Algert Global LLC Purchases 41,959 Shares of Ciena Corporation (CIEN)

Algert Global LLC increased its position in Ciena Corporation (NYSE:CIEN) by 48.5% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 128,474 shares of the communications equipment provider’s stock after acquiring an additional 41,959 shares during the quarter. Algert Global LLC owned about 0.09% of Ciena worth $2,823,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. Neuberger Berman Group LLC increased its holdings in Ciena by 169.5% in the 3rd quarter. Neuberger Berman Group LLC now owns 4,217,455 shares of the communications equipment provider’s stock worth $92,657,000 after acquiring an additional 2,652,791 shares during the last quarter. PVG Asset Management Corp purchased a new stake in Ciena in the 3rd quarter worth about $674,000. California Public Employees Retirement System increased its holdings in Ciena by 5.1% in the 3rd quarter. California Public Employees Retirement System now owns 319,658 shares of the communications equipment provider’s stock worth $7,023,000 after acquiring an additional 15,588 shares during the last quarter. Madison Investment Holdings Inc. grew its holdings in Ciena by 37.6% during the 3rd quarter. Madison Investment Holdings Inc. now owns 402,900 shares of the communications equipment provider’s stock valued at $8,852,000 after buying an additional 110,100 shares in the last quarter. Finally, Royce & Associates LP grew its holdings in Ciena by 7.1% during the 3rd quarter. Royce & Associates LP now owns 904,917 shares of the communications equipment provider’s stock valued at $19,881,000 after buying an additional 60,000 shares in the last quarter.

A number of research firms have weighed in on CIEN. UBS reduced their target price on Ciena from $29.00 to $27.00 and set a “buy” rating for the company in a report on Friday, December 8th. BMO Capital Markets reduced their target price on Ciena to $25.00 and set an “outperform” rating for the company in a report on Friday, December 8th. Needham & Company LLC reduced their target price on Ciena from $26.00 to $24.00 and set a “buy” rating for the company in a report on Friday, December 8th. Raymond James Financial set a $33.00 target price on Ciena and gave the company a “buy” rating in a report on Thursday, December 7th. Finally, Piper Jaffray Companies lowered Ciena from an “overweight” rating to a “neutral” rating and lifted their target price for the company from $20.76 to $22.00 in a report on Friday, December 8th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $28.48.

In related news, VP Andrew C. Petrik sold 1,251 shares of the business’s stock in a transaction that occurred on Friday, September 15th. The stock was sold at an average price of $21.60, for a total value of $27,021.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP James Frodsham sold 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 19th. The stock was sold at an average price of $22.00, for a total value of $44,000.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 81,052 shares of company stock valued at $1,726,778. Corporate insiders own 1.45% of the company’s stock.

Shares of Ciena Corporation (NYSE CIEN) opened at $21.50 on Thursday. The stock has a market capitalization of $3,086.87, a PE ratio of 15.41, a PEG ratio of 1.38 and a beta of 1.67. The company has a current ratio of 1.93, a quick ratio of 1.68 and a debt-to-equity ratio of 0.27. Ciena Corporation has a 12-month low of $19.40 and a 12-month high of $27.98.

Ciena (NYSE:CIEN) last issued its quarterly earnings results on Thursday, December 7th. The communications equipment provider reported $0.46 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.50 by ($0.04). The business had revenue of $744.40 million for the quarter, compared to the consensus estimate of $736.91 million. Ciena had a net margin of 45.04% and a return on equity of 18.32%. The business’s revenue was up 3.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.44 EPS. sell-side analysts forecast that Ciena Corporation will post 1 earnings per share for the current year.

Ciena announced that its board has authorized a share buyback program on Thursday, December 7th that permits the company to repurchase $300.00 million in shares. This repurchase authorization permits the communications equipment provider to buy shares of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

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About Ciena

Ciena Corporation is a network strategy and technology company, which provides solutions that enable a range of network operators to adopt communication architectures and deliver an array of services, relied upon by enterprise and consumer end users. It provides equipment, software and services that support the transport, switching, aggregation, service delivery and management of voice, video and data traffic on communications networks.

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Institutional Ownership by Quarter for Ciena (NYSE:CIEN)

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