Banque Cantonale Vaudoise Buys 4,117 Shares of Ciena Corporation $CIEN

Key Points

• Banque Cantonale Vaudoise increased its Ciena stake by 43.1% in the first quarter, buying 4,117 more shares and bringing its total to 13,669 shares worth about $5.31 million.
• Ciena reported strong quarterly results, with EPS of $1.64 beating estimates and revenue of $1.57 billion, up 39.5% year over year.
• Wall Street remains bullish on the stock, with 13 buy ratings and 7 hold ratings; analysts’ average price target is $530.56, while Ciena last traded at $461.88.

Banque Cantonale Vaudoise raised its position in shares of Ciena Corporation (NYSE:CIEN - Free Report) by 43.1% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 13,669 shares of the communications equipment provider's stock after acquiring an additional 4,117 shares during the period. Banque Cantonale Vaudoise's holdings in Ciena were worth $5,306,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Elyxium Wealth LLC bought a new position in shares of Ciena during the fourth quarter worth approximately $2,747,810,000. Corient Private Wealth LLC lifted its holdings in shares of Ciena by 30,114.5% during the fourth quarter. Corient Private Wealth LLC now owns 2,870,677 shares of the communications equipment provider's stock worth $671,365,000 after buying an additional 2,861,176 shares in the last quarter. Lone Pine Capital LLC acquired a new stake in shares of Ciena during the third quarter worth $292,310,000. Price T Rowe Associates Inc. MD boosted its position in shares of Ciena by 53.0% in the fourth 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 during the period. Finally, Atreides Management LP bought a new stake in shares of Ciena in the second quarter valued at about $102,705,000. Institutional investors and hedge funds own 91.99% of the company's stock.

Insider Transactions at Ciena

In related news, SVP Jason Phipps sold 22,014 shares of the stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $409.80, for a total transaction of $9,021,337.20. Following the sale, the senior vice president owned 68 shares in the company, valued at approximately $27,866.40. This trade represents a 99.69% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Brodie Gage sold 1,200 shares of Ciena stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $466.10, for a total transaction of $559,320.00. Following the completion of the transaction, the senior vice president directly owned 42,741 shares in the company, valued at $19,921,580.10. This trade represents a 2.73% 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. In the last 90 days, insiders sold 40,374 shares of company stock valued at $18,324,470. Company insiders own 0.58% of the company's stock.

Ciena Trading Up 0.4%

CIEN opened at $461.88 on Thursday. Ciena Corporation has a twelve month low of $76.89 and a twelve month high of $637.51. The company has a 50-day simple moving average of $518.10 and a 200 day simple moving average of $378.78. The company has a quick ratio of 2.11, a current ratio of 2.73 and a debt-to-equity ratio of 0.53. The stock has a market capitalization of $65.38 billion, a price-to-earnings ratio of 153.96 and a beta of 1.24.

Ciena (NYSE:CIEN - Get Free Report) last announced its quarterly earnings data on Thursday, June 4th. The communications equipment provider reported $1.64 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.46 by $0.18. Ciena had a net margin of 7.87% and a return on equity of 18.15%. The firm had revenue of $1.57 billion for the quarter, compared to the consensus estimate of $1.50 billion. During the same period in the prior year, the company posted $0.42 earnings per share. The business's revenue for the quarter was up 39.5% on a year-over-year basis. Analysts predict that Ciena Corporation will post 5.4 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms recently commented on CIEN. Citigroup raised 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. Argus set a $650.00 price objective on shares of Ciena in a report on Friday, June 5th. Wolfe Research restated an "outperform" rating and set a $375.00 target price on shares of Ciena in a research report on Thursday, March 5th. Raymond James Financial raised their target price on shares of Ciena from $320.00 to $530.00 and gave the stock an "outperform" rating in a report on Thursday, June 4th. Finally, Northland Securities set a $450.00 price target on shares of Ciena in a research report on Friday, June 5th. Thirteen investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $530.56.

Ciena 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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