10,239 Shares in Ciena Corporation $CIEN Acquired by Andra AP fonden

Andra AP fonden purchased a new stake in Ciena Corporation (NYSE:CIEN - Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 10,239 shares of the communications equipment provider's stock, valued at approximately $3,975,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of CIEN. Bogart Wealth LLC grew its holdings in shares of Ciena by 635.7% during the first 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. Transamerica Financial Advisors LLC boosted its position in Ciena by 71.0% during the fourth quarter. Transamerica Financial Advisors LLC now owns 106 shares of the communications equipment provider's stock valued at $25,000 after buying an additional 44 shares during the period. Whittier Trust Co. of Nevada Inc. grew its position in Ciena by 85.5% during the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 141 shares of the communications equipment provider's stock worth $55,000 after acquiring an additional 65 shares during the last quarter. Truvestments Capital LLC grew its holdings in shares of Ciena by 45.3% in the fourth quarter. Truvestments Capital LLC now owns 154 shares of the communications equipment provider's stock worth $36,000 after purchasing an additional 48 shares during the last quarter. Finally, Ascentis Independent Advisors bought a new stake in Ciena in the 1st quarter worth $65,000. Institutional investors own 91.99% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on CIEN. TD Cowen boosted their target price on Ciena from $425.00 to $675.00 and gave the company a "buy" rating in a research note on Friday, May 15th. B. Riley Financial lifted their target price on shares of Ciena from $283.00 to $531.00 and gave the company a "neutral" rating in a report on Tuesday, June 2nd. Rothschild & Co Redburn started coverage on Ciena in a research report on Friday, May 1st. They issued a "neutral" rating and a $416.00 price target for the company. JPMorgan Chase & Co. upped their price objective on Ciena from $380.00 to $550.00 and gave the company an "overweight" rating in a research report on Thursday, April 16th. Finally, UBS Group raised their price target on shares of Ciena from $285.00 to $508.00 and gave the company a "neutral" rating in a report on Friday, June 5th. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $530.56.

Insider Buying and Selling

In related news, CEO Gary B. Smith sold 2,952 shares of the stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $468.83, for a total transaction of $1,383,986.16. Following the completion of the transaction, the chief executive officer directly owned 254,886 shares of the company's stock, valued at approximately $119,498,203.38. This represents a 1.14% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Joseph Cumello sold 1,586 shares of Ciena stock in a transaction on Friday, June 26th. The stock was sold at an average price of $466.33, for a total transaction of $739,599.38. Following the completion of the transaction, the senior vice president directly owned 42,872 shares of the company's stock, valued at $19,992,499.76. The trade was a 3.57% 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 sold 21,627 shares of company stock valued at $10,974,985 in the last ninety days. Company insiders own 0.58% of the company's stock.

Ciena Stock Performance

Shares of NYSE CIEN opened at $398.12 on Thursday. Ciena Corporation has a 1 year low of $84.38 and a 1 year high of $637.51. 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 stock has a market cap of $56.35 billion, a PE ratio of 132.71 and a beta of 1.27. The firm has a fifty day moving average price of $484.11 and a 200-day moving average price of $408.29.

Ciena (NYSE:CIEN - Get Free Report) last announced its quarterly earnings data on Thursday, June 4th. The communications equipment provider reported $1.64 EPS for the quarter, beating the consensus estimate of $1.46 by $0.18. The business had revenue of $1.57 billion for the quarter, compared to the consensus estimate of $1.50 billion. Ciena had a return on equity of 18.15% and a net margin of 7.87%.The business's revenue was up 39.5% on a year-over-year basis. During the same period in the previous year, the business earned $0.42 earnings per share. Equities analysts anticipate that Ciena Corporation will post 5.4 earnings per share 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.

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