CI Investments Inc. reduced its stake in Ciena Corporation (NYSE:CIEN – Free Report) by 25.3% during the first quarter, HoldingsChannel reports. The firm owned 128,643 shares of the communications equipment provider’s stock after selling 43,634 shares during the quarter. CI Investments Inc.’s holdings in Ciena were worth $49,943,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Jacobs Levy Equity Management Inc. acquired a new stake in Ciena in the first quarter valued at approximately $395,000. Jones Financial Companies Lllp increased its holdings in shares of Ciena by 139.6% during the first quarter. Jones Financial Companies Lllp now owns 5,253 shares of the communications equipment provider’s stock worth $317,000 after buying an additional 3,061 shares in the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of Ciena by 1.4% during the first quarter. Goldman Sachs Group Inc. now owns 222,054 shares of the communications equipment provider’s stock worth $13,419,000 after buying an additional 3,117 shares in the last quarter. Focus Partners Wealth lifted its stake in shares of Ciena by 14.6% in the 1st quarter. Focus Partners Wealth now owns 5,762 shares of the communications equipment provider’s stock valued at $348,000 after acquiring an additional 733 shares during the last quarter. Finally, Franklin Resources Inc. acquired a new stake in shares of Ciena during the 2nd quarter valued at $234,000. 91.99% of the stock is owned by institutional investors.
Ciena Stock Performance
NYSE CIEN opened at $407.89 on Wednesday. The company has a market capitalization of $57.74 billion, a price-to-earnings ratio of 135.96 and a beta of 1.27. Ciena Corporation has a twelve month low of $83.20 and a twelve month high of $637.51. The stock has a fifty day simple moving average of $487.72 and a 200 day simple moving average of $407.13. The company has a quick ratio of 2.11, a current ratio of 2.73 and a debt-to-equity ratio of 0.53.
Insider Buying and Selling
In other news, SVP Joseph Cumello sold 1,586 shares of the firm’s stock in a transaction dated Friday, June 26th. The stock was sold at an average price of $466.33, for a total transaction of $739,599.38. Following the completion of the transaction, the senior vice president directly owned 42,872 shares in the company, valued at $19,992,499.76. This trade represents a 3.57% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, 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 the firm’s stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $466.10, for a total value of $559,320.00. Following the transaction, the senior vice president owned 42,741 shares of the company’s stock, valued at $19,921,580.10. This trade represents a 2.73% 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. In the last quarter, insiders have sold 21,627 shares of company stock valued at $10,974,985. Corporate insiders own 0.58% of the company’s stock.
Wall Street Analyst Weigh In
A number of equities analysts have issued reports on CIEN shares. B. Riley Financial upped their target price on Ciena from $283.00 to $531.00 and gave the stock a “neutral” rating in a report on Tuesday, June 2nd. Raymond James Financial lifted their price target on Ciena from $320.00 to $530.00 and gave the company an “outperform” rating in a research note on Thursday, June 4th. Zacks Research upgraded Ciena from a “hold” rating to a “strong-buy” rating in a report on Thursday, July 2nd. Citigroup upped their price objective on Ciena from $345.00 to $658.00 and gave the company a “buy” rating in a research note on Monday, May 18th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $600.00 price objective on shares of Ciena in a report on Tuesday, June 23rd. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and seven have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $530.56.
Read Our Latest Report on Ciena
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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