Lombard Odier Asset Management Switzerland SA acquired a new stake in shares of Ciena Corporation (NYSE:CIEN – Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 6,059 shares of the communications equipment provider’s stock, valued at approximately $2,352,000.
Several other large investors have also modified their holdings of CIEN. Elyxium Wealth LLC purchased a new position in Ciena in the fourth quarter valued at approximately $2,747,810,000. State Street Corp grew its stake in Ciena by 17.2% during the fourth quarter. State Street Corp now owns 5,102,409 shares of the communications equipment provider’s stock worth $1,193,300,000 after buying an additional 750,128 shares during the period. Price T Rowe Associates Inc. MD increased its position in shares of Ciena by 53.0% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 4,051,625 shares of the communications equipment provider’s stock worth $947,554,000 after acquiring an additional 1,404,132 shares in the last quarter. Bank of America Corp DE increased its position in shares of Ciena by 10.4% in the second quarter. Bank of America Corp DE now owns 3,495,795 shares of the communications equipment provider’s stock worth $284,313,000 after acquiring an additional 329,821 shares in the last quarter. Finally, Corient Private Wealth LLC raised its stake in shares of Ciena by 30,114.5% in the 4th quarter. Corient Private Wealth LLC now owns 2,870,677 shares of the communications equipment provider’s stock valued at $671,365,000 after acquiring an additional 2,861,176 shares during the period. 91.99% of the stock is currently owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
CIEN has been the subject of a number of research reports. Stifel Nicolaus set a $615.00 price target on shares of Ciena in a research report on Friday, May 29th. Zacks Research raised Ciena from a “hold” rating to a “strong-buy” rating in a research report on Thursday, July 2nd. Weiss Ratings cut Ciena from a “hold (c+)” rating to a “hold (c)” rating in a research note on Friday. Raymond James Financial upped 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. Finally, Rothschild & Co Redburn began coverage on Ciena in a research note on Friday, May 1st. They issued a “neutral” rating and a $416.00 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and seven have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Ciena presently has a consensus rating of “Moderate Buy” and an average price target of $530.56.
Insider Activity at Ciena
In related news, SVP Jason Phipps sold 2,629 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 $1,225,639.80. Following the transaction, the senior vice president owned 62,382 shares of the company’s stock, valued at approximately $29,082,488.40. This trade represents a 4.04% 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 on Monday, June 15th. The shares were sold at an average price of $466.10, for a total transaction of $559,320.00. Following the transaction, the senior vice president owned 42,741 shares in the company, valued at $19,921,580.10. This represents a 2.73% 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. Over the last 90 days, insiders sold 21,627 shares of company stock worth $10,974,985. Insiders own 0.58% of the company’s stock.
Ciena Price Performance
Shares of NYSE:CIEN opened at $389.93 on Monday. The firm’s 50 day moving average is $477.15 and its two-hundred day moving average is $410.54. The firm has a market capitalization of $55.19 billion, a P/E ratio of 129.98 and a beta of 1.27. The company has a current ratio of 2.73, a quick ratio of 2.11 and a debt-to-equity ratio of 0.53. Ciena Corporation has a 52 week low of $84.41 and a 52 week high of $637.51.
Ciena (NYSE:CIEN – Get Free Report) last announced its earnings results on Thursday, June 4th. The communications equipment provider reported $1.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.46 by $0.18. Ciena had a net margin of 7.87% and a return on equity of 18.15%. The firm had revenue of $1.57 billion during the quarter, compared to analyst estimates of $1.50 billion. During the same quarter in the prior year, the firm posted $0.42 EPS. Ciena’s revenue was up 39.5% compared to the same quarter last year. Analysts anticipate that Ciena Corporation will post 5.4 earnings per share for the current year.
About Ciena
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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