Ardmore Road Asset Management LP bought a new position in Ciena Corporation (NYSE:CIEN - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 91,000 shares of the communications equipment provider's stock, valued at approximately $35,329,000. Ciena accounts for about 2.3% of Ardmore Road Asset Management LP's holdings, making the stock its 11th largest holding. Ardmore Road Asset Management LP owned about 0.06% of Ciena as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also modified their holdings of CIEN. Elyxium Wealth LLC purchased a new stake in Ciena in the 4th quarter worth about $2,747,810,000. State Street Corp boosted its position in Ciena by 17.2% during the 4th quarter. State Street Corp now owns 5,102,409 shares of the communications equipment provider's stock worth $1,193,300,000 after acquiring an additional 750,128 shares during the period. Price T Rowe Associates Inc. MD grew its stake in Ciena by 53.0% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 4,051,625 shares of the communications equipment provider's stock valued at $947,554,000 after acquiring an additional 1,404,132 shares in the last quarter. Bank of America Corp DE grew its stake in Ciena by 10.4% during the 2nd quarter. Bank of America Corp DE now owns 3,495,795 shares of the communications equipment provider's stock valued at $284,313,000 after acquiring an additional 329,821 shares in the last quarter. Finally, Corient Private Wealth LLC increased its holdings in shares of Ciena by 30,114.5% in the 4th quarter. Corient Private Wealth LLC now owns 2,870,677 shares of the communications equipment provider's stock valued at $671,365,000 after purchasing an additional 2,861,176 shares during the period. Hedge funds and other institutional investors own 91.99% of the company's stock.
Wall Street Analyst Weigh In
CIEN has been the subject of a number of research analyst reports. Citigroup increased their price target on shares of Ciena from $345.00 to $658.00 and gave the stock a "buy" rating in a research report on Monday, May 18th. Weiss Ratings downgraded shares of Ciena from a "hold (c+)" rating to a "hold (c)" rating in a research report on Friday. Rosenblatt Securities boosted their price target on shares of Ciena from $350.00 to $720.00 and gave the company a "buy" rating in a report on Friday, June 5th. Rothschild & Co Redburn began coverage on Ciena in a report on Friday, May 1st. They set a "neutral" rating and a $416.00 price objective for the company. Finally, Zacks Research upgraded Ciena from a "hold" rating to a "strong-buy" rating in a research note on Thursday, July 2nd. One 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, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $530.56.
View Our Latest Analysis on Ciena
Ciena Trading Down 0.3%
Shares of NYSE:CIEN opened at $389.93 on Monday. The company has a current ratio of 2.73, a quick ratio of 2.11 and a debt-to-equity ratio of 0.53. The stock has a market capitalization of $55.19 billion, a PE ratio of 129.98 and a beta of 1.27. Ciena Corporation has a 1 year low of $84.41 and a 1 year high of $637.51. The firm has a fifty day moving average price of $477.15 and a 200 day moving average price of $410.54.
Ciena (NYSE:CIEN - Get Free Report) last posted its earnings results on Thursday, June 4th. The communications equipment provider reported $1.64 earnings per share for the quarter, beating the consensus estimate of $1.46 by $0.18. Ciena had a return on equity of 18.15% and a net margin of 7.87%.The company had revenue of $1.57 billion for the quarter, compared to analyst estimates of $1.50 billion. During the same period last year, the company earned $0.42 earnings per share. The business's revenue was up 39.5% compared to the same quarter last year. Analysts expect that Ciena Corporation will post 5.4 EPS for the current fiscal year.
Insider Buying and Selling at Ciena
In related news, CFO Marc D. Graff sold 126 shares of the business's stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $466.20, for a total value of $58,741.20. Following the completion of the sale, the chief financial officer directly owned 126,955 shares in the company, valued at approximately $59,186,421. The trade was a 0.10% decrease in their position. 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, SVP Jason Phipps sold 2,629 shares of the company's stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $466.20, for a total value of $1,225,639.80. Following the sale, the senior vice president directly owned 62,382 shares of the company's stock, valued at $29,082,488.40. The trade was a 4.04% decrease in their position. 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 a total of 21,627 shares of company stock worth $10,974,985 in the last 90 days. Company insiders own 0.58% of the company's stock.
Ciena Company Profile
(
Free Report)
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.
Further Reading
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