North Dakota State Investment Board bought a new stake in shares of Ciena Corporation (NYSE:CIEN – Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 5,628 shares of the communications equipment provider’s stock, valued at approximately $1,316,000.
Several other large investors have also modified their holdings of the business. Elyxium Wealth LLC purchased a new position in shares of Ciena during the fourth quarter valued at approximately $2,747,810,000. iA Global Asset Management Inc. purchased a new position in shares of Ciena during the fourth quarter valued at approximately $7,163,000. WealthPlan Investment Management LLC purchased a new position in shares of Ciena during the fourth quarter valued at approximately $249,000. AlphaCore Capital LLC purchased a new position in shares of Ciena during the fourth quarter valued at approximately $286,000. Finally, DNB Asset Management AS boosted its position in shares of Ciena by 1,095.8% during the fourth quarter. DNB Asset Management AS now owns 27,527 shares of the communications equipment provider’s stock valued at $6,438,000 after buying an additional 25,225 shares during the period. Hedge funds and other institutional investors own 91.99% of the company’s stock.
Ciena Price Performance
Shares of CIEN opened at $541.52 on Wednesday. The firm has a market capitalization of $76.57 billion, a PE ratio of 344.92, a price-to-earnings-growth ratio of 1.72 and a beta of 1.24. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.81 and a quick ratio of 2.14. Ciena Corporation has a 1-year low of $70.77 and a 1-year high of $598.84. The company’s fifty day moving average price is $463.70 and its 200-day moving average price is $320.95.
Insider Buying and Selling at Ciena
In other Ciena news, SVP Brodie Gage sold 1,200 shares of the company’s stock in a transaction on Friday, May 15th. The shares were sold at an average price of $570.65, for a total value of $684,780.00. Following the sale, the senior vice president directly owned 43,941 shares of the company’s stock, valued at approximately $25,074,931.65. This represents a 2.66% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Gary B. Smith sold 2,952 shares of the company’s stock in a transaction on Friday, May 15th. The shares were sold at an average price of $562.05, for a total transaction of $1,659,171.60. Following the completion of the sale, the chief executive officer directly owned 272,509 shares in the company, valued at approximately $153,163,683.45. The trade was a 1.07% decrease in their ownership of the stock. 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 44,174 shares of company stock valued at $18,878,661. 0.58% of the stock is owned by insiders.
Wall Street Analyst Weigh In
A number of brokerages recently issued reports on CIEN. TD Cowen boosted their price target on Ciena from $425.00 to $675.00 and gave the company a “buy” rating in a report on Friday. Stifel Nicolaus boosted their price target on Ciena from $430.00 to $585.00 and gave the company a “buy” rating in a report on Tuesday, May 5th. Citigroup boosted their price target on Ciena from $345.00 to $658.00 and gave the company a “buy” rating in a report on Monday. JPMorgan Chase & Co. boosted their price target on Ciena from $380.00 to $550.00 and gave the company an “overweight” rating in a report on Thursday, April 16th. Finally, Morgan Stanley boosted their price target on Ciena from $286.00 to $405.00 and gave the company an “equal weight” rating in a report on Monday, April 20th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, Ciena currently has an average rating of “Moderate Buy” and a consensus target price of $398.83.
View Our Latest Analysis 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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