Amundi Has $1.91 Million Holdings in Ciena Corporation $CIEN

Key Points

• Amundi significantly increased its stake in Ciena Corporation by 322.8%, acquiring a total of 34,035 shares valued at approximately $1.9 million as of its latest SEC filing.
• Insider selling activity occurred, with two senior vice presidents selling shares amounting to 39,769 in the last ninety days, decreasing their ownership by approximately 2.67% and 4.15%, respectively.
• Following recent price target upgrades from multiple analysts, Ciena's shares have seen increased confidence, with price targets now ranging from $100 to $140 under various optimistic ratings.

Amundi lifted its holdings in Ciena Corporation (NYSE:CIEN - Free Report) by 322.8% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 34,035 shares of the communications equipment provider's stock after purchasing an additional 25,986 shares during the period. Amundi's holdings in Ciena were worth $1,912,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Bessemer Group Inc. boosted its holdings in shares of Ciena by 50.0% in the 1st quarter. Bessemer Group Inc. now owns 534 shares of the communications equipment provider's stock worth $32,000 after acquiring an additional 178 shares in the last quarter. Bayforest Capital Ltd lifted its stake in shares of Ciena by 34.7% in the 1st quarter. Bayforest Capital Ltd now owns 636 shares of the communications equipment provider's stock valued at $38,000 after purchasing an additional 164 shares during the period. MassMutual Private Wealth & Trust FSB lifted its stake in shares of Ciena by 66.7% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 640 shares of the communications equipment provider's stock valued at $39,000 after purchasing an additional 256 shares during the period. Orion Capital Management LLC acquired a new position in shares of Ciena in the 4th quarter valued at $42,000. Finally, AdvisorNet Financial Inc lifted its stake in shares of Ciena by 9,162.5% in the 1st quarter. AdvisorNet Financial Inc now owns 741 shares of the communications equipment provider's stock valued at $45,000 after purchasing an additional 733 shares during the period. 91.99% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts recently commented on the stock. Bank of America upped their price objective on shares of Ciena from $95.00 to $135.00 and gave the company a "buy" rating in a research report on Friday, September 5th. Northland Securities set a $100.00 price objective on shares of Ciena in a research note on Monday, June 30th. Zacks Research upgraded shares of Ciena from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, September 9th. Morgan Stanley increased their price objective on shares of Ciena from $70.00 to $100.00 and gave the stock an "underweight" rating in a research note on Friday, September 5th. Finally, Argus increased their price objective on shares of Ciena from $100.00 to $135.00 and gave the stock a "buy" rating in a research note on Friday, September 5th. Three research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Ciena currently has an average rating of "Moderate Buy" and an average price target of $114.32.

Ciena Stock Performance

Ciena stock traded up $4.84 during trading hours on Monday, hitting $136.12. The company had a trading volume of 3,375,191 shares, compared to its average volume of 2,801,301. The firm has a market cap of $19.20 billion, a PE ratio of 140.33, a PEG ratio of 2.58 and a beta of 1.16. The company has a debt-to-equity ratio of 0.55, a current ratio of 3.28 and a quick ratio of 2.52. Ciena Corporation has a one year low of $49.21 and a one year high of $138.35. The firm has a 50-day moving average of $95.10 and a 200 day moving average of $79.26.

Insider Activity at Ciena

In other Ciena news, SVP Jason Phipps sold 2,325 shares of the stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $80.50, for a total value of $187,162.50. Following the transaction, the senior vice president directly owned 84,833 shares of the company's stock, valued at $6,829,056.50. This represents a 2.67% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Brodie Gage sold 350 shares of the firm's stock in a transaction that occurred on Friday, August 15th. The stock was sold at an average price of $90.94, for a total transaction of $31,829.00. Following the transaction, the senior vice president directly owned 43,268 shares in the company, valued at $3,934,791.92. This represents a 0.80% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 32,619 shares of company stock valued at $2,796,803 in the last 90 days. Insiders own 0.93% of the company's stock.

Ciena Company Profile

Ciena Corporation provides hardware and software services for delivery of video, data, and voice traffic metro, aggregation, and access communications network worldwide. The company's Networking Platforms segment offers convergence of coherent optical transport, open optical networking, optical transport network switching, IP routing, and switching services.