Ciena Corporation $CIEN Shares Sold by iA Global Asset Management Inc.

iA Global Asset Management Inc. decreased its position in shares of Ciena Corporation (NYSE:CIEN) by 67.2% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 10,046 shares of the communications equipment provider’s stock after selling 20,584 shares during the quarter. iA Global Asset Management Inc.’s holdings in Ciena were worth $3,900,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Elyxium Wealth LLC acquired a new position in Ciena during the fourth quarter worth approximately $2,747,810,000. State Street Corp grew its position in shares of Ciena by 17.2% during the fourth quarter. State Street Corp now owns 5,102,409 shares of the communications equipment provider’s stock worth $1,193,300,000 after acquiring an additional 750,128 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of Ciena by 53.0% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 4,051,625 shares of the communications equipment provider’s stock worth $947,554,000 after acquiring an additional 1,404,132 shares during the last quarter. Bank of America Corp DE increased its holdings in shares of Ciena by 10.4% in the 2nd quarter. Bank of America Corp DE now owns 3,495,795 shares of the communications equipment provider’s stock valued at $284,313,000 after acquiring an additional 329,821 shares during the period. Finally, Corient Private Wealth LLC raised its position 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 last quarter. Institutional investors and hedge funds own 91.99% of the company’s stock.

Ciena Stock Down 5.9%

Shares of NYSE:CIEN opened at $461.48 on Thursday. Ciena Corporation has a fifty-two week low of $76.89 and a fifty-two week high of $637.51. The company has a quick ratio of 2.11, a current ratio of 2.73 and a debt-to-equity ratio of 0.53. The firm’s 50-day simple moving average is $517.03 and its 200-day simple moving average is $387.95. The company has a market cap of $65.32 billion, a price-to-earnings ratio of 153.83 and a beta of 1.27.

Ciena (NYSE:CIEN) last posted its quarterly 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 net margin of 7.87% and a return on equity of 18.15%. The firm had revenue of $1.57 billion during the quarter, compared to analysts’ expectations of $1.50 billion. During the same period in the prior year, the company posted $0.42 earnings per share. The firm’s revenue for the quarter was up 39.5% on a year-over-year basis. As a group, equities research analysts predict that Ciena Corporation will post 5.4 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO Marc D. Graff sold 126 shares of the firm’s stock in a transaction that occurred on Wednesday, June 24th. The stock was sold at an average price of $449.36, for a total value of $56,619.36. Following the completion of the sale, the chief financial officer directly owned 127,081 shares of the company’s stock, valued at $57,105,118.16. This trade represents a 0.10% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Brodie Gage sold 1,200 shares of the firm’s stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $570.65, for a total value of $684,780.00. Following the completion of the sale, the senior vice president directly owned 43,941 shares of the company’s stock, valued at $25,074,931.65. This represents a 2.66% 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. In the last quarter, insiders sold 17,120 shares of company stock valued at $8,872,766. Corporate insiders own 0.58% of the company’s stock.

Analyst Ratings Changes

Several research analysts have issued reports on CIEN shares. Bank of America raised their price objective on shares of Ciena from $550.00 to $660.00 and gave the stock a “buy” rating in a research report on Tuesday, May 26th. UBS Group upped their target price on shares of Ciena from $285.00 to $508.00 and gave the company a “neutral” rating in a report on Friday, June 5th. Morgan Stanley increased their target price on shares of Ciena from $405.00 to $490.00 and gave the stock an “equal weight” rating in a research note on Friday, June 5th. JPMorgan Chase & Co. raised their price target on Ciena from $380.00 to $550.00 and gave the stock an “overweight” rating in a report on Thursday, April 16th. Finally, Zacks Research cut Ciena from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, June 3rd. Thirteen investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $530.56.

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.