simple moving average of $71.66 and a 200-day simple moving average of $76.01.

Ciena (NYSE:CIEN - Get Free Report) last released its quarterly earnings data on Thursday, June 5th. The communications equipment provider reported $0.42 EPS for the quarter, missing the consensus estimate of $0.50 by ($0.08). Ciena had a net margin of 2.09% and a return on equity of 4.72%. The business had revenue of $1.13 billion for the quarter, compared to analysts' expectations of $1.09 billion. During the same period last year, the business earned $0.27 earnings per share. The company's quarterly revenue was up 23.6% on a year-over-year basis. As a group, analysts forecast that Ciena Co. will post 1.6 EPS for the current year.

Ciena 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.