10,565 Shares in Ciena Corporation $CIEN Purchased by O Neil Global Advisors Inc.

O Neil Global Advisors Inc. purchased a new position in shares of Ciena Corporation (NYSE:CIEN) during the third quarter, Holdings Channel reports. The firm purchased 10,565 shares of the communications equipment provider’s stock, valued at approximately $1,539,000.

A number of other hedge funds also recently bought and sold shares of CIEN. Clearstead Advisors LLC increased its position in shares of Ciena by 42.5% in the third quarter. Clearstead Advisors LLC now owns 312 shares of the communications equipment provider’s stock valued at $45,000 after buying an additional 93 shares in the last quarter. Semanteon Capital Management LP acquired a new stake in Ciena in the 3rd quarter valued at $568,000. Stevens Capital Management LP purchased a new stake in Ciena in the 3rd quarter worth $202,000. Hillsdale Investment Management Inc. raised its position in Ciena by 253.9% during the third quarter. Hillsdale Investment Management Inc. now owns 40,700 shares of the communications equipment provider’s stock worth $5,929,000 after acquiring an additional 29,200 shares during the period. Finally, Jupiter Asset Management Ltd. acquired a new position in Ciena during the third quarter worth $1,182,000. Hedge funds and other institutional investors own 91.99% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on CIEN. Zacks Research lowered shares of Ciena from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 9th. Rosenblatt Securities boosted their price objective on Ciena from $175.00 to $305.00 and gave the stock a “buy” rating in a research note on Friday, December 12th. JPMorgan Chase & Co. raised their target price on Ciena from $215.00 to $250.00 and gave the company an “overweight” rating in a research report on Friday, December 12th. Evercore set a $330.00 price target on Ciena in a research note on Thursday. Finally, Wall Street Zen downgraded Ciena from a “strong-buy” rating to a “buy” rating in a research note on Sunday, December 21st. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and eight have issued a Hold rating to the company’s stock. According to MarketBeat, Ciena has a consensus rating of “Moderate Buy” and a consensus target price of $247.67.

Ciena Stock Performance

NYSE CIEN opened at $334.77 on Monday. The company has a debt-to-equity ratio of 0.56, a quick ratio of 2.09 and a current ratio of 2.73. The stock’s fifty day moving average is $253.11 and its two-hundred day moving average is $189.62. The firm has a market capitalization of $47.36 billion, a P/E ratio of 393.86, a price-to-earnings-growth ratio of 1.88 and a beta of 1.13. Ciena Corporation has a fifty-two week low of $49.21 and a fifty-two week high of $340.27.

Ciena (NYSE:CIEN) last posted its quarterly earnings results on Thursday, December 11th. The communications equipment provider reported $0.91 EPS for the quarter, topping the consensus estimate 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%.The company’s quarterly revenue was up 20.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.54 EPS. On average, research analysts anticipate that Ciena Corporation will post 1.6 earnings per share for the current year.

Insider Buying and Selling

In other news, SVP Jason Phipps sold 21,383 shares of the stock in a transaction that occurred on Thursday, January 15th. The shares were sold at an average price of $247.89, for a total value of $5,300,631.87. Following the completion of the sale, the senior vice president owned 91,765 shares of the company’s stock, valued at $22,747,625.85. This represents a 18.90% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Thomas Michael Nevens sold 8,554 shares of the firm’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 transaction of $1,921,741.64. Following the sale, 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 position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 160,083 shares of company stock worth $37,204,740 over the last ninety days. 0.58% of the stock is currently owned by insiders.

About Ciena

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.