Boothbay Fund Management LLC Reduces Stock Holdings in Ciena Corporation $CIEN

Boothbay Fund Management LLC cut its stake in Ciena Corporation (NYSE:CIEN) by 18.5% in the 2nd quarter, Holdings Channel reports. The firm owned 128,276 shares of the communications equipment provider’s stock after selling 29,152 shares during the period. Boothbay Fund Management LLC’s holdings in Ciena were worth $10,433,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of CIEN. Atreides Management LP bought a new stake in Ciena during the 2nd quarter valued at approximately $102,705,000. Balyasny Asset Management L.P. boosted its position in shares of Ciena by 3,577.9% during the second quarter. Balyasny Asset Management L.P. now owns 1,032,393 shares of the communications equipment provider’s stock valued at $83,965,000 after purchasing an additional 1,004,323 shares in the last quarter. Vaughan Nelson Investment Management L.P. grew its stake in Ciena by 375.4% in the second quarter. Vaughan Nelson Investment Management L.P. now owns 1,235,696 shares of the communications equipment provider’s stock worth $100,499,000 after purchasing an additional 975,792 shares during the period. Rokos Capital Management LLP raised its holdings in Ciena by 546.9% in the second quarter. Rokos Capital Management LLP now owns 997,425 shares of the communications equipment provider’s stock worth $81,106,000 after purchasing an additional 843,235 shares in the last quarter. Finally, Woodline Partners LP bought a new position in Ciena in the first quarter worth $49,221,000. Institutional investors own 91.99% of the company’s stock.

Wall Street Analysts Forecast Growth

CIEN has been the topic of a number of research reports. Bank of America boosted their target price on shares of Ciena from $200.00 to $260.00 and gave the company a “buy” rating in a report on Friday. Argus lifted their target price on shares of Ciena from $135.00 to $280.00 and gave the company a “buy” rating in a report on Friday. Weiss Ratings reissued a “hold (c)” rating on shares of Ciena in a research report on Wednesday, October 8th. Raymond James Financial set a $240.00 price target on Ciena in a research note on Thursday. Finally, Rosenblatt Securities raised their price objective on Ciena from $175.00 to $305.00 and gave the company a “buy” rating in a research report on Friday. Two analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and seven have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $236.38.

Insider Activity

In related news, SVP Joseph Cumello sold 1,863 shares of the company’s stock in a transaction on Friday, September 26th. The shares were sold at an average price of $141.14, for a total value of $262,943.82. Following the completion of the transaction, 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 position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Bruce L. Claflin sold 8,461 shares of the stock in a transaction on Wednesday, September 24th. The stock was 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 owned 54,624 shares of the company’s stock, valued at $7,653,914.88. The trade was a 13.41% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 51,935 shares of company stock valued at $8,707,266. Company insiders own 0.93% of the company’s stock.

Ciena Price Performance

Shares of NYSE:CIEN opened at $218.82 on Friday. The company has a debt-to-equity ratio of 0.56, a quick ratio of 2.52 and a current ratio of 2.73. The firm has a market cap of $30.87 billion, a price-to-earnings ratio of 257.43, a price-to-earnings-growth ratio of 1.49 and a beta of 1.17. The business has a 50-day simple moving average of $188.43 and a two-hundred day simple moving average of $128.51. Ciena Corporation has a fifty-two week low of $49.21 and a fifty-two week high of $248.00.

Ciena (NYSE:CIEN) last announced its quarterly earnings results on Thursday, December 11th. The communications equipment provider reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.76 by $0.15. Ciena had a net margin of 2.59% and a return on equity of 8.38%. The firm had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.29 billion. During the same period in the previous year, the business posted $0.54 earnings per share. The business’s revenue for the quarter was up 20.1% on a year-over-year basis. On average, analysts expect that Ciena Corporation will post 1.6 earnings per share for the current year.

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.