Transcend Capital Advisors LLC Purchases 2,255 Shares of Ciena Corporation $CIEN

Transcend Capital Advisors LLC lifted its position in shares of Ciena Corporation (NYSE:CIEN) by 87.2% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 4,841 shares of the communications equipment provider’s stock after buying an additional 2,255 shares during the quarter. Transcend Capital Advisors LLC’s holdings in Ciena were worth $705,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the business. Atreides Management LP acquired a new stake in Ciena in the 2nd quarter worth about $102,705,000. Balyasny Asset Management L.P. boosted its stake in shares of Ciena by 3,577.9% in 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 buying an additional 1,004,323 shares during the period. Rokos Capital Management LLP grew its position in Ciena by 546.9% during the second quarter. Rokos Capital Management LLP now owns 997,425 shares of the communications equipment provider’s stock worth $81,106,000 after buying an additional 843,235 shares in the last quarter. William Blair Investment Management LLC increased its stake in Ciena by 35.0% during the 2nd quarter. William Blair Investment Management LLC now owns 2,708,540 shares of the communications equipment provider’s stock worth $220,286,000 after acquiring an additional 702,909 shares during the period. Finally, AQR Capital Management LLC increased its stake in Ciena by 124.6% during the 2nd quarter. AQR Capital Management LLC now owns 1,220,927 shares of the communications equipment provider’s stock worth $99,298,000 after acquiring an additional 677,299 shares during the period. Institutional investors own 91.99% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently issued reports on CIEN shares. Raymond James Financial set a $240.00 target price on Ciena in a report on Thursday, December 11th. BNP Paribas Exane set a $185.00 price objective on shares of Ciena and gave the stock an “outperform” rating in a research note on Monday, October 13th. Stifel Nicolaus boosted their target price on shares of Ciena to $280.00 and gave the company a “buy” rating in a research report on Thursday, January 22nd. UBS Group upped their price target on shares of Ciena from $120.00 to $230.00 and gave the stock a “neutral” rating in a report on Friday, December 12th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Ciena in a research report on Wednesday, January 21st. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and seven have given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $241.67.

Insider Activity at Ciena

In other news, Director Thomas Michael Nevens sold 8,554 shares of the company’s stock in a transaction that occurred on Monday, December 15th. The stock was sold at an average price of $224.66, for a total value of $1,921,741.64. Following the completion of the transaction, the director owned 9,422 shares of the company’s stock, valued at $2,116,746.52. This represents a 47.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Patrick Gallagher sold 11,618 shares of Ciena stock in a transaction that occurred on Monday, January 12th. The stock was sold at an average price of $227.45, for a total transaction of $2,642,514.10. Following the sale, the director owned 50,184 shares in the company, valued at approximately $11,414,350.80. This represents a 18.80% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 161,090 shares of company stock valued at $36,981,975. Corporate insiders own 0.93% of the company’s stock.

Ciena Stock Up 6.4%

Shares of CIEN opened at $267.87 on Tuesday. The company has a debt-to-equity ratio of 0.56, a quick ratio of 2.09 and a current ratio of 2.73. Ciena Corporation has a 52 week low of $49.21 and a 52 week high of $271.21. The stock has a market capitalization of $37.73 billion, a price-to-earnings ratio of 315.15, a PEG ratio of 1.41 and a beta of 1.13. The stock has a fifty day moving average of $229.11 and a 200-day moving average of $169.51.

Ciena (NYSE:CIEN) last issued its quarterly earnings data on Thursday, December 11th. The communications equipment provider reported $0.91 earnings per share for the quarter, topping analysts’ consensus estimates of $0.76 by $0.15. The business had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.29 billion. Ciena had a return on equity of 8.38% and a net margin of 2.59%.Ciena’s quarterly revenue was up 20.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.54 EPS. As a group, sell-side analysts anticipate that Ciena Corporation will post 1.6 earnings per share for the current fiscal year.

Ciena Profile

Ciena Corporation (NYSE: CIEN) is a global supplier of telecommunications networking equipment, software and services. The company develops high-capacity optical transport systems and packet-optical platforms that enable service providers, cloud operators and large enterprises to build, manage and scale their networks. Ciena’s product portfolio includes coherent optical solutions, packet networking platforms and a suite of network automation software designed to optimize bandwidth, reduce latency and simplify network operations.

In addition to hardware offerings, Ciena provides professional services and support, including network design, implementation and ongoing maintenance.