Westpac Banking Corp Has $4.01 Million Holdings in Ciena Corporation $CIEN

Westpac Banking Corp raised its position in shares of Ciena Corporation (NYSE:CIEN) by 50.6% in the first quarter, HoldingsChannel reports. The fund owned 10,338 shares of the communications equipment provider’s stock after acquiring an additional 3,472 shares during the period. Westpac Banking Corp’s holdings in Ciena were worth $4,014,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in CIEN. Elyxium Wealth LLC bought a new position in shares of Ciena during the fourth quarter worth approximately $2,747,810,000. Corient Private Wealth LLC boosted its stake in 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 purchasing an additional 2,861,176 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in Ciena by 53.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 4,051,625 shares of the communications equipment provider’s stock valued at $947,554,000 after purchasing an additional 1,404,132 shares during the period. Atreides Management LP acquired a new position in Ciena in the 2nd quarter valued at $102,705,000. Finally, Arrowstreet Capital Limited Partnership grew its holdings in Ciena by 2,174.2% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 1,143,855 shares of the communications equipment provider’s stock valued at $166,625,000 after buying an additional 1,093,557 shares in the last quarter. Institutional investors and hedge funds own 91.99% of the company’s stock.

Ciena Stock Performance

NYSE:CIEN opened at $407.89 on Wednesday. The stock has a fifty day moving average price of $487.72 and a 200-day moving average price of $407.13. The company has a market cap of $57.74 billion, a price-to-earnings ratio of 135.96 and a beta of 1.27. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.11 and a current ratio of 2.73. Ciena Corporation has a fifty-two week low of $83.20 and a fifty-two week high of $637.51.

Ciena (NYSE:CIEN) last released its earnings results on Thursday, June 4th. The communications equipment provider reported $1.64 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to analyst estimates of $1.50 billion. During the same period in the prior year, the firm posted $0.42 EPS. Ciena’s quarterly revenue was up 39.5% on a year-over-year basis. As a group, equities analysts anticipate that Ciena Corporation will post 5.4 EPS for the current fiscal year.

Analysts Set New Price Targets

CIEN has been the topic of several recent research reports. Bank of America increased their price objective on Ciena from $550.00 to $660.00 and gave the stock a “buy” rating in a research report on Tuesday, May 26th. TD Cowen boosted their target price on shares of Ciena from $425.00 to $675.00 and gave the company a “buy” rating in a research report on Friday, May 15th. Rothschild & Co Redburn started coverage on shares of Ciena in a research note on Friday, May 1st. They issued a “neutral” rating and a $416.00 price target on the stock. Weiss Ratings cut shares of Ciena from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday, July 7th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Ciena from $380.00 to $550.00 and gave the company an “overweight” rating in a report on Thursday, April 16th. 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. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $530.56.

Insider Buying and Selling at Ciena

In other Ciena news, CFO Marc D. Graff sold 126 shares of the stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $466.20, for a total transaction of $58,741.20. Following the sale, the chief financial officer directly owned 126,955 shares in the company, valued at $59,186,421. This represents a 0.10% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Jason Phipps sold 2,629 shares of the stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $466.20, for a total transaction of $1,225,639.80. Following the sale, the senior vice president owned 62,382 shares in the company, valued at $29,082,488.40. The trade was a 4.04% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 21,627 shares of company stock valued at $10,974,985 over the last three months. 0.58% of the stock is 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.