Paradigm Capital Management Inc. NY Takes $1.26 Million Position in Ciena Co. (NYSE:CIEN)

Paradigm Capital Management Inc. NY acquired a new stake in Ciena Co. (NYSE:CIEN) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 24,000 shares of the communications equipment provider’s stock, valued at approximately $1,260,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Orion Capital Management LLC bought a new position in shares of Ciena in the first quarter valued at approximately $26,000. BOKF NA bought a new stake in Ciena during the first quarter worth approximately $30,000. Belpointe Asset Management LLC bought a new stake in Ciena during the fourth quarter worth approximately $33,000. WealthPLAN Partners LLC bought a new stake in Ciena during the first quarter worth approximately $50,000. Finally, Mendota Financial Group LLC bought a new stake in Ciena during the first quarter worth approximately $111,000. 90.02% of the stock is currently owned by institutional investors.

Insider Activity

In other news, SVP Scott Mcfeely sold 2,000 shares of Ciena stock in a transaction dated Thursday, June 15th. The shares were sold at an average price of $44.09, for a total transaction of $88,180.00. Following the sale, the senior vice president now directly owns 96,230 shares in the company, valued at approximately $4,242,780.70. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Ciena news, SVP Scott Mcfeely sold 2,000 shares of the business’s stock in a transaction dated Thursday, June 15th. The shares were sold at an average price of $44.09, for a total value of $88,180.00. Following the completion of the transaction, the senior vice president now directly owns 96,230 shares of the company’s stock, valued at $4,242,780.70. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Andrew C. Petrik sold 1,000 shares of the business’s stock in a transaction dated Thursday, June 15th. The stock was sold at an average price of $44.09, for a total transaction of $44,090.00. Following the completion of the transaction, the vice president now directly owns 27,232 shares of the company’s stock, valued at $1,200,658.88. The disclosure for this sale can be found here. In the last three months, insiders have sold 33,041 shares of company stock worth $1,400,010. Corporate insiders own 0.99% of the company’s stock.

Ciena Stock Performance

NYSE CIEN traded down $0.36 during midday trading on Tuesday, hitting $48.11. The company had a trading volume of 905,607 shares, compared to its average volume of 1,803,354. The company has a quick ratio of 2.71, a current ratio of 3.95 and a debt-to-equity ratio of 0.52. The stock has a market cap of $7.19 billion, a price-to-earnings ratio of 32.75, a P/E/G ratio of 1.70 and a beta of 0.91. The firm has a fifty day simple moving average of $42.39 and a two-hundred day simple moving average of $45.45. Ciena Co. has a fifty-two week low of $38.33 and a fifty-two week high of $54.25.

Ciena (NYSE:CIEN) last posted its quarterly earnings results on Thursday, August 31st. The communications equipment provider reported $0.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.08. Ciena had a net margin of 5.23% and a return on equity of 10.00%. The company had revenue of $1.07 billion for the quarter, compared to analyst estimates of $1.04 billion. During the same period last year, the business posted $0.18 EPS. The business’s quarterly revenue was up 23.0% on a year-over-year basis. Equities analysts forecast that Ciena Co. will post 1.9 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Raymond James reduced their target price on shares of Ciena from $70.00 to $63.00 and set a “strong-buy” rating for the company in a report on Wednesday, June 7th. Bank of America reduced their target price on shares of Ciena from $62.00 to $59.00 in a report on Friday, June 16th. Jefferies Financial Group reduced their price target on shares of Ciena from $65.00 to $60.00 in a research report on Wednesday, June 7th. B. Riley upped their price target on shares of Ciena from $60.00 to $67.00 and gave the company a “buy” rating in a research report on Friday. Finally, Rosenblatt Securities upped their price target on shares of Ciena from $57.00 to $65.00 in a research report on Friday. Four analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $61.35.

About Ciena

Ciena Corporation provides hardware and software services for delivery of video, data, and voice traffic metro, aggregation, and access communications network worldwide. The company's Networking Platforms segment offers convergence of coherent optical transport, open optical networking, IP routing, and switching services.