Perkins Capital Management Inc. Sells 3,100 Shares of Ciena Corporation $CIEN

Perkins Capital Management Inc. lessened its holdings in Ciena Corporation (NYSE:CIEN) by 33.0% during the 4th quarter, HoldingsChannel.com reports. The fund owned 6,300 shares of the communications equipment provider’s stock after selling 3,100 shares during the period. Ciena makes up approximately 1.2% of Perkins Capital Management Inc.’s holdings, making the stock its 24th biggest holding. Perkins Capital Management Inc.’s holdings in Ciena were worth $1,473,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Lone Pine Capital LLC purchased a new position in Ciena in the 3rd quarter worth about $292,310,000. Atreides Management LP bought a new stake in Ciena during the 2nd quarter valued at $102,705,000. JPMorgan Chase & Co. raised its position in Ciena by 23.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 6,462,840 shares of the communications equipment provider’s stock valued at $941,451,000 after purchasing an additional 1,219,787 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in shares of 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 worth $166,625,000 after buying an additional 1,093,557 shares during the period. Finally, Balyasny Asset Management L.P. grew its position in shares of Ciena by 3,577.9% during the 2nd quarter. Balyasny Asset Management L.P. now owns 1,032,393 shares of the communications equipment provider’s stock worth $83,965,000 after buying an additional 1,004,323 shares in the last quarter. 91.99% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

CIEN has been the subject of several recent research reports. Bank of America lifted their price objective on Ciena from $355.00 to $550.00 and gave the company a “buy” rating in a report on Thursday, April 16th. Morgan Stanley raised their target price on shares of Ciena from $286.00 to $405.00 and gave the company an “equal weight” rating in a research report on Monday, April 20th. Weiss Ratings upgraded shares of Ciena from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, April 27th. Raymond James Financial reaffirmed an “outperform” rating and issued a $320.00 price target on shares of Ciena in a research report on Thursday, March 5th. Finally, Rothschild & Co Redburn assumed coverage on shares of Ciena in a research note on Friday, May 1st. They set a “neutral” rating and a $416.00 price objective on the stock. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Ciena presently has an average rating of “Moderate Buy” and an average target price of $367.56.

Ciena Stock Performance

CIEN stock opened at $577.50 on Wednesday. The firm has a 50-day simple moving average of $440.39 and a two-hundred day simple moving average of $307.70. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.14 and a current ratio of 2.81. Ciena Corporation has a one year low of $70.77 and a one year high of $593.00. The firm has a market cap of $81.66 billion, a price-to-earnings ratio of 367.83, a PEG ratio of 1.90 and a beta of 1.24.

Ciena (NYSE:CIEN) last posted its quarterly earnings data on Thursday, March 5th. The communications equipment provider reported $1.35 EPS for the quarter, topping the consensus estimate 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 during the quarter, compared to analyst estimates of $1.40 billion. During the same quarter in the previous year, the business posted $0.64 EPS. Ciena’s revenue was up 33.1% on a year-over-year basis. On average, equities analysts forecast that Ciena Corporation will post 5.12 EPS for the current fiscal year.

Insider Buying and Selling at Ciena

In other news, SVP Brodie Gage sold 1,200 shares of the company’s stock in a transaction dated Wednesday, April 15th. The shares were sold at an average price of $471.79, for a total transaction of $566,148.00. Following the transaction, the senior vice president owned 45,141 shares in the company, valued at $21,297,072.39. This represents a 2.59% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Jason Phipps sold 22,014 shares of the stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $409.80, for a total transaction 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 $27,866.40. The trade was a 99.69% 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. Over the last ninety days, insiders sold 42,974 shares of company stock worth $17,418,863. 0.58% of the stock is owned by insiders.

Ciena Company 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.