Intech Investment Management LLC Purchases Shares of 64,059 Ciena Co. (NYSE:CIEN)

Intech Investment Management LLC purchased a new stake in shares of Ciena Co. (NYSE:CIEN) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 64,059 shares of the communications equipment provider’s stock, valued at approximately $3,086,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Riverwater Partners LLC boosted its holdings in Ciena by 0.9% during the first quarter. Riverwater Partners LLC now owns 26,281 shares of the communications equipment provider’s stock worth $1,300,000 after buying an additional 237 shares in the last quarter. Panagora Asset Management Inc. boosted its stake in shares of Ciena by 4.6% during the 2nd quarter. Panagora Asset Management Inc. now owns 5,404 shares of the communications equipment provider’s stock worth $260,000 after acquiring an additional 239 shares in the last quarter. Harbor Capital Advisors Inc. grew its holdings in shares of Ciena by 17.4% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 3,465 shares of the communications equipment provider’s stock worth $167,000 after acquiring an additional 514 shares during the last quarter. Lumbard & Kellner LLC raised its position in shares of Ciena by 0.9% during the second quarter. Lumbard & Kellner LLC now owns 65,799 shares of the communications equipment provider’s stock worth $3,170,000 after purchasing an additional 612 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Ciena by 2.1% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 30,862 shares of the communications equipment provider’s stock valued at $1,487,000 after purchasing an additional 632 shares during the last quarter. Institutional investors own 91.99% of the company’s stock.

Ciena Stock Performance

Shares of CIEN opened at $58.73 on Monday. The company’s 50 day moving average price is $52.66 and its 200 day moving average price is $49.68. Ciena Co. has a 52 week low of $39.94 and a 52 week high of $63.24. The company has a market capitalization of $8.44 billion, a PE ratio of 56.47, a PEG ratio of 6.86 and a beta of 0.94. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.99 and a current ratio of 4.06.

Ciena (NYSE:CIEN) last announced its quarterly earnings results on Wednesday, September 4th. The communications equipment provider reported $0.35 EPS for the quarter, topping the consensus estimate of $0.26 by $0.09. Ciena had a net margin of 3.44% and a return on equity of 5.98%. The company had revenue of $942.30 million for the quarter, compared to analyst estimates of $928.31 million. During the same quarter in the prior year, the business posted $0.36 EPS. Ciena’s quarterly revenue was down 11.8% on a year-over-year basis. Research analysts expect that Ciena Co. will post 1.15 EPS for the current fiscal year.

Wall Street Analyst Weigh In

CIEN has been the topic of a number of analyst reports. Bank of America reissued a “neutral” rating and issued a $59.00 price target on shares of Ciena in a research note on Thursday, September 5th. Rosenblatt Securities boosted their price target on shares of Ciena from $54.00 to $60.00 and gave the company a “neutral” rating in a report on Thursday, September 5th. Needham & Company LLC reaffirmed a “buy” rating and issued a $65.00 price objective on shares of Ciena in a research note on Thursday, September 5th. Morgan Stanley increased their target price on Ciena from $55.00 to $60.00 and gave the company an “overweight” rating in a report on Wednesday, September 4th. Finally, B. Riley lowered their price target on Ciena from $68.00 to $66.00 and set a “buy” rating on the stock in a report on Friday, June 7th. One analyst has rated the stock with a sell rating, four have given a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $59.15.

Insider Transactions at Ciena

In other news, SVP Jason Phipps sold 2,712 shares of the stock in a transaction on Monday, July 1st. The shares were sold at an average price of $48.29, for a total transaction of $130,962.48. Following the transaction, the senior vice president now owns 96,000 shares in the company, valued at approximately $4,635,840. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, SVP Jason Phipps sold 2,712 shares of the company’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $48.29, for a total transaction of $130,962.48. Following the completion of the sale, the senior vice president now directly owns 96,000 shares of the company’s stock, valued at approximately $4,635,840. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP David M. Rothenstein sold 3,500 shares of the company’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $48.81, for a total transaction of $170,835.00. Following the sale, the senior vice president now directly owns 212,421 shares of the company’s stock, valued at $10,368,269.01. The disclosure for this sale can be found here. Insiders have sold a total of 9,712 shares of company stock worth $498,637 in the last 90 days. 0.83% of the stock is owned by insiders.

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.