Healthcare of Ontario Pension Plan Trust Fund Makes New Investment in Ciena Corporation $CIEN

Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in shares of Ciena Corporation (NYSE:CIEN) in the first quarter, according to the company in its most recent filing with the SEC. The firm acquired 8,845 shares of the communications equipment provider’s stock, valued at approximately $3,434,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Transamerica Financial Advisors LLC grew 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 acquiring an additional 44 shares during the period. Truvestments Capital LLC lifted its holdings in Ciena by 45.3% in the fourth quarter. Truvestments Capital LLC now owns 154 shares of the communications equipment provider’s stock valued at $36,000 after acquiring an additional 48 shares during the period. Acumen Wealth Advisors LLC acquired a new position in Ciena in the fourth quarter valued at approximately $40,000. Bogart Wealth LLC boosted its position in Ciena by 635.7% in the 1st quarter. Bogart Wealth LLC now owns 103 shares of the communications equipment provider’s stock worth $40,000 after purchasing an additional 89 shares in the last quarter. Finally, Zions Bancorporation National Association UT purchased a new stake in Ciena in the 4th quarter worth approximately $50,000. Institutional investors and hedge funds own 91.99% of the company’s stock.

Insider Buying and Selling at Ciena

In related news, CEO Gary B. Smith sold 2,952 shares of the company’s stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $457.02, for a total transaction of $1,349,123.04. Following the completion of the transaction, the chief executive officer owned 266,605 shares in the company, valued at $121,843,817.10. This represents a 1.10% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, 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 firm’s stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $466.20, for a total transaction of $1,225,639.80. Following the completion of the transaction, the senior vice president directly owned 62,382 shares in the company, valued at $29,082,488.40. This represents a 4.04% 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. Over the last quarter, insiders sold 18,675 shares of company stock valued at $9,387,576. Insiders own 0.58% of the company’s stock.

Analyst Upgrades and Downgrades

CIEN has been the subject of several recent research reports. Rosenblatt Securities lifted their target price on shares of Ciena from $350.00 to $720.00 and gave the company a “buy” rating in a report on Friday, June 5th. Citigroup increased their price target on shares of Ciena from $345.00 to $658.00 and gave the stock a “buy” rating in a report on Monday, May 18th. Stifel Nicolaus set a $615.00 price target on shares of Ciena in a research report on Friday, May 29th. Northland Securities set a $450.00 price objective on shares of Ciena in a report on Friday, June 5th. Finally, TD Cowen upped their price objective on shares of Ciena from $425.00 to $675.00 and gave the stock a “buy” rating in a research report on Friday, May 15th. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $530.56.

Ciena Trading Up 12.4%

Shares of CIEN stock opened at $371.37 on Friday. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.73 and a quick ratio of 2.11. The company has a market cap of $52.57 billion, a price-to-earnings ratio of 123.79 and a beta of 1.27. The stock has a 50 day simple moving average of $461.58 and a 200-day simple moving average of $413.77. Ciena Corporation has a 1-year low of $84.41 and a 1-year high of $637.51.

Ciena (NYSE:CIEN) last announced its earnings results on Thursday, June 4th. The communications equipment provider reported $1.64 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $1.57 billion for the quarter, compared to analyst estimates of $1.50 billion. During the same quarter last year, the firm posted $0.42 EPS. The business’s revenue was up 39.5% on a year-over-year basis. On average, equities research analysts expect that Ciena Corporation will post 5.4 EPS for the current fiscal year.

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.