Boothbay Fund Management LLC Sells 29,152 Shares of Ciena Corporation $CIEN

by · The Markets Daily

Boothbay Fund Management LLC reduced its position in shares of Ciena Corporation (NYSE:CIEN – Free Report) by 18.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 128,276 shares of the communications equipment provider’s stock after selling 29,152 shares during the period. Boothbay Fund Management LLC owned approximately 0.09% of Ciena worth $10,433,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently bought and sold shares of CIEN. Bienville Capital Management LLC lifted its holdings in shares of Ciena by 84.0% during the 2nd quarter. Bienville Capital Management LLC now owns 99,476 shares of the communications equipment provider’s stock worth $8,090,000 after acquiring an additional 45,424 shares during the period. Balyasny Asset Management L.P. increased its position in Ciena by 3,577.9% during the 2nd quarter. Balyasny Asset Management L.P. now owns 1,032,393 shares of the communications equipment provider’s stock valued at $83,965,000 after purchasing an additional 1,004,323 shares during the period. Bank of America Corp DE raised its holdings in Ciena by 10.4% during the 2nd quarter. Bank of America Corp DE now owns 3,495,795 shares of the communications equipment provider’s stock worth $284,313,000 after purchasing an additional 329,821 shares during the last quarter. Ameriprise Financial Inc. lifted its position in shares of Ciena by 3.1% in the 2nd quarter. Ameriprise Financial Inc. now owns 238,477 shares of the communications equipment provider’s stock worth $19,395,000 after purchasing an additional 7,207 shares during the period. Finally, AQR Capital Management LLC boosted its stake in shares of Ciena by 124.6% in the 2nd 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. 91.99% of the stock is owned by institutional investors.

Ciena Price Performance

Shares of NYSE:CIEN opened at $218.82 on Friday. The firm has a market capitalization of $30.87 billion, a PE ratio of 257.43, a P/E/G ratio of 1.49 and a beta of 1.17. The company has a quick ratio of 2.52, a current ratio of 2.73 and a debt-to-equity ratio of 0.56. The company has a 50-day moving average price of $188.43 and a two-hundred day moving average price of $128.51. Ciena Corporation has a twelve month low of $49.21 and a twelve month high of $248.00.

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

Insider Buying and Selling at Ciena

In related news, Director Bruce L. Claflin sold 8,461 shares of Ciena stock in a transaction on Wednesday, September 24th. The shares were sold at an average price of $140.12, for a total value of $1,185,555.32. Following the transaction, the director owned 54,624 shares in the company, valued at $7,653,914.88. This trade represents a 13.41% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Brodie Gage sold 350 shares of the business’s stock in a transaction on Wednesday, October 15th. The stock was sold at an average price of $169.36, for a total transaction of $59,276.00. Following the completion of the sale, the senior vice president directly owned 40,653 shares of the company’s stock, valued at $6,884,992.08. This represents a 0.85% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 51,935 shares of company stock valued at $8,707,266. Insiders own 0.93% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently commented on the company. Zacks Research downgraded Ciena from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 24th. Bank of America increased their target price on Ciena from $200.00 to $260.00 and gave the stock a “buy” rating in a report on Friday. Barclays boosted their price target on shares of Ciena from $138.00 to $279.00 and gave the company an “overweight” rating in a research note on Friday. Morgan Stanley raised their price objective on shares of Ciena from $185.00 to $195.00 and gave the company an “equal weight” rating in a research note on Friday. Finally, UBS Group boosted their target price on shares of Ciena from $120.00 to $230.00 and gave the stock a “neutral” rating in a research report on Friday. Two analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and seven have issued a Hold rating to the company. Based on data from MarketBeat, Ciena presently has an average rating of “Moderate Buy” and a consensus price target of $236.38.

Check Out Our Latest Report on Ciena

Ciena Profile

(Free Report)

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, optical transport network switching, IP routing, and switching services.

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