Inceptionr LLC lessened its stake in shares of Ciena Corporation (NYSE:CIEN – Free Report) by 52.5% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 1,779 shares of the communications equipment provider’s stock after selling 1,965 shares during the period. Inceptionr LLC’s holdings in Ciena were worth $691,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also bought and sold shares of CIEN. Bank of Nova Scotia increased its position in Ciena by 125.8% in the first quarter. Bank of Nova Scotia now owns 17,991 shares of the communications equipment provider’s stock worth $6,985,000 after buying an additional 10,023 shares in the last quarter. Lido Advisors LLC lifted 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 valued at $2,805,000 after buying an additional 2,231 shares in the last quarter. State of Wyoming grew its stake in shares of 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 acquiring an additional 92 shares during the period. NewEdge Wealth LLC bought a new position in shares of Ciena during the 1st quarter valued at approximately $312,000. Finally, Westpac Banking Corp increased its holdings in Ciena by 50.6% in the 1st quarter. Westpac Banking Corp now owns 10,338 shares of the communications equipment provider’s stock worth $4,014,000 after acquiring an additional 3,472 shares in the last quarter. Hedge funds and other institutional investors own 91.99% of the company’s stock.
Analyst Upgrades and Downgrades
A number of brokerages have recently issued reports on CIEN. Citigroup increased their price objective on shares of Ciena from $345.00 to $658.00 and gave the stock a “buy” rating in a research note on Monday, May 18th. Weiss Ratings downgraded Ciena from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday, July 7th. B. Riley Financial upped their price target on shares of Ciena from $283.00 to $531.00 and gave the company a “neutral” rating in a report on Tuesday, June 2nd. Morgan Stanley increased their price objective on shares of Ciena from $405.00 to $490.00 and gave the stock an “equal weight” rating in a research report on Friday, June 5th. Finally, Bank of America raised their price objective on shares of Ciena from $550.00 to $660.00 and gave the stock a “buy” rating in a research note on Tuesday, May 26th. One investment 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 stock. According to data from MarketBeat.com, Ciena presently has an average rating of “Moderate Buy” and an average target price of $530.56.
Ciena Trading Down 4.3%
CIEN stock opened at $389.93 on Friday. Ciena Corporation has a 12 month low of $84.41 and a 12 month high of $637.51. The firm’s 50-day moving average is $477.15 and its 200 day moving average is $409.28. The company has a market capitalization of $55.20 billion, a PE ratio of 129.98 and a beta of 1.27. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.73 and a quick ratio of 2.11.
Ciena (NYSE:CIEN – Get Free Report) last released 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. The company had revenue of $1.57 billion during the quarter, compared to analysts’ expectations of $1.50 billion. Ciena had a net margin of 7.87% and a return on equity of 18.15%. The firm’s quarterly revenue was up 39.5% on a year-over-year basis. During the same period in the previous year, the company earned $0.42 EPS. On average, research analysts anticipate that Ciena Corporation will post 5.4 EPS for the current year.
Insider Transactions at Ciena
In related news, SVP Joseph Cumello sold 1,586 shares of the business’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 value of $739,599.38. Following the completion of the sale, the senior vice president owned 42,872 shares in the company, valued at approximately $19,992,499.76. The trade was a 3.57% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Gary B. Smith sold 2,952 shares of the stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $468.83, for a total value of $1,383,986.16. Following the completion of the transaction, the chief executive officer directly owned 254,886 shares in the company, valued at approximately $119,498,203.38. This trade represents a 1.14% 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 have sold 21,627 shares of company stock valued at $10,974,985 in the last ninety days. Corporate insiders own 0.58% of the company’s stock.
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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