Should You Add Ciena Corporation (CIEN) to Your Portfolio?

Diamond Hill Capital, an investment management company, released its “Small-Mid Cap Strategy” third-quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the strategy returned -3.38% net of fees compared to a -2.82% return for the Russell 2500 Index. Portfolio’s consumer staples holdings and financials exposure contributed positively to the strategy’s performance in the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

Diamond Hill Capital discussed stocks like Ciena Corporation (NYSE:CIEN) in the Q3 2022 investor letter. Headquartered in Hanover, Maryland, Ciena Corporation (NYSE:CIEN) is a network hardware, software and services provider. On October 24, 2022, Ciena Corporation (NYSE:CIEN) stock closed at $43.69 per share. One-month return of Ciena Corporation (NYSE:CIEN) was 8.25% and its shares lost 16.73% of their value over the last 52 weeks. Ciena Corporation (NYSE:CIEN) has a market capitalization of $6.472 billion.

Diamond Hill Capital made the following comment about Ciena Corporation (NYSE:CIEN) in its Q3 2022 investor letter:

“A selloff like the one we are seeing this year, though uncomfortable to live through in the near term, can provide opportunities for investors with a long-term discipline such as ourselves. New holdings initiated in Q3 included Ciena Corporation (NYSE:CIEN) and Regal Rexnord Corporation. Ciena is a leading optical networking equipment company. It is currently challenged by supply chain issues, but looking forward, we believe Ciena is well positioned to benefit from several trends driving demand for optical networking components and stands to win share from competitors like Huawei.”

Ciena Corporation (NYSE:CIEN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 23 hedge fund portfolios held Ciena Corporation (NYSE:CIEN) at the end of the second quarter which was 40 in the previous quarter. We discussed Ciena Corporation (NYSE:CIEN) in another article and shared Giverny Capital’s views on the company. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.