Ciena Corporation $CIEN Stock: Tectonic Advisors LLC Grows Stake

Tectonic Advisors LLC lifted its position in shares of Ciena Corporation (NYSE:CIEN) by 72.4% during the third quarter, Holdings Channel.com reports. The firm owned 22,655 shares of the communications equipment provider’s stock after purchasing an additional 9,516 shares during the period. Tectonic Advisors LLC’s holdings in Ciena were worth $7,971,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. TKG Advisors LLC acquired a new position in Ciena during the first quarter worth $3,244,000. Swiss National Bank lifted its stake in shares of Ciena by 7.0% in the first quarter. Swiss National Bank now owns 413,332 shares of the communications equipment provider’s stock valued at $160,468,000 after buying an additional 26,900 shares in the last quarter. Wealth High Governance Capital Ltda bought a new position in shares of Ciena in the first quarter valued at $10,883,000. Fifth Third Bancorp grew its holdings in shares of Ciena by 983.2% during the first quarter. Fifth Third Bancorp now owns 17,168 shares of the communications equipment provider’s stock valued at $6,665,000 after buying an additional 15,583 shares during the last quarter. Finally, Rockefeller Capital Management L.P. grew its holdings in shares of Ciena by 126.0% during the fourth quarter. Rockefeller Capital Management L.P. now owns 8,413 shares of the communications equipment provider’s stock valued at $1,968,000 after buying an additional 4,691 shares during the last quarter. 91.99% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on CIEN shares. Barclays boosted their target price on shares of Ciena from $475.00 to $548.00 and gave the stock an “overweight” rating in a research report on Thursday, September 17th. TD Cowen reaffirmed a “buy” rating on shares of Ciena in a research report on Thursday, September 17th. B. Riley Financial cut their price target on Ciena from $516.00 to $413.00 and set a “neutral” rating for the company in a research note on Monday, August 31st. Argus set a $550.00 price objective on Ciena and gave the stock a “buy” rating in a report on Thursday, September 10th. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $525.00 price objective on shares of Ciena in a research note on Thursday, September 17th. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $485.93.

Insider Activity at Ciena

In related news, EVP Brodie Gage sold 1,200 shares of Ciena stock in a transaction on Thursday, October 15th. The stock was sold at an average price of $344.08, for a total transaction of $412,896.00. Following the sale, the executive vice president directly owned 34,073 shares in the company, valued at approximately $11,723,837.84. This trade represents a 3.40% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Jason Phipps sold 2,629 shares of the business’s stock in a transaction on Thursday, October 1st. The stock was sold at an average price of $355.19, for a total value of $933,794.51. Following the completion of the transaction, the executive vice president directly owned 57,388 shares in the company, valued at approximately $20,383,643.72. This represents a 4.38% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 36,014 shares of company stock valued at $13,457,571 in the last ninety days. Insiders own 0.58% of the company’s stock.

Ciena Stock Down 0.7%

NYSE:CIEN traded down $2.27 on Friday, hitting $320.37. The stock had a trading volume of 1,968,977 shares, compared to its average volume of 3,059,812. Ciena Corporation has a 1 year low of $168.22 and a 1 year high of $637.51. The firm’s fifty day simple moving average is $368.26 and its two-hundred day simple moving average is $437.64. The company has a debt-to-equity ratio of 1.06, a quick ratio of 3.17 and a current ratio of 3.80. The stock has a market cap of $45.43 billion, a P/E ratio of 71.51, a price-to-earnings-growth ratio of 4.48 and a beta of 1.28.

Ciena (NYSE:CIEN) last announced its earnings results on Thursday, September 3rd. The communications equipment provider reported $2.11 earnings per share for the quarter, topping analysts’ consensus estimates of $1.73 by $0.38. The firm had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.64 billion. Ciena had a return on equity of 25.33% and a net margin of 10.87%. The company’s revenue was up 37.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.35 EPS. Analysts predict that Ciena Corporation will post 6.00 earnings per share for the current year.

About Ciena

Ciena Corporation (NYSE: CIEN) is a networking technology company that provides hardware, software, and services for communications networks. Its solutions help telecommunications carriers, cloud providers, enterprises, government organizations, and research institutions build, manage, and automate high-capacity networks.

The company’s portfolio includes optical networking systems, routing and switching platforms, network automation software, and network management tools. Ciena also offers consulting, implementation, maintenance, and professional services designed to support network planning, deployment, optimization, and ongoing operations.