Semanteon Capital Management LP Buys Shares of 3,900 Ciena Corporation $CIEN

Semanteon Capital Management LP purchased a new position in Ciena Corporation (NYSE:CIEN) in the third quarter, Holdings Channel reports. The fund purchased 3,900 shares of the communications equipment provider’s stock, valued at approximately $568,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Mather Group LLC. acquired a new stake in shares of Ciena during the 3rd quarter valued at about $28,000. Assetmark Inc. increased its position in Ciena by 50.4% in the 3rd quarter. Assetmark Inc. now owns 200 shares of the communications equipment provider’s stock worth $29,000 after buying an additional 67 shares during the period. Ameritas Advisory Services LLC boosted its holdings in Ciena by 104.0% in the 3rd quarter. Ameritas Advisory Services LLC now owns 204 shares of the communications equipment provider’s stock valued at $30,000 after purchasing an additional 104 shares during the period. Salomon & Ludwin LLC bought a new position in Ciena during the third quarter valued at about $31,000. Finally, Quent Capital LLC acquired a new position in shares of Ciena in the third quarter valued at $39,000. Hedge funds and other institutional investors own 91.99% of the company’s stock.

Ciena Price Performance

Shares of NYSE CIEN opened at $334.77 on Friday. The company has a quick ratio of 2.09, a current ratio of 2.73 and a debt-to-equity ratio of 0.56. The business’s 50 day moving average price is $253.11 and its two-hundred day moving average price is $188.95. The company has a market cap of $47.36 billion, a PE ratio of 393.86, a price-to-earnings-growth ratio of 1.88 and a beta of 1.13. Ciena Corporation has a twelve month low of $49.21 and a twelve month high of $340.27.

Ciena (NYSE:CIEN) last issued its earnings results on Thursday, December 11th. The communications equipment provider reported $0.91 EPS for the quarter, topping 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 during the quarter, compared to the consensus estimate of $1.29 billion. During the same period in the previous year, the company posted $0.54 EPS. The firm’s revenue for the quarter was up 20.1% compared to the same quarter last year. On average, analysts predict that Ciena Corporation will post 1.6 EPS for the current year.

Insider Transactions at Ciena

In related news, Director Thomas Michael Nevens sold 8,554 shares of the company’s stock in a transaction dated Monday, December 15th. The shares were sold at an average price of $224.66, for a total value of $1,921,741.64. Following the transaction, the director directly owned 9,422 shares in the company, valued at approximately $2,116,746.52. This represents a 47.59% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 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 completion of the sale, the director owned 50,184 shares of the company’s stock, valued at approximately $11,414,350.80. The trade was a 18.80% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 160,083 shares of company stock worth $37,204,740. 0.58% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research analysts have issued reports on CIEN shares. JPMorgan Chase & Co. increased their price objective on Ciena from $215.00 to $250.00 and gave the stock an “overweight” rating in a research note on Friday, December 12th. Wall Street Zen cut shares of Ciena from a “strong-buy” rating to a “buy” rating in a research report on Sunday, December 21st. Bank of America reissued a “neutral” rating and issued a $260.00 price target on shares of Ciena in a report on Tuesday, January 20th. Citigroup lifted their price target on shares of Ciena to $280.00 and gave the company a “buy” rating in a research note on Friday, December 12th. Finally, Stifel Nicolaus lifted their price target on Ciena to $280.00 and gave the company a “buy” rating in a research note on Thursday, January 22nd. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $247.67.

Ciena 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.