Glenmede Trust Co. NA cut its stake in shares of Ciena Corporation (NYSE:CIEN – Free Report) by 52.0% during the first quarter, Holdings Channel.com reports. The institutional investor owned 10,843 shares of the communications equipment provider’s stock after selling 11,759 shares during the quarter. Glenmede Trust Co. NA’s holdings in Ciena were worth $4,210,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds have also recently made changes to their positions in CIEN. Transamerica Financial Advisors LLC raised its stake in Ciena by 71.0% in the 4th quarter. Transamerica Financial Advisors LLC now owns 106 shares of the communications equipment provider’s stock worth $25,000 after acquiring an additional 44 shares during the last quarter. Truvestments Capital LLC grew its stake in Ciena by 45.3% during the 4th quarter. Truvestments Capital LLC now owns 154 shares of the communications equipment provider’s stock valued at $36,000 after purchasing an additional 48 shares during the last quarter. Bogart Wealth LLC grew its stake in Ciena by 635.7% during the 1st quarter. Bogart Wealth LLC now owns 103 shares of the communications equipment provider’s stock valued at $40,000 after purchasing an additional 89 shares during the last quarter. Acumen Wealth Advisors LLC purchased a new stake in Ciena during the 4th quarter valued at about $40,000. Finally, Western Wealth Management LLC acquired a new position in shares of Ciena in the first quarter valued at about $49,000. 91.99% of the stock is owned by institutional investors and hedge funds.
Insider Activity at Ciena
In other news, CFO Marc D. Graff sold 126 shares of the firm’s stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $466.20, for a total transaction of $58,741.20. Following the sale, the chief financial officer owned 126,955 shares of the company’s stock, valued at $59,186,421. This trade represents a 0.10% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Joseph Cumello sold 1,586 shares of the firm’s stock in a transaction that occurred on Friday, June 26th. The stock was sold at an average price of $466.33, for a total transaction of $739,599.38. Following the sale, the senior vice president directly owned 42,872 shares in the company, valued at $19,992,499.76. The trade was a 3.57% 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. Insiders sold 21,627 shares of company stock valued at $10,508,776 in the last 90 days. 0.58% of the stock is currently owned by corporate insiders.
Wall Street Analyst Weigh In
Check Out Our Latest Stock Report on CIEN
Ciena Stock Performance
NYSE CIEN opened at $411.04 on Wednesday. The stock has a 50-day simple moving average of $449.79 and a two-hundred day simple moving average of $417.02. The firm has a market capitalization of $58.18 billion, a P/E ratio of 137.01 and a beta of 1.30. 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 quick ratio of 2.11 and a current ratio of 2.73.
Ciena (NYSE:CIEN – Get Free Report) last issued its quarterly earnings data on Thursday, June 4th. The communications equipment provider reported $1.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.46 by $0.18. Ciena had a return on equity of 18.15% and a net margin of 7.87%.The business had revenue of $1.57 billion during the quarter, compared to analysts’ expectations of $1.50 billion. During the same quarter in the previous year, the firm posted $0.42 EPS. The company’s revenue for the quarter was up 39.5% on a year-over-year basis. On average, equities analysts forecast that Ciena Corporation will post 5.4 earnings per share for the current year.
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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