Fulton Bank N.A. Decreases Stake in Ciena Corporation $CIEN

Fulton Bank N.A. cut its stake in shares of Ciena Corporation (NYSE:CIEN) by 27.0% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 6,095 shares of the communications equipment provider’s stock after selling 2,260 shares during the quarter. Fulton Bank N.A.’s holdings in Ciena were worth $1,425,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in CIEN. Community Bank N.A. purchased a new stake in Ciena during the third quarter worth about $25,000. Mather Group LLC. acquired a new position in Ciena during the third quarter worth about $28,000. Assetmark Inc. increased its holdings in Ciena by 50.4% in the third quarter. Assetmark Inc. now owns 200 shares of the communications equipment provider’s stock valued at $29,000 after buying an additional 67 shares in the last quarter. Ameritas Advisory Services LLC increased its holdings in Ciena by 104.0% in the third quarter. Ameritas Advisory Services LLC now owns 204 shares of the communications equipment provider’s stock valued at $30,000 after buying an additional 104 shares in the last quarter. Finally, Salomon & Ludwin LLC acquired a new stake in shares of Ciena during the 3rd quarter valued at approximately $31,000. Hedge funds and other institutional investors own 91.99% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on CIEN shares. Wolfe Research reissued an “outperform” rating and set a $375.00 price target on shares of Ciena in a research note on Thursday, March 5th. Rosenblatt Securities raised their price objective on Ciena from $305.00 to $350.00 and gave the company a “buy” rating in a research note on Friday, March 6th. Citigroup lifted their price objective on Ciena from $280.00 to $345.00 and gave the stock a “buy” rating in a report on Friday, March 6th. Raymond James Financial reiterated an “outperform” rating and set a $320.00 target price on shares of Ciena in a research report on Thursday, March 5th. Finally, Argus raised their price target on Ciena from $135.00 to $280.00 and gave the company a “buy” rating in a research report on Friday, December 12th. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, Ciena currently has an average rating of “Moderate Buy” and a consensus price target of $327.12.

Insider Buying and Selling

In related news, SVP Joseph Cumello sold 11,929 shares of Ciena stock in a transaction dated Monday, January 12th. The stock was sold at an average price of $229.82, for a total transaction of $2,741,522.78. Following the completion of the sale, the senior vice president owned 49,475 shares in the company, valued at approximately $11,370,344.50. This trade represents a 19.43% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Jason Phipps sold 21,383 shares of the business’s stock in a transaction dated Thursday, January 15th. The shares were sold at an average price of $247.89, for a total transaction of $5,300,631.87. Following the completion of the transaction, the senior vice president directly owned 91,765 shares of the company’s stock, valued at $22,747,625.85. The trade was a 18.90% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 143,283 shares of company stock worth $34,372,491. 0.58% of the stock is currently owned by corporate insiders.

Ciena Stock Up 6.5%

Shares of NYSE CIEN opened at $408.78 on Tuesday. The firm’s 50-day moving average is $302.27 and its two-hundred day moving average is $227.52. The company has a market capitalization of $57.80 billion, a PE ratio of 260.37, a price-to-earnings-growth ratio of 1.47 and a beta of 1.07. Ciena Corporation has a 12-month low of $49.21 and a 12-month high of $419.80. 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 (NYSE:CIEN) last issued its quarterly earnings data on Thursday, March 5th. The communications equipment provider reported $1.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.17 by $0.18. Ciena had a return on equity of 12.09% and a net margin of 4.47%.The firm had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.40 billion. During the same period in the previous year, the firm posted $0.64 EPS. The company’s quarterly revenue was up 33.1% compared to the same quarter last year. Equities analysts anticipate that Ciena Corporation will post 1.6 EPS for the current fiscal year.

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.