Alpha DNA Investment Management LLC Acquires 22,108 Shares of Ciena Co. (NYSE:CIEN)

Alpha DNA Investment Management LLC raised its holdings in shares of Ciena Co. (NYSE:CIEN) by 2,300.5% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 23,069 shares of the communications equipment provider’s stock after acquiring an additional 22,108 shares during the quarter. Alpha DNA Investment Management LLC’s holdings in Ciena were worth $1,312,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the company. BlackRock Inc. grew its stake in shares of Ciena by 7.3% in the first quarter. BlackRock Inc. now owns 15,877,338 shares of the communications equipment provider’s stock valued at $868,808,000 after buying an additional 1,085,289 shares in the last quarter. Spring Creek Capital LLC boosted its position in Ciena by 64.1% during the first quarter. Spring Creek Capital LLC now owns 7,634,591 shares of the communications equipment provider’s stock worth $417,765,000 after purchasing an additional 2,982,200 shares during the period. Congress Asset Management Co. MA boosted its position in Ciena by 1.7% during the first quarter. Congress Asset Management Co. MA now owns 3,655,467 shares of the communications equipment provider’s stock worth $200,027,000 after purchasing an additional 60,976 shares during the period. UBS Asset Management Americas Inc. boosted its position in Ciena by 20.3% during the first quarter. UBS Asset Management Americas Inc. now owns 3,369,672 shares of the communications equipment provider’s stock worth $184,388,000 after purchasing an additional 567,568 shares during the period. Finally, Alliancebernstein L.P. boosted its position in Ciena by 28.1% during the second quarter. Alliancebernstein L.P. now owns 3,276,838 shares of the communications equipment provider’s stock worth $186,419,000 after purchasing an additional 719,196 shares during the period. 90.49% of the stock is owned by institutional investors.

In related news, CFO James E. Moylan, Jr. sold 2,000 shares of the stock in a transaction on Thursday, August 19th. The stock was sold at an average price of $54.44, for a total value of $108,880.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Gary B. Smith sold 6,550 shares of the stock in a transaction on Thursday, September 2nd. The shares were sold at an average price of $57.60, for a total value of $377,280.00. The disclosure for this sale can be found here. Insiders have sold 55,399 shares of company stock worth $3,136,087 over the last ninety days. 0.96% of the stock is owned by insiders.

Shares of CIEN opened at $54.32 on Tuesday. Ciena Co. has a 52-week low of $38.03 and a 52-week high of $61.09. The company has a debt-to-equity ratio of 0.23, a quick ratio of 3.16 and a current ratio of 3.61. The business’s 50 day moving average price is $56.38 and its two-hundred day moving average price is $55.32. The firm has a market cap of $8.42 billion, a PE ratio of 18.41, a price-to-earnings-growth ratio of 1.35 and a beta of 0.83.

Ciena (NYSE:CIEN) last issued its quarterly earnings results on Wednesday, September 1st. The communications equipment provider reported $0.92 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.79 by $0.13. Ciena had a return on equity of 13.32% and a net margin of 13.55%. The firm had revenue of $988.10 million for the quarter, compared to analyst estimates of $969.41 million. During the same period in the previous year, the firm earned $1.06 earnings per share. The company’s revenue was up 1.2% compared to the same quarter last year. Research analysts predict that Ciena Co. will post 2.5 EPS for the current fiscal year.

A number of equities analysts have commented on CIEN shares. Colliers Securities reaffirmed a “buy” rating and set a $70.00 price objective on shares of Ciena in a research report on Friday, September 3rd. boosted their price target on Ciena from $65.00 to $70.00 and gave the company a “buy” rating in a research note on Friday, June 4th. B. Riley dropped their price target on Ciena from $53.00 to $51.00 and set a “neutral” rating for the company in a research note on Friday, September 3rd. They noted that the move was a valuation call. Citigroup boosted their price target on Ciena from $65.00 to $70.00 and gave the company a “buy” rating in a research note on Friday, June 4th. Finally, Barclays dropped their price target on Ciena from $68.00 to $66.00 and set an “overweight” rating for the company in a research note on Friday, September 3rd. Five research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $61.27.

Ciena Company Profile

Ciena Corp. engages in the provision of network and communication infrastructure. It operates through the following segments: Networking Platforms, Platform Software and Services, Blue Planet Automation Software and Services, and Global Services. The Networking Platforms segment consists of Converged Packet Optical and Packet Networking portfolios.

See Also: What does a dividend yield signify to investors?

Want to see what other hedge funds are holding CIEN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Ciena Co. (NYSE:CIEN).

Institutional Ownership by Quarter for Ciena (NYSE:CIEN)

Receive News & Ratings for Ciena Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ciena and related companies with MarketBeat.com's FREE daily email newsletter.