Janney Montgomery Scott LLC Buys 1,575 Shares of Ciena Corporation $CIEN

Janney Montgomery Scott LLC grew its position in Ciena Corporation (NYSE:CIEN) by 29.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,868 shares of the communications equipment provider’s stock after acquiring an additional 1,575 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Ciena were worth $559,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Nuveen LLC purchased a new stake in Ciena in the first quarter worth $70,065,000. Woodline Partners LP bought a new position in shares of Ciena in the first quarter worth about $49,221,000. Assenagon Asset Management S.A. grew its holdings in shares of Ciena by 1,883.5% in the second quarter. Assenagon Asset Management S.A. now owns 787,266 shares of the communications equipment provider’s stock worth $64,028,000 after purchasing an additional 747,576 shares during the last quarter. Foundations Investment Advisors LLC purchased a new stake in Ciena in the 1st quarter valued at about $12,973,000. Finally, Analog Century Management LP boosted its position 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 valued at $50,840,000 after buying an additional 208,509 shares during the period. Hedge funds and other institutional investors own 91.99% of the company’s stock.

Insider Activity

In other Ciena news, SVP Joseph Cumello sold 1,863 shares of the firm’s stock in a transaction that occurred 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 sale, the senior vice president directly owned 43,531 shares in the company, valued at $6,143,965.34. This trade represents a 4.10% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Gary B. Smith sold 6,800 shares of the firm’s stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $92.93, for a total transaction of $631,924.00. Following the completion of the sale, the chief executive officer owned 305,157 shares of the company’s stock, valued at approximately $28,358,240.01. This trade represents a 2.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 38,224 shares of company stock worth $4,719,468 in the last quarter. 0.93% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on CIEN. Wall Street Zen raised shares of Ciena from a “hold” rating to a “buy” rating in a research note on Friday, September 5th. Barclays raised their price objective on Ciena from $102.00 to $138.00 and gave the stock an “overweight” rating in a report on Friday, September 5th. JPMorgan Chase & Co. raised their price objective on Ciena from $105.00 to $140.00 and gave the stock an “overweight” rating in a report on Friday, September 5th. Northland Securities set a $100.00 price target on Ciena in a research report on Monday, June 30th. Finally, Evercore ISI increased their price target on Ciena from $95.00 to $120.00 and gave the stock an “in-line” rating in a research report on Thursday, September 4th. Three investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, Ciena presently has an average rating of “Moderate Buy” and a consensus target price of $137.53.

Ciena Trading Up 1.4%

Shares of NYSE CIEN opened at $171.11 on Friday. The company has a debt-to-equity ratio of 0.55, a current ratio of 3.28 and a quick ratio of 2.52. The stock has a market capitalization of $24.14 billion, a P/E ratio of 176.40, a price-to-earnings-growth ratio of 2.33 and a beta of 1.15. Ciena Corporation has a 1-year low of $49.21 and a 1-year high of $176.88. The business has a fifty day moving average price of $124.14 and a 200 day moving average price of $92.29.

Ciena (NYSE:CIEN) last announced its earnings results on Thursday, April 6th. The communications equipment provider reported $0.47 EPS for the quarter. The business had revenue of $844.44 million during the quarter. Ciena had a net margin of 3.10% and a return on equity of 6.62%. Equities research analysts expect that Ciena Corporation will post 1.6 EPS for the current fiscal 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.