Ciena Corporation $CIEN is Titan Global Capital Management USA LLC's 2nd Largest Position

Key Points

• Titan Global Capital Management USA LLC cut its Ciena stake by 17% in the fourth quarter but still holds 167,569 shares worth about $39.2 million. Ciena remains the fund’s 2nd largest position and accounts for 5.6% of its portfolio.
• Wall Street sentiment remains positive, with several analysts raising targets and issuing buy ratings. The stock currently carries a consensus rating of Moderate Buy and an average target price of $406.61.
• Ciena posted strong quarterly results, beating earnings and revenue estimates with EPS of $1.35 and revenue of $1.43 billion, up 33.1% year over year. However, insiders sold shares during the quarter, including CEO Gary B. Smith and SVP Jason Phipps.

Titan Global Capital Management USA LLC trimmed its holdings in shares of Ciena Corporation (NYSE:CIEN - Free Report) by 17.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 167,569 shares of the communications equipment provider's stock after selling 34,387 shares during the period. Ciena comprises approximately 5.6% of Titan Global Capital Management USA LLC's portfolio, making the stock its 2nd largest position. Titan Global Capital Management USA LLC owned about 0.12% of Ciena worth $39,189,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the business. Hilltop National Bank purchased a new stake in shares of Ciena during the fourth quarter worth about $35,000. Community Bank N.A. purchased a new stake in shares of Ciena during the third quarter worth about $25,000. Assetmark Inc. boosted its holdings in shares of 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 purchasing an additional 67 shares during the period. Wolff Wiese Magana LLC purchased a new stake in shares of Ciena during the fourth quarter worth about $47,000. Finally, Ameritas Advisory Services LLC boosted its holdings in shares of 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 purchasing an additional 104 shares during the period. 91.99% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on CIEN shares. Rosenblatt Securities increased their target price on shares of Ciena from $305.00 to $350.00 and gave the stock a "buy" rating in a report on Friday, March 6th. Bank of America increased their target price on shares of Ciena from $550.00 to $660.00 and gave the stock a "buy" rating in a report on Tuesday, May 26th. Wolfe Research reiterated an "outperform" rating and set a $375.00 target price on shares of Ciena in a report on Thursday, March 5th. Raymond James Financial reiterated an "outperform" rating and set a $320.00 target price on shares of Ciena in a report on Thursday, March 5th. Finally, B. Riley Financial increased their target price on shares of Ciena from $222.00 to $283.00 and gave the stock a "neutral" rating in a report on Friday, March 6th. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $406.61.

Ciena Price Performance

Shares of NYSE CIEN opened at $580.59 on Friday. Ciena Corporation has a fifty-two week low of $70.77 and a fifty-two week high of $605.61. The company has a 50 day simple moving average of $500.69 and a two-hundred day simple moving average of $341.74. The company has a market capitalization of $82.09 billion, a price-to-earnings ratio of 369.80, a P/E/G ratio of 1.90 and a beta of 1.24. 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 (NYSE:CIEN - Get Free Report) last announced its 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. Ciena had a net margin of 4.47% and a return on equity of 12.09%. The business had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.40 billion. During the same quarter last year, the firm earned $0.64 earnings per share. The business's revenue for the quarter was up 33.1% on a year-over-year basis. Analysts expect that Ciena Corporation will post 5.12 EPS for the current fiscal year.

Insider Buying and Selling at Ciena

In other Ciena news, CEO Gary B. Smith sold 2,952 shares of the firm's stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer owned 281,365 shares of the company's stock, valued at approximately $116,909,971.15. This trade represents a 1.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, 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 transaction of $9,021,337.20. Following the transaction, the senior vice president directly owned 68 shares of the company's stock, valued at $27,866.40. This represents a 99.69% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 44,174 shares of company stock valued at $18,878,661. Corporate insiders own 0.58% of the company's stock.

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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