Ciena Corporation $CIEN Shares Sold by Boothbay Fund Management LLC

Boothbay Fund Management LLC cut its position in shares of Ciena Corporation (NYSE:CIEN) by 61.8% in the 4th quarter, HoldingsChannel.com reports. The firm owned 62,259 shares of the communications equipment provider’s stock after selling 100,868 shares during the period. Boothbay Fund Management LLC’s holdings in Ciena were worth $14,561,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Community Bank N.A. acquired a new position in Ciena during the third quarter worth $25,000. Transamerica Financial Advisors LLC raised its holdings in Ciena by 71.0% during the fourth quarter. Transamerica Financial Advisors LLC now owns 106 shares of the communications equipment provider’s stock worth $25,000 after purchasing an additional 44 shares during the last quarter. Assetmark Inc. raised its holdings in Ciena by 50.4% during the third quarter. Assetmark Inc. now owns 200 shares of the communications equipment provider’s stock worth $29,000 after purchasing an additional 67 shares during the last quarter. Ameritas Advisory Services LLC raised its holdings in Ciena by 104.0% during the third quarter. Ameritas Advisory Services LLC now owns 204 shares of the communications equipment provider’s stock worth $30,000 after purchasing an additional 104 shares during the last quarter. Finally, Hilltop National Bank acquired a new position in Ciena during the fourth quarter worth $35,000. 91.99% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on CIEN shares. TD Cowen lifted their price objective on Ciena from $425.00 to $675.00 and gave the stock a “buy” rating in a report on Friday, May 15th. Northland Securities set a $450.00 price objective on Ciena in a report on Friday, June 5th. Argus set a $650.00 price objective on Ciena in a report on Friday, June 5th. Rothschild & Co Redburn started coverage on Ciena in a report on Friday, May 1st. They set a “neutral” rating and a $416.00 price objective for the company. Finally, Barclays lifted their price objective on Ciena from $372.00 to $607.00 and gave the stock an “overweight” rating in a report on Friday, June 5th. Thirteen research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $530.56.

Ciena Stock Performance

NYSE CIEN opened at $435.91 on Thursday. Ciena Corporation has a fifty-two week low of $73.23 and a fifty-two week high of $637.51. The stock has a market cap of $61.70 billion, a price-to-earnings ratio of 145.30 and a beta of 1.24. The business has a fifty day moving average of $521.44 and a 200-day moving average of $370.05. The company has a quick ratio of 2.11, a current ratio of 2.73 and a debt-to-equity ratio of 0.53.

Ciena (NYSE:CIEN) last released its quarterly earnings results on Thursday, June 4th. The communications equipment provider reported $1.64 earnings per share for the quarter, topping analysts’ consensus estimates of $1.46 by $0.18. Ciena had a return on equity of 18.15% and a net margin of 7.87%.The company had revenue of $1.57 billion during the quarter, compared to analysts’ expectations of $1.50 billion. During the same period in the previous year, the firm posted $0.42 earnings per share. The business’s revenue for the quarter was up 39.5% compared to the same quarter last year. As a group, analysts predict that Ciena Corporation will post 5.4 earnings per share for the current fiscal year.

Insider Transactions at Ciena

In other news, CEO Gary B. Smith sold 2,952 shares of the business’s stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $415.51, for a total value of $1,226,585.52. Following the completion of the transaction, the chief executive officer directly owned 281,365 shares of the company’s stock, valued at $116,909,971.15. The trade was a 1.04% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Jason Phipps sold 22,014 shares of the business’s stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $409.80, for a total value of $9,021,337.20. Following the completion of 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 SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 45,374 shares of company stock valued at $20,349,470 over the last three months. 0.58% of the stock is currently owned by insiders.

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.