K2 Principal Fund L.P. Has $931,000 Stock Holdings in Ciena Co. (NYSE:CIEN)

K2 Principal Fund L.P. raised its position in shares of Ciena Co. (NYSE:CIEN) by 97.2% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 19,325 shares of the communications equipment provider’s stock after acquiring an additional 9,525 shares during the period. K2 Principal Fund L.P.’s holdings in Ciena were worth $931,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the stock. Norges Bank bought a new position in shares of Ciena in the fourth quarter valued at about $73,476,000. UBS Group AG boosted its holdings in Ciena by 15.4% in the 4th quarter. UBS Group AG now owns 201,552 shares of the communications equipment provider’s stock valued at $9,072,000 after purchasing an additional 26,870 shares during the period. Coldstream Capital Management Inc. bought a new stake in shares of Ciena in the fourth quarter valued at approximately $204,000. Corient Private Wealth LLC increased its stake in Ciena by 13.7% during the 4th quarter. Corient Private Wealth LLC now owns 28,384 shares of the communications equipment provider’s stock worth $1,278,000 after acquiring an additional 3,415 shares during the period. Finally, Johnson Financial Group Inc. acquired a new stake in shares of Ciena in the 4th quarter valued at approximately $61,000. 91.99% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on CIEN. Rosenblatt Securities boosted their price target on Ciena from $54.00 to $60.00 and gave the stock a “neutral” rating in a report on Thursday, September 5th. JPMorgan Chase & Co. dropped their price objective on Ciena from $67.00 to $60.00 and set an “overweight” rating on the stock in a research note on Thursday, May 30th. Needham & Company LLC restated a “buy” rating and issued a $65.00 price target on shares of Ciena in a report on Thursday, September 5th. B. Riley reduced their target price on Ciena from $68.00 to $66.00 and set a “buy” rating for the company in a research note on Friday, June 7th. Finally, Bank of America reissued a “neutral” rating and issued a $59.00 price objective on shares of Ciena in a research note on Thursday, September 5th. Four investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $61.00.

Insider Buying and Selling

In other news, SVP David M. Rothenstein sold 3,500 shares of the company’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $56.24, for a total value of $196,840.00. Following the completion of the sale, the senior vice president now directly owns 205,421 shares in the company, valued at $11,552,877.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, SVP Jason Phipps sold 2,712 shares of the firm’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $48.29, for a total value of $130,962.48. Following the sale, the senior vice president now directly owns 96,000 shares in the company, valued at approximately $4,635,840. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP David M. Rothenstein sold 3,500 shares of the business’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $56.24, for a total transaction of $196,840.00. Following the transaction, the senior vice president now owns 205,421 shares of the company’s stock, valued at approximately $11,552,877.04. The disclosure for this sale can be found here. Insiders sold a total of 9,712 shares of company stock worth $498,637 in the last 90 days. Insiders own 0.83% of the company’s stock.

Ciena Stock Performance

CIEN stock opened at $61.68 on Tuesday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.99 and a current ratio of 4.06. The firm has a market cap of $8.86 billion, a price-to-earnings ratio of 59.30, a PEG ratio of 6.86 and a beta of 0.94. The firm has a 50-day simple moving average of $52.91 and a two-hundred day simple moving average of $49.74. Ciena Co. has a one year low of $39.94 and a one year high of $63.24.

Ciena (NYSE:CIEN) last posted its earnings results on Wednesday, September 4th. The communications equipment provider reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $928.31 million. During the same period in the previous year, the firm posted $0.36 earnings per share. The firm’s quarterly revenue was down 11.8% on a year-over-year basis. On average, equities analysts forecast that Ciena Co. will post 1.15 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.