Sei Investments Co. lessened its position in Ciena Corporation (NYSE:CIEN – Free Report) by 42.0% during the 1st quarter, Holdings Channel reports. The firm owned 144,773 shares of the communications equipment provider’s stock after selling 104,622 shares during the quarter. Sei Investments Co.’s holdings in Ciena were worth $56,205,000 at the end of the most recent reporting period.
Several other large investors have also made changes to their positions in CIEN. Lido Advisors LLC increased its position in shares of Ciena by 44.7% during the 1st quarter. Lido Advisors LLC now owns 7,225 shares of the communications equipment provider’s stock worth $2,805,000 after purchasing an additional 2,231 shares in the last quarter. State of Wyoming lifted its holdings in Ciena by 8.0% during the 1st quarter. State of Wyoming now owns 1,244 shares of the communications equipment provider’s stock valued at $483,000 after purchasing an additional 92 shares during the last quarter. NewEdge Wealth LLC acquired a new position in Ciena in the first quarter valued at about $312,000. Westpac Banking Corp boosted its position in Ciena by 50.6% in the first quarter. Westpac Banking Corp now owns 10,338 shares of the communications equipment provider’s stock valued at $4,014,000 after buying an additional 3,472 shares in the last quarter. Finally, Temasek Holdings Private Ltd bought a new stake in Ciena during the first quarter worth about $17,252,000. Institutional investors own 91.99% of the company’s stock.
Ciena Trading Down 4.3%
CIEN opened at $389.93 on Friday. The firm has a 50 day simple moving average of $477.15 and a 200 day simple moving average of $409.28. The company has a market cap of $55.19 billion, a price-to-earnings ratio of 129.98 and a beta of 1.27. Ciena Corporation has a fifty-two week low of $84.41 and a fifty-two week high of $637.51. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.73 and a quick ratio of 2.11.
Insider Buying and Selling
In other Ciena news, CEO Gary B. Smith sold 2,952 shares of Ciena stock in a transaction dated Friday, May 15th. The stock was sold at an average price of $562.05, for a total value of $1,659,171.60. Following the sale, the chief executive officer owned 272,509 shares of the company’s stock, valued at $153,163,683.45. This trade represents a 1.07% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Brodie Gage sold 1,200 shares of Ciena stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $570.65, for a total value of $684,780.00. Following the completion of the sale, the senior vice president directly owned 43,941 shares in the company, valued at $25,074,931.65. This represents a 2.66% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 21,627 shares of company stock valued at $10,974,985. 0.58% of the stock is owned by corporate insiders.
Wall Street Analysts Forecast Growth
Several research firms have recently weighed in on CIEN. Argus set a $650.00 price objective on shares of Ciena in a report on Friday, June 5th. TD Cowen boosted their target price on Ciena from $425.00 to $675.00 and gave the stock a “buy” rating in a report on Friday, May 15th. Morgan Stanley raised their price target on Ciena from $405.00 to $490.00 and gave the company an “equal weight” rating in a report on Friday, June 5th. UBS Group lifted their price objective on Ciena from $285.00 to $508.00 and gave the company a “neutral” rating in a research report on Friday, June 5th. Finally, Stifel Nicolaus set a $615.00 target price on Ciena in a report on Friday, May 29th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and seven have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Ciena presently has an average rating of “Moderate Buy” and an average price target of $530.56.
View Our Latest Report on CIEN
Ciena Profile
Ciena Corporation (NYSE: CIEN) is a global supplier of telecommunications networking equipment, software and services. The company develops high-capacity optical transport systems and packet-optical platforms that enable service providers, cloud operators and large enterprises to build, manage and scale their networks. Ciena’s product portfolio includes coherent optical solutions, packet networking platforms and a suite of network automation software designed to optimize bandwidth, reduce latency and simplify network operations.
In addition to hardware offerings, Ciena provides professional services and support, including network design, implementation and ongoing maintenance.
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