Hillsdale Investment Management Inc. Has $1.31 Million Stake in Ciena Corporation $CIEN

Hillsdale Investment Management Inc. decreased its position in shares of Ciena Corporation (NYSE:CIEN) by 86.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 5,600 shares of the communications equipment provider’s stock after selling 35,100 shares during the period. Hillsdale Investment Management Inc.’s holdings in Ciena were worth $1,310,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. KBC Group NV increased its holdings in shares of Ciena by 11.3% in the fourth quarter. KBC Group NV now owns 31,161 shares of the communications equipment provider’s stock valued at $7,288,000 after purchasing an additional 3,156 shares in the last quarter. Convergence Investment Partners LLC acquired a new stake in shares of Ciena in the third quarter valued at approximately $1,726,000. FengHe Fund Management Pte. Ltd. increased its holdings in shares of Ciena by 164.0% in the fourth quarter. FengHe Fund Management Pte. Ltd. now owns 660,988 shares of the communications equipment provider’s stock valued at $154,585,000 after purchasing an additional 410,588 shares in the last quarter. Peak Financial Advisors LLC increased its holdings in shares of Ciena by 222.7% in the fourth quarter. Peak Financial Advisors LLC now owns 11,596 shares of the communications equipment provider’s stock valued at $2,712,000 after purchasing an additional 8,003 shares in the last quarter. Finally, DNB Asset Management AS increased its holdings in shares of Ciena by 1,095.8% in the fourth quarter. DNB Asset Management AS now owns 27,527 shares of the communications equipment provider’s stock valued at $6,438,000 after purchasing an additional 25,225 shares in the last quarter. Institutional investors and hedge funds own 91.99% of the company’s stock.

Analysts Set New Price Targets

CIEN has been the subject of a number of research reports. Bank of America raised their price target on shares of Ciena from $550.00 to $660.00 and gave the company a “buy” rating in a report on Tuesday, May 26th. B. Riley Financial raised their price target on shares of Ciena from $222.00 to $283.00 and gave the company a “neutral” rating in a report on Friday, March 6th. Evercore set a $330.00 price target on shares of Ciena in a report on Thursday, February 19th. Raymond James Financial reissued an “outperform” rating and issued a $320.00 price target on shares of Ciena in a report on Thursday, March 5th. Finally, Citigroup raised their price target on shares of Ciena from $345.00 to $658.00 and gave the company a “buy” rating in a report on Monday, May 18th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $406.61.

Insider Buying and Selling at Ciena

In other Ciena news, SVP Jason Phipps sold 22,014 shares of the firm’s stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $409.80, for a total value of $9,021,337.20. Following the transaction, the senior vice president directly owned 68 shares of the company’s stock, valued at approximately $27,866.40. This trade represents a 99.69% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Brodie Gage sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 24th. The shares were 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 approximately $18,768,105. The trade was a 9.74% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 41,222 shares of company stock valued at $17,831,763. 0.58% of the stock is currently owned by insiders.

Ciena Price Performance

Shares of CIEN stock opened at $580.59 on Monday. Ciena Corporation has a 52-week low of $70.77 and a 52-week high of $605.61. The stock has a market cap of $82.09 billion, a PE ratio of 369.80 and a beta of 1.24. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.14 and a current ratio of 2.81. The firm’s 50 day moving average price is $500.69 and its two-hundred day moving average price is $342.67.

Ciena (NYSE:CIEN) last announced its quarterly earnings data on Thursday, March 5th. The communications equipment provider reported $1.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.17 by $0.18. Ciena had a net margin of 4.47% and a return on equity of 12.09%. The firm had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.40 billion. During the same period last year, the firm earned $0.64 earnings per share. The business’s revenue for the quarter was up 33.1% on a year-over-year basis. As a group, analysts forecast that Ciena Corporation will post 5.12 EPS for the current 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.