Choreo LLC Acquires Shares of 3,156 Ciena Corporation $CIEN

Choreo LLC bought a new position in Ciena Corporation (NYSE:CIEN) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 3,156 shares of the communications equipment provider’s stock, valued at approximately $257,000.

Several other hedge funds have also modified their holdings of CIEN. Nuveen LLC bought a new position in Ciena in the 1st quarter worth approximately $70,065,000. Vaughan Nelson Investment Management L.P. boosted its position in Ciena by 375.4% in the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 1,235,696 shares of the communications equipment provider’s stock valued at $100,499,000 after buying an additional 975,792 shares during the last quarter. Woodline Partners LP acquired a new stake in shares of Ciena in the 1st quarter valued at $49,221,000. Assenagon Asset Management S.A. raised its position in shares of Ciena by 1,883.5% during 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 acquiring an additional 747,576 shares during the last quarter. Finally, William Blair Investment Management LLC lifted its stake in shares of Ciena by 35.0% during the second quarter. William Blair Investment Management LLC now owns 2,708,540 shares of the communications equipment provider’s stock valued at $220,286,000 after acquiring an additional 702,909 shares during the period. 91.99% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on CIEN shares. Rosenblatt Securities reiterated a “buy” rating and issued a $175.00 price objective on shares of Ciena in a research report on Thursday. Zacks Research downgraded shares of Ciena from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 24th. UBS Group raised their price objective on shares of Ciena from $78.00 to $120.00 and gave the company a “neutral” rating in a research note on Friday, September 5th. Wall Street Zen cut shares of Ciena from a “strong-buy” rating to a “buy” rating in a research report on Saturday, November 8th. Finally, Barclays raised their price target on Ciena from $102.00 to $138.00 and gave the stock an “overweight” rating in a research report on Friday, September 5th. Two analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Ciena presently has a consensus rating of “Moderate Buy” and a consensus target price of $163.53.

Ciena Price Performance

CIEN opened at $201.33 on Friday. The company has a quick ratio of 2.52, a current ratio of 3.28 and a debt-to-equity ratio of 0.55. Ciena Corporation has a 12 month low of $49.21 and a 12 month high of $214.17. The company has a fifty day simple moving average of $181.14 and a 200 day simple moving average of $123.59. The stock has a market cap of $28.40 billion, a P/E ratio of 207.56, a P/E/G ratio of 1.23 and a beta of 1.17.

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

Insiders Place Their Bets

In other news, SVP Joseph Cumello sold 1,863 shares of the company’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 transaction, the senior vice president owned 43,531 shares in the company, valued at $6,143,965.34. This represents a 4.10% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Gary B. Smith sold 6,800 shares of the stock in a transaction on Wednesday, December 3rd. The stock was sold at an average price of $192.61, for a total transaction of $1,309,748.00. Following the sale, the chief executive officer directly owned 254,870 shares of the company’s stock, valued at $49,090,510.70. This represents a 2.60% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 51,935 shares of company stock valued at $8,707,266 over the last 90 days. 0.93% of the stock is owned by company insiders.

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.