Private Advisor Group LLC Purchases 318 Shares of Ciena Co. (NYSE:CIEN)

Private Advisor Group LLC boosted its position in Ciena Co. (NYSE:CIEN) by 5.4% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 6,169 shares of the communications equipment provider’s stock after purchasing an additional 318 shares during the quarter. Private Advisor Group LLC’s holdings in Ciena were worth $380,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in CIEN. Geneos Wealth Management Inc. boosted its position in shares of Ciena by 71.2% during the first quarter. Geneos Wealth Management Inc. now owns 3,805 shares of the communications equipment provider’s stock valued at $188,000 after buying an additional 1,583 shares during the last quarter. John G Ullman & Associates Inc. lifted its holdings in Ciena by 13.0% in the first quarter. John G Ullman & Associates Inc. now owns 16,500 shares of the communications equipment provider’s stock valued at $816,000 after acquiring an additional 1,900 shares during the period. Inspire Investing LLC bought a new position in Ciena in the first quarter valued at about $442,000. Headlands Technologies LLC bought a new position in Ciena in the first quarter valued at about $40,000. Finally, QRG Capital Management Inc. bought a new position in Ciena in the first quarter valued at about $215,000. Institutional investors own 91.99% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Rosenblatt Securities raised their price objective on Ciena from $54.00 to $60.00 and gave the stock a “neutral” rating in a research note on Thursday, September 5th. Evercore ISI downgraded Ciena from an “outperform” rating to an “in-line” rating and set a $65.00 target price on the stock. in a research note on Tuesday, October 15th. Needham & Company LLC reissued a “buy” rating and set a $65.00 target price on shares of Ciena in a research note on Thursday, September 5th. Morgan Stanley cut Ciena from an “overweight” rating to an “equal weight” rating and set a $63.00 price target for the company. in a report on Monday, October 28th. Finally, Stifel Nicolaus raised their price target on Ciena from $68.00 to $75.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Eight research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $63.08.

Insider Buying and Selling

In related news, SVP David M. Rothenstein sold 3,500 shares of the company’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $67.43, for a total value of $236,005.00. Following the completion of the transaction, the senior vice president now owns 199,997 shares of the company’s stock, valued at approximately $13,485,797.71. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Ciena news, SVP David M. Rothenstein sold 3,500 shares of the stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $67.43, for a total transaction of $236,005.00. Following the completion of the transaction, the senior vice president now owns 199,997 shares of the company’s stock, valued at $13,485,797.71. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Jason Phipps sold 2,200 shares of the stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $61.49, for a total value of $135,278.00. Following the transaction, the senior vice president now directly owns 91,149 shares of the company’s stock, valued at $5,604,752.01. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 9,200 shares of company stock valued at $568,123. 0.83% of the stock is owned by company insiders.

Ciena Stock Up 4.2 %

Ciena stock opened at $65.87 on Wednesday. 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 business’s 50-day simple moving average is $61.24 and its two-hundred day simple moving average is $53.15. The company has a market cap of $9.51 billion, a PE ratio of 70.08, a PEG ratio of 5.20 and a beta of 0.94. Ciena Co. has a fifty-two week low of $42.20 and a fifty-two week high of $69.91.

Ciena (NYSE:CIEN) last issued its earnings results on Wednesday, September 4th. The communications equipment provider reported $0.35 EPS for the quarter, topping analysts’ consensus estimates of $0.26 by $0.09. Ciena had a return on equity of 5.98% and a net margin of 3.44%. The firm had revenue of $942.30 million for the quarter, compared to the consensus estimate of $928.31 million. During the same quarter in the prior year, the business earned $0.36 earnings per share. The company’s revenue was down 11.8% compared to the same quarter last year. Equities analysts anticipate that Ciena Co. will post 1.13 EPS for the current year.

Ciena announced that its board has approved a stock repurchase plan on Wednesday, October 2nd that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the communications equipment provider to reacquire up to 10.5% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.

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.