7,110 Shares in Ciena Corporation $CIEN Purchased by Fideuram Asset Management Ireland dac

Key Points

• Fideuram Asset Management Ireland dac opened a new position in Ciena, buying 7,110 shares valued at about $1.66 million in the fourth quarter.
• Ciena reported strong quarterly results, with earnings of $1.35 per share beating estimates and revenue of $1.43 billion topping expectations, while sales rose 33.1% year over year.
• Analysts remain broadly positive on the stock, with TD Cowen lifting its price target to $675 and MarketBeat showing a consensus rating of Moderate Buy.

Fideuram Asset Management Ireland dac purchased a new position in Ciena Corporation (NYSE:CIEN - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 7,110 shares of the communications equipment provider's stock, valued at approximately $1,663,000.

Several other hedge funds have also recently added to or reduced their stakes in the business. National Pension Service acquired a new position in Ciena in the fourth quarter worth about $49,679,000. SBI Okasan Asset Management Co.Ltd. acquired a new position in Ciena in the fourth quarter worth about $83,000. Jupiter Asset Management Ltd. raised its position in Ciena by 144.8% in the fourth quarter. Jupiter Asset Management Ltd. now owns 19,868 shares of the communications equipment provider's stock worth $4,647,000 after purchasing an additional 11,751 shares in the last quarter. Intech Investment Management LLC raised its position in Ciena by 93.0% in the fourth quarter. Intech Investment Management LLC now owns 137,564 shares of the communications equipment provider's stock worth $32,172,000 after purchasing an additional 66,298 shares in the last quarter. Finally, Foundations Investment Advisors LLC raised its position in Ciena by 4.6% in the fourth quarter. Foundations Investment Advisors LLC now owns 258,283 shares of the communications equipment provider's stock worth $60,405,000 after purchasing an additional 11,437 shares in the last quarter. Institutional investors and hedge funds own 91.99% of the company's stock.

Insider Activity

In other news, SVP Brodie Gage sold 1,200 shares of the stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $570.65, for a total transaction of $684,780.00. Following 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Gary B. Smith sold 2,952 shares of the stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $562.05, for a total transaction of $1,659,171.60. Following the sale, the chief executive officer directly owned 272,509 shares in the company, valued at $153,163,683.45. This trade represents a 1.07% 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. Insiders have sold 44,174 shares of company stock valued at $18,878,661 over the last three months. 0.58% of the stock is owned by insiders.

Ciena Price Performance

Shares of Ciena stock opened at $580.59 on Friday. The company has a current ratio of 2.81, a quick ratio of 2.14 and a debt-to-equity ratio of 0.55. The stock has a market capitalization of $82.09 billion, a price-to-earnings ratio of 369.80, a P/E/G ratio of 1.87 and a beta of 1.24. Ciena Corporation has a 1-year low of $70.77 and a 1-year high of $605.61. The firm's 50-day moving average price is $500.69 and its two-hundred day moving average price is $341.74.

Ciena (NYSE:CIEN - Get Free Report) last issued its quarterly earnings data on Thursday, March 5th. The communications equipment provider reported $1.35 earnings per share for the quarter, topping the consensus estimate of $1.17 by $0.18. The firm had revenue of $1.43 billion for the quarter, compared to analysts' expectations of $1.40 billion. Ciena had a net margin of 4.47% and a return on equity of 12.09%. The company's quarterly revenue was up 33.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.64 earnings per share. On average, equities analysts predict that Ciena Corporation will post 5.12 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on CIEN shares. TD Cowen increased their price target 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. Evercore set a $330.00 price target on shares of Ciena in a research report on Thursday, February 19th. Morgan Stanley upped their price objective on shares of Ciena from $286.00 to $405.00 and gave the stock an "equal weight" rating in a research note on Monday, April 20th. 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. Finally, Rosenblatt Securities upped their price objective on shares of Ciena from $305.00 to $350.00 and gave the stock a "buy" rating in a research note on Friday, March 6th. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $406.61.

About Ciena

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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