1,470 Shares in Ciena Corporation $CIEN Acquired by Legacy Financial Advisors Inc.

Legacy Financial Advisors Inc. acquired a new stake in Ciena Corporation (NYSE:CIEN) in the 3rd quarter, HoldingsChannel.com reports. The fund acquired 1,470 shares of the communications equipment provider’s stock, valued at approximately $214,000.

A number of other hedge funds have also recently added to or reduced their stakes in CIEN. Atreides Management LP bought a new position in shares of Ciena in the 2nd quarter valued at $102,705,000. JPMorgan Chase & Co. grew its position in Ciena by 23.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 6,462,840 shares of the communications equipment provider’s stock worth $941,451,000 after acquiring an additional 1,219,787 shares during the last quarter. Balyasny Asset Management L.P. increased its holdings in Ciena by 3,577.9% in the 2nd quarter. Balyasny Asset Management L.P. now owns 1,032,393 shares of the communications equipment provider’s stock worth $83,965,000 after purchasing an additional 1,004,323 shares in the last quarter. Rokos Capital Management LLP raised its position in Ciena by 546.9% in the second quarter. Rokos Capital Management LLP now owns 997,425 shares of the communications equipment provider’s stock valued at $81,106,000 after purchasing an additional 843,235 shares during the last quarter. Finally, AQR Capital Management LLC raised its position in Ciena by 124.6% in the second quarter. AQR Capital Management LLC now owns 1,220,927 shares of the communications equipment provider’s stock valued at $99,298,000 after purchasing an additional 677,299 shares during the last quarter. Institutional investors and hedge funds own 91.99% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently weighed in on CIEN shares. Raymond James Financial set a $240.00 price target on Ciena in a report on Thursday, December 11th. Weiss Ratings reissued a “hold (c)” rating on shares of Ciena in a report on Wednesday, January 21st. Stifel Nicolaus raised their price target on shares of Ciena to $280.00 and gave the company a “buy” rating in a research note on Thursday, January 22nd. Bank of America reiterated a “neutral” rating and set a $260.00 price target on shares of Ciena in a report on Tuesday, January 20th. Finally, UBS Group boosted their price objective on shares of Ciena from $120.00 to $230.00 and gave the stock a “neutral” rating in a research note on Friday, December 12th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and eight have given a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $252.13.

Ciena Stock Up 3.0%

Shares of NYSE CIEN opened at $353.00 on Thursday. The company’s 50 day moving average price is $261.32 and its 200-day moving average price is $194.23. The company has a debt-to-equity ratio of 0.56, a quick ratio of 2.09 and a current ratio of 2.73. Ciena Corporation has a 52-week low of $49.21 and a 52-week high of $365.90. The company has a market capitalization of $49.94 billion, a P/E ratio of 415.30, a price-to-earnings-growth ratio of 1.92 and a beta of 1.13.

Ciena (NYSE:CIEN) last posted its quarterly earnings data on Thursday, December 11th. The communications equipment provider reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.76 by $0.15. The company had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $1.29 billion. Ciena had a net margin of 2.59% and a return on equity of 8.38%. Ciena’s revenue for the quarter was up 20.1% compared to the same quarter last year. During the same period in the prior year, the company posted $0.54 earnings per share. Equities analysts forecast that Ciena Corporation will post 1.6 earnings per share for the current year.

Insider Transactions at Ciena

In other news, Director Patrick Gallagher sold 11,618 shares of the business’s stock in a transaction dated Monday, January 12th. The stock was sold at an average price of $227.45, for a total value of $2,642,514.10. Following the transaction, the director directly owned 50,184 shares of the company’s stock, valued at $11,414,350.80. The trade was a 18.80% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Joseph Cumello sold 11,929 shares of the company’s stock in a transaction dated Monday, January 12th. The shares were sold at an average price of $229.82, for a total value of $2,741,522.78. Following the sale, the senior vice president owned 49,475 shares in the company, valued at approximately $11,370,344.50. The trade was a 19.43% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 160,083 shares of company stock worth $37,204,740. Corporate insiders own 0.58% of the company’s stock.

About Ciena

Ciena Corporation (NYSE: CIEN) is a global supplier of telecommunications networking equipment, software and services. The company develops high-capacity optical transport systems and packet-optical platforms that enable service providers, cloud operators and large enterprises to build, manage and scale their networks. Ciena’s product portfolio includes coherent optical solutions, packet networking platforms and a suite of network automation software designed to optimize bandwidth, reduce latency and simplify network operations.

In addition to hardware offerings, Ciena provides professional services and support, including network design, implementation and ongoing maintenance.