Engineers Gate Manager LP increased its holdings in shares of Ciena Corporation (NYSE:CIEN) by 239.3% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 185,606 shares of the communications equipment provider’s stock after acquiring an additional 130,904 shares during the period. Engineers Gate Manager LP owned about 0.13% of Ciena worth $4,078,000 at the end of the most recent reporting period.
Several other institutional investors have also modified their holdings of CIEN. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Ciena by 11.3% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,085 shares of the communications equipment provider’s stock valued at $127,000 after buying an additional 517 shares in the last quarter. Fortaleza Asset Management Inc. acquired a new position in Ciena in the second quarter valued at about $134,000. Acadian Asset Management LLC acquired a new position in Ciena in the second quarter valued at about $159,000. Howe & Rusling Inc. acquired a new position in Ciena in the third quarter valued at about $158,000. Finally, First Quadrant L P CA acquired a new position in Ciena in the third quarter valued at about $183,000.
In other Ciena news, CEO Gary B. Smith sold 12,634 shares of the company’s stock in a transaction that occurred on Thursday, September 21st. The shares were sold at an average price of $21.25, for a total value of $268,472.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP James Frodsham sold 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 19th. The shares were sold at an average price of $22.00, for a total transaction of $44,000.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 91,052 shares of company stock valued at $1,942,338. 1.45% of the stock is currently owned by insiders.
A number of equities analysts have commented on the stock. B. Riley restated a “buy” rating and issued a $34.25 price target on shares of Ciena in a research report on Tuesday, August 29th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $30.00 target price on shares of Ciena in a research note on Tuesday, September 26th. Nomura reaffirmed a “buy” rating and issued a $28.00 target price on shares of Ciena in a research note on Wednesday, September 20th. Needham & Company LLC reaffirmed a “buy” rating and issued a $28.00 target price (down from $31.00) on shares of Ciena in a research note on Monday, September 25th. Finally, BidaskClub downgraded shares of Ciena from a “sell” rating to a “strong sell” rating in a research note on Friday, August 18th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $29.30.
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Ciena Corporation is a network strategy and technology company, which provides solutions that enable a range of network operators to adopt communication architectures and deliver an array of services, relied upon by enterprise and consumer end users. It provides equipment, software and services that support the transport, switching, aggregation, service delivery and management of voice, video and data traffic on communications networks.
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