3,756 Shares in Ciena Corporation $CIEN Acquired by Hanseatic Management Services Inc.

Key Points

• Hanseatic Management Services Inc. opened a new position in Ciena, buying 3,756 shares valued at about $1.46 million in the first quarter. The stake represents 1.4% of the firm’s holdings and its 26th-largest position.
• Ciena reported better-than-expected quarterly results, with EPS of $1.64 versus $1.46 expected and revenue of $1.57 billion versus $1.50 billion expected. Revenue jumped 39.5% year over year.
• Analyst sentiment remains constructive, with a Moderate Buy consensus and an average price target of $530.56. Several firms recently raised targets, including Barclays to $607 and Bank of America to $660.

Hanseatic Management Services Inc. bought a new position in shares of Ciena Corporation (NYSE:CIEN - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 3,756 shares of the communications equipment provider's stock, valued at approximately $1,458,000. Ciena accounts for 1.4% of Hanseatic Management Services Inc.'s holdings, making the stock its 26th largest position.

Several other hedge funds and other institutional investors have also bought and sold shares of CIEN. Jacobs Levy Equity Management Inc. bought a new stake in Ciena during the first quarter valued at about $395,000. Jones Financial Companies Lllp raised its holdings in Ciena by 139.6% in the first quarter. Jones Financial Companies Lllp now owns 5,253 shares of the communications equipment provider's stock worth $317,000 after purchasing an additional 3,061 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in shares of Ciena by 1.4% during the first quarter. Goldman Sachs Group Inc. now owns 222,054 shares of the communications equipment provider's stock valued at $13,419,000 after buying an additional 3,117 shares during the last quarter. Focus Partners Wealth lifted its position in shares of Ciena by 14.6% during the first quarter. Focus Partners Wealth now owns 5,762 shares of the communications equipment provider's stock valued at $348,000 after buying an additional 733 shares during the last quarter. Finally, Franklin Resources Inc. bought a new stake in shares of Ciena in the 2nd quarter valued at about $234,000. Institutional investors own 91.99% of the company's stock.

Ciena Price Performance

Shares of CIEN stock opened at $373.72 on Friday. Ciena Corporation has a fifty-two week low of $83.20 and a fifty-two week high of $637.51. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.11 and a current ratio of 2.73. The firm has a market capitalization of $52.90 billion, a price-to-earnings ratio of 124.57 and a beta of 1.27. The stock's 50-day simple moving average is $495.15 and its 200-day simple moving average is $403.75.

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 firm had revenue of $1.57 billion during the quarter, compared to analyst estimates of $1.50 billion. Ciena had a net margin of 7.87% and a return on equity of 18.15%. Ciena's revenue was up 39.5% on a year-over-year basis. During the same period last year, the firm posted $0.42 EPS. As a group, equities analysts forecast that Ciena Corporation will post 5.4 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on CIEN shares. Rothschild & Co Redburn started coverage on shares of Ciena in a research report on Friday, May 1st. They issued a "neutral" rating and a $416.00 price objective on the stock. Barclays increased their target price on shares of Ciena from $372.00 to $607.00 and gave the company an "overweight" rating in a research report on Friday, June 5th. Bank of America raised their target price on shares of Ciena from $550.00 to $660.00 and gave the company a "buy" rating in a research note on Tuesday, May 26th. Stifel Nicolaus set a $615.00 price target on shares of Ciena in a report on Friday, May 29th. Finally, JPMorgan Chase & Co. upped their price target on Ciena from $380.00 to $550.00 and gave the stock an "overweight" rating in a research report on Thursday, April 16th. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat.com, Ciena has a consensus rating of "Moderate Buy" and a consensus price target of $530.56.

Insiders Place Their Bets

In other Ciena news, SVP Joseph Cumello sold 1,586 shares of the firm's stock in a transaction on Friday, June 26th. The shares were sold at an average price of $466.33, for a total value of $739,599.38. Following the completion of the transaction, the senior vice president owned 42,872 shares of the company's stock, valued at approximately $19,992,499.76. This trade represents a 3.57% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Marc D. Graff sold 126 shares of the business's stock in a transaction on 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 trade represents a 0.10% 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 have sold 21,627 shares of company stock valued at $10,974,985. Corporate insiders own 0.58% of the company's stock.

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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