Hillsdale Investment Management Inc. Acquires 29,200 Shares of Ciena Corporation $CIEN

Hillsdale Investment Management Inc. boosted its holdings in shares of Ciena Corporation (NYSE:CIEN) by 253.9% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 40,700 shares of the communications equipment provider’s stock after acquiring an additional 29,200 shares during the period. Hillsdale Investment Management Inc.’s holdings in Ciena were worth $5,929,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Lecap Asset Management Ltd. purchased a new position in shares of Ciena in the third quarter worth $1,993,000. Convergence Investment Partners LLC purchased a new stake in shares of Ciena during the third quarter valued at $1,726,000. World Investment Advisors bought a new stake in Ciena in the 2nd quarter worth about $253,000. JPMorgan Chase & Co. increased its holdings in Ciena by 7.4% in the 2nd quarter. JPMorgan Chase & Co. now owns 5,243,053 shares of the communications equipment provider’s stock worth $426,420,000 after buying an additional 359,579 shares in the last quarter. Finally, New York State Common Retirement Fund raised its position in Ciena by 38.7% in the 3rd quarter. New York State Common Retirement Fund now owns 112,011 shares of the communications equipment provider’s stock worth $16,317,000 after buying an additional 31,225 shares during the last quarter. Hedge funds and other institutional investors own 91.99% of the company’s stock.

Wall Street Analysts Forecast Growth

CIEN has been the topic of a number of recent analyst reports. Evercore set a $330.00 price target on shares of Ciena in a report on Thursday. Stifel Nicolaus raised their target price on shares of Ciena to $280.00 and gave the stock a “buy” rating in a report on Thursday, January 22nd. JPMorgan Chase & Co. boosted their target price on shares of Ciena from $215.00 to $250.00 and gave the company an “overweight” rating in a research note on Friday, December 12th. Wall Street Zen cut Ciena from a “strong-buy” rating to a “buy” rating in a report on Sunday, December 21st. Finally, Argus lifted their price objective on Ciena from $135.00 to $280.00 and gave the stock a “buy” rating in a report on Friday, December 12th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and eight have given a Hold rating to the company. Based on data from MarketBeat.com, Ciena presently has an average rating of “Moderate Buy” and a consensus target price of $247.67.

Insider Transactions at Ciena

In other Ciena news, Director Thomas Michael Nevens sold 8,554 shares of the firm’s stock in a transaction that occurred on Monday, December 15th. The shares were sold at an average price of $224.66, for a total transaction of $1,921,741.64. Following the sale, the director owned 9,422 shares in the company, valued at approximately $2,116,746.52. This trade represents a 47.59% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Patrick Gallagher sold 11,618 shares of Ciena stock in a transaction that occurred on Monday, January 12th. The shares were sold at an average price of $227.45, for a total transaction of $2,642,514.10. Following the transaction, the director directly owned 50,184 shares in the company, valued at $11,414,350.80. This represents a 18.80% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 160,083 shares of company stock valued at $37,204,740. Company insiders own 0.58% of the company’s stock.

Ciena Trading Up 5.1%

Shares of CIEN stock opened at $334.77 on Friday. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.73 and a quick ratio of 2.09. The company has a market cap of $47.36 billion, a price-to-earnings ratio of 393.86, a PEG ratio of 1.88 and a beta of 1.13. Ciena Corporation has a 1 year low of $49.21 and a 1 year high of $340.27. The firm has a fifty day moving average price of $253.11 and a 200-day moving average price of $188.95.

Ciena (NYSE:CIEN) last released its earnings results on Thursday, December 11th. The communications equipment provider reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.76 by $0.15. Ciena had a return on equity of 8.38% and a net margin of 2.59%.The company had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.29 billion. During the same period in the previous year, the business earned $0.54 earnings per share. Ciena’s quarterly revenue was up 20.1% compared to the same quarter last year. As a group, equities analysts predict that Ciena Corporation will post 1.6 earnings per share for the current year.

Ciena Company Profile

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.