7,572 Shares in Ciena Corporation $CIEN Purchased by Gulf International Bank UK Ltd

Key Points

• Gulf International Bank UK Ltd opened a new position in Ciena, buying 7,572 shares valued at about $1.77 million in the fourth quarter.
• Ciena has seen strong analyst support, with multiple firms raising price targets; the stock now carries a Moderate Buy consensus and a target price of $406.61.
• The company reported better-than-expected quarterly results, including EPS of $1.35 versus $1.17 expected and revenue growth of 33.1% year over year, though insiders have recently sold shares.

Gulf International Bank UK Ltd purchased a new position in shares of Ciena Corporation (NYSE:CIEN - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 7,572 shares of the communications equipment provider's stock, valued at approximately $1,771,000.

A number of other institutional investors also recently added to or reduced their stakes in CIEN. Hilltop National Bank bought a new position in shares of Ciena during the 4th quarter worth approximately $35,000. Community Bank N.A. acquired a new stake in Ciena in the 3rd quarter valued at $25,000. Assetmark Inc. grew its position in Ciena by 50.4% in the third quarter. Assetmark Inc. now owns 200 shares of the communications equipment provider's stock valued at $29,000 after acquiring an additional 67 shares during the period. Wolff Wiese Magana LLC bought a new stake in Ciena in the fourth quarter valued at $47,000. Finally, Ameritas Advisory Services LLC raised its stake in Ciena by 104.0% during the third quarter. Ameritas Advisory Services LLC now owns 204 shares of the communications equipment provider's stock worth $30,000 after acquiring an additional 104 shares in the last quarter. 91.99% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have issued reports on the company. Rosenblatt Securities lifted their price objective on Ciena from $305.00 to $350.00 and gave the company a "buy" rating in a report on Friday, March 6th. Wolfe Research reaffirmed an "outperform" rating and issued a $375.00 target price on shares of Ciena in a report on Thursday, March 5th. JPMorgan Chase & Co. upped their target price on shares of Ciena from $380.00 to $550.00 and gave the stock an "overweight" rating in a report on Thursday, April 16th. Needham & Company LLC upped their target price on shares of Ciena from $280.00 to $370.00 and gave the stock a "buy" rating in a report on Thursday, March 5th. Finally, Zacks Research raised shares of Ciena from a "hold" rating to a "strong-buy" rating in a report on Friday, March 13th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and six have given a Hold rating to the company. According to MarketBeat, Ciena currently has a consensus rating of "Moderate Buy" and a consensus target price of $406.61.

Ciena Stock Up 1.8%

CIEN opened at $580.59 on Friday. The firm's 50-day simple moving average is $500.69 and its 200-day simple moving average is $341.74. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.14 and a current ratio of 2.81. Ciena Corporation has a twelve month low of $70.77 and a twelve month high of $605.61. The firm has a market cap of $82.09 billion, a price-to-earnings ratio of 369.80, a PEG ratio of 1.87 and a beta of 1.24.

Ciena (NYSE:CIEN - Get Free Report) last posted its earnings results 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. Ciena had a net margin of 4.47% and a return on equity of 12.09%. The business had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.40 billion. During the same quarter in the prior year, the firm earned $0.64 EPS. The firm's quarterly revenue was up 33.1% compared to the same quarter last year. Equities research analysts anticipate that Ciena Corporation will post 5.12 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Gary B. Smith sold 2,952 shares of the company's stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $415.51, for a total transaction of $1,226,585.52. Following the transaction, the chief executive officer owned 281,365 shares in the company, valued at $116,909,971.15. This represents a 1.04% decrease in their position. The sale was disclosed in a filing 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 Brodie Gage sold 5,000 shares of the company's stock in a transaction dated Tuesday, March 24th. The stock was sold at an average price of $405.00, for a total transaction of $2,025,000.00. Following the transaction, the senior vice president owned 46,341 shares in the company, valued at approximately $18,768,105. This trade represents a 9.74% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 44,174 shares of company stock worth $18,878,661 in the last 90 days. Corporate insiders own 0.58% of the company's stock.

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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