Atria Investments Inc Has $6.99 Million Stake in Ciena Corporation $CIEN

Key Points

• Atria Investments Inc increased its stake in Ciena by 10.5% in the fourth quarter, owning 29,876 shares valued at about $6.99 million at quarter-end.
• Insider selling has been notable, including large sales by SVP Jason Phipps and Brodie Gage; over the last 90 days, insiders sold 42,974 shares worth $17.4 million.
• Wall Street sentiment is upbeat, with several analysts raising price targets sharply and Ciena posting strong quarterly results that beat estimates on both earnings and revenue.

Atria Investments Inc boosted its holdings in shares of Ciena Corporation (NYSE:CIEN - Free Report) by 10.5% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 29,876 shares of the communications equipment provider's stock after buying an additional 2,843 shares during the quarter. Atria Investments Inc's holdings in Ciena were worth $6,987,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of CIEN. Community Bank N.A. acquired a new position in Ciena during the third quarter worth $25,000. Assetmark Inc. increased its position in Ciena by 50.4% during the third quarter. Assetmark Inc. now owns 200 shares of the communications equipment provider's stock worth $29,000 after buying an additional 67 shares during the last quarter. Ameritas Advisory Services LLC increased its position 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 buying an additional 104 shares during the last quarter. Hilltop National Bank acquired a new position in Ciena during the fourth quarter worth $35,000. Finally, Quent Capital LLC bought a new stake in Ciena during the third quarter valued at about $39,000. 91.99% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Ciena

In other Ciena news, SVP Jason Phipps sold 22,014 shares of the firm's stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $409.80, for a total value of $9,021,337.20. Following the transaction, the senior vice president directly owned 68 shares of the company's stock, valued at approximately $27,866.40. This trade represents a 99.69% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through 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 firm's stock in a transaction that occurred on Tuesday, March 24th. The shares were sold at an average price of $405.00, for a total transaction of $2,025,000.00. Following the completion of the transaction, the senior vice president directly owned 46,341 shares in the company, valued at approximately $18,768,105. The trade was a 9.74% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 42,974 shares of company stock valued at $17,418,863. 0.58% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

CIEN has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. upped their price target on shares of Ciena from $380.00 to $550.00 and gave the company an "overweight" rating in a report on Thursday, April 16th. Bank of America upped their price target on shares of Ciena from $355.00 to $550.00 and gave the company a "buy" rating in a report on Thursday, April 16th. Citigroup upped their price target on shares of Ciena from $280.00 to $345.00 and gave the company a "buy" rating in a report on Friday, March 6th. TD Cowen upped their price target on shares of Ciena from $425.00 to $675.00 and gave the company a "buy" rating in a report on Friday. Finally, B. Riley Financial upped their price target on shares of Ciena from $222.00 to $283.00 and gave the company a "neutral" rating in a report on Friday, March 6th. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $381.44.

Ciena Stock Performance

NYSE CIEN opened at $554.26 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 firm has a market cap of $78.37 billion, a price-to-earnings ratio of 353.04, a PEG ratio of 1.94 and a beta of 1.24. The company has a 50 day moving average of $454.25 and a 200-day moving average of $315.14. Ciena Corporation has a 1-year low of $70.77 and a 1-year high of $598.84.

Ciena (NYSE:CIEN - Get Free Report) last issued its quarterly earnings results on Thursday, March 5th. The communications equipment provider reported $1.35 earnings per share for the quarter, beating analysts' consensus estimates of $1.17 by $0.18. The business had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.40 billion. Ciena had a net margin of 4.47% and a return on equity of 12.09%. Ciena's revenue for the quarter was up 33.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.64 earnings per share. On average, equities analysts forecast that Ciena Corporation will post 5.12 earnings per share for the current fiscal year.

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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