Ciena Corporation $CIEN Shares Bought by FengHe Fund Management Pte. Ltd.

FengHe Fund Management Pte. Ltd. raised its position in Ciena Corporation (NYSE:CIEN - Free Report) by 164.0% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 660,988 shares of the communications equipment provider's stock after acquiring an additional 410,588 shares during the period. Ciena makes up 8.7% of FengHe Fund Management Pte. Ltd.'s investment portfolio, making the stock its 2nd largest holding. FengHe Fund Management Pte. Ltd. owned 0.47% of Ciena worth $154,585,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the company. Wealthfront Advisers LLC lifted its stake in shares of Ciena by 3.2% in the 4th quarter. Wealthfront Advisers LLC now owns 2,612 shares of the communications equipment provider's stock worth $611,000 after acquiring an additional 82 shares during the period. Torren Management LLC acquired a new stake in shares of Ciena in the 4th quarter worth $53,000. Mitsubishi UFJ Trust & Banking Corp lifted its stake in shares of Ciena by 333.5% in the 4th quarter. Mitsubishi UFJ Trust & Banking Corp now owns 63,685 shares of the communications equipment provider's stock worth $14,894,000 after acquiring an additional 48,995 shares during the period. Pictet Asset Management Holding SA lifted its stake in shares of Ciena by 175.1% in the 4th quarter. Pictet Asset Management Holding SA now owns 56,423 shares of the communications equipment provider's stock worth $13,196,000 after acquiring an additional 35,911 shares during the period. Finally, Sanctuary Advisors LLC lifted its stake in shares of Ciena by 65.1% in the 4th quarter. Sanctuary Advisors LLC now owns 8,271 shares of the communications equipment provider's stock worth $1,934,000 after acquiring an additional 3,261 shares during the period. Institutional investors and hedge funds own 91.99% of the company's stock.

Ciena Stock Performance

Shares of CIEN opened at $506.51 on Tuesday. The company has a 50-day simple moving average of $403.54 and a 200-day simple moving average of $284.23. The company has a quick ratio of 2.14, a current ratio of 2.81 and a debt-to-equity ratio of 0.55. The company has a market capitalization of $71.62 billion, a PE ratio of 322.62, a P/E/G ratio of 1.71 and a beta of 1.01. Ciena Corporation has a 52-week low of $64.71 and a 52-week high of $527.86.

Ciena (NYSE:CIEN - Get Free Report) last announced its quarterly earnings results on Thursday, March 5th. The communications equipment provider reported $1.35 earnings per share (EPS) 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 posted $0.64 EPS. The business's revenue was up 33.1% compared to the same quarter last year. Equities research analysts predict that Ciena Corporation will post 5.1 earnings per share for the current fiscal year.

Insider Buying and Selling at Ciena

In other Ciena news, SVP Brodie Gage sold 5,000 shares of the firm's stock in a transaction dated 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. This trade represents a 9.74% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Gary B. Smith sold 2,952 shares of the firm's stock in a transaction dated Monday, March 16th. The shares were sold at an average price of $359.53, for a total transaction of $1,061,332.56. Following the transaction, the chief executive officer owned 293,084 shares of the company's stock, valued at $105,372,490.52. This trade represents a 1.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 42,974 shares of company stock worth $16,615,505. 0.58% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Raymond James Financial restated an "outperform" rating and issued a $320.00 target price on shares of Ciena in a research note on Thursday, March 5th. Stifel Nicolaus increased their price target on shares of Ciena from $320.00 to $430.00 and gave the company a "buy" rating in a report on Monday, March 23rd. Wolfe Research reiterated an "outperform" rating and issued a $375.00 price target on shares of Ciena in a report on Thursday, March 5th. JPMorgan Chase & Co. increased 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. Finally, Needham & Company LLC increased their price target on shares of Ciena from $280.00 to $370.00 and gave the company a "buy" rating in a report on Thursday, March 5th. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $355.59.

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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