Divisadero Street Capital Management LP Purchases Shares of 40,000 Ciena Corporation $CIEN

Divisadero Street Capital Management LP purchased a new position in shares of Ciena Corporation (NYSE:CIEN) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 40,000 shares of the communications equipment provider’s stock, valued at approximately $3,253,000.

Several other institutional investors and hedge funds have also modified their holdings of CIEN. Bayforest Capital Ltd boosted its stake in shares of Ciena by 34.7% in the first quarter. Bayforest Capital Ltd now owns 636 shares of the communications equipment provider’s stock worth $38,000 after buying an additional 164 shares during the last quarter. Allworth Financial LP raised its position in Ciena by 107.5% during the second quarter. Allworth Financial LP now owns 718 shares of the communications equipment provider’s stock valued at $58,000 after acquiring an additional 372 shares in the last quarter. National Bank of Canada FI lifted its holdings in Ciena by 15.4% in the first quarter. National Bank of Canada FI now owns 1,147 shares of the communications equipment provider’s stock valued at $69,000 after acquiring an additional 153 shares during the period. Quarry LP boosted its position in Ciena by 65.6% in the 1st quarter. Quarry LP now owns 1,593 shares of the communications equipment provider’s stock worth $96,000 after purchasing an additional 631 shares in the last quarter. Finally, Parkside Financial Bank & Trust boosted its position in Ciena by 82.5% in the 2nd quarter. Parkside Financial Bank & Trust now owns 1,203 shares of the communications equipment provider’s stock worth $98,000 after purchasing an additional 544 shares in the last quarter. Institutional investors and hedge funds own 91.99% of the company’s stock.

Insider Transactions at Ciena

In related news, SVP Joseph Cumello sold 1,863 shares of the stock in a transaction on Friday, September 26th. The stock was 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 directly owned 43,531 shares of the company’s stock, valued at approximately $6,143,965.34. This represents a 4.10% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Brodie Gage sold 350 shares of the firm’s stock in a transaction on Wednesday, October 15th. The shares were sold at an average price of $169.36, for a total value of $59,276.00. Following the completion of the transaction, the senior vice president owned 40,653 shares in the company, valued at $6,884,992.08. The trade was a 0.85% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 51,935 shares of company stock worth $8,707,266. 0.93% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on CIEN. Bank of America lifted their target price on shares of Ciena from $135.00 to $155.00 and gave the company a “buy” rating in a report on Wednesday, September 17th. Barclays raised their price target on shares of Ciena from $102.00 to $138.00 and gave the company an “overweight” rating in a research report on Friday, September 5th. Wall Street Zen downgraded shares of Ciena from a “strong-buy” rating to a “buy” rating in a research report on Saturday, November 8th. BNP Paribas Exane upgraded Ciena from a “neutral” rating to an “outperform” rating and set a $185.00 target price on the stock in a research report on Monday, October 13th. Finally, Argus lifted their price target on Ciena from $100.00 to $135.00 and gave the company a “buy” rating in a research note on Friday, September 5th. Two analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $163.53.

Ciena Stock Up 2.9%

Shares of NYSE CIEN opened at $201.33 on Monday. The firm has a market cap of $28.40 billion, a price-to-earnings ratio of 207.56, a price-to-earnings-growth ratio of 1.27 and a beta of 1.17. The company’s 50-day simple moving average is $181.14 and its 200-day simple moving average is $124.20. 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 52-week low of $49.21 and a 52-week high of $214.17.

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

Ciena 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.