Fieldview Capital Management LLC acquired a new stake in Ciena Corporation (NYSE:CIEN – Free Report) in the 4th quarter, Holdings Channel reports. The firm acquired 3,127 shares of the communications equipment provider’s stock, valued at approximately $731,000.
Several other hedge funds also recently modified their holdings of CIEN. Jacobs Levy Equity Management Inc. bought a new stake in shares of Ciena in the first quarter valued at approximately $395,000. Jones Financial Companies Lllp lifted its position in Ciena by 139.6% in the first quarter. Jones Financial Companies Lllp now owns 5,253 shares of the communications equipment provider’s stock worth $317,000 after purchasing an additional 3,061 shares during the period. Goldman Sachs Group Inc. lifted its position in Ciena by 1.4% in the first quarter. Goldman Sachs Group Inc. now owns 222,054 shares of the communications equipment provider’s stock worth $13,419,000 after purchasing an additional 3,117 shares during the period. Focus Partners Wealth lifted its position in Ciena by 14.6% in the first quarter. Focus Partners Wealth now owns 5,762 shares of the communications equipment provider’s stock worth $348,000 after purchasing an additional 733 shares during the period. Finally, Franklin Resources Inc. bought a new position in Ciena in the second quarter worth $234,000. 91.99% of the stock is owned by institutional investors.
Ciena Stock Performance
Ciena stock opened at $462.19 on Tuesday. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.73 and a quick ratio of 2.11. The stock has a fifty day moving average price of $521.76 and a two-hundred day moving average price of $366.77. Ciena Corporation has a 52-week low of $72.56 and a 52-week high of $637.51. The firm has a market capitalization of $65.42 billion, a P/E ratio of 154.06 and a beta of 1.24.
Analyst Upgrades and Downgrades
Several research analysts recently commented on CIEN shares. Zacks Research cut Ciena from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, June 3rd. Raymond James Financial raised their target price on Ciena from $320.00 to $530.00 and gave the stock an “outperform” rating in a research report on Thursday, June 4th. Argus set a $650.00 target price on Ciena in a research report on Friday, June 5th. Rothschild & Co Redburn started coverage on Ciena in a research report on Friday, May 1st. They issued a “neutral” rating and a $416.00 target price for the company. Finally, JPMorgan Chase & Co. raised their target price on Ciena from $380.00 to $550.00 and gave the stock an “overweight” rating in a research report on Thursday, April 16th. Thirteen equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $530.56.
Get Our Latest Stock Analysis on Ciena
Insiders Place Their Bets
In other Ciena news, SVP Brodie Gage sold 5,000 shares of the stock in a transaction on Tuesday, March 24th. The stock was sold at an average price of $405.00, for a total transaction of $2,025,000.00. Following the completion of the transaction, the senior vice president directly owned 46,341 shares in the company, valued at $18,768,105. This represents a 9.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Gary B. Smith sold 2,952 shares of the stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $415.51, for a total value of $1,226,585.52. Following the transaction, the chief executive officer owned 281,365 shares of the company’s stock, valued at $116,909,971.15. This represents a 1.04% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 41,222 shares of company stock worth $18,441,027 over the last three months. 0.58% of the stock is currently owned by corporate insiders.
Ciena Company 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.
See Also
- Five stocks we like better than Ciena
- These 5 Companies Just Made a Massive Bet on Themselves
- 5 Stocks Built to Thrive in a Higher-for-Longer Economy
- RH’s Strong Q1 Still Leaves Investors With One Big Question
- Iran Ceasefire or Not, These 3 Companies Could Win
Want to see what other hedge funds are holding CIEN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Ciena Corporation (NYSE:CIEN – Free Report).
Receive News & Ratings for Ciena Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ciena and related companies with MarketBeat.com's FREE daily email newsletter.
