Ciena Corporation $CIEN Shares Purchased by Zurcher Kantonalbank Zurich Cantonalbank

Key Points

• Zurcher Kantonalbank increased its stake in Ciena by 239.0% in Q4 to 148,179 shares, worth about $34.655 million and representing roughly 0.11% of the company.
• Ciena beat quarterly estimates with EPS of $1.35 versus $1.17 expected and revenue of $1.43 billion, a 33.1% year‑over‑year increase.
• Multiple analysts raised price targets (JPMorgan and Bank of America to $550), leaving a MarketBeat consensus rating of “Moderate Buy” and a consensus price target of $355.59.

Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Ciena Corporation (NYSE:CIEN - Free Report) by 239.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 148,179 shares of the communications equipment provider's stock after purchasing an additional 104,468 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank owned about 0.11% of Ciena worth $34,655,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of CIEN. Lecap Asset Management Ltd. purchased a new position in Ciena in the 3rd quarter worth approximately $1,993,000. Convergence Investment Partners LLC acquired a new stake in Ciena in the third quarter valued at approximately $1,726,000. KBC Group NV raised its stake in shares of Ciena by 11.3% during the fourth quarter. KBC Group NV now owns 31,161 shares of the communications equipment provider's stock valued at $7,288,000 after purchasing an additional 3,156 shares during the period. Peak Financial Advisors LLC raised its stake in shares of Ciena by 222.7% during the fourth quarter. Peak Financial Advisors LLC now owns 11,596 shares of the communications equipment provider's stock valued at $2,712,000 after purchasing an additional 8,003 shares during the period. Finally, Semanteon Capital Management LP acquired a new position in shares of Ciena during the third quarter worth $568,000. Institutional investors and hedge funds own 91.99% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on CIEN. UBS Group raised their price target on shares of Ciena from $230.00 to $285.00 and gave the company a "neutral" rating in a report on Friday, March 6th. JPMorgan Chase & Co. boosted their price objective on shares of Ciena from $380.00 to $550.00 and gave the stock an "overweight" rating in a report on Thursday, April 16th. Weiss Ratings reissued a "hold (c)" rating on shares of Ciena in a research report on Wednesday, January 21st. Bank of America raised their target price on Ciena from $355.00 to $550.00 and gave the company a "buy" rating in a research note on Thursday, April 16th. Finally, B. Riley Financial lifted their target price on Ciena from $222.00 to $283.00 and gave the stock a "neutral" rating in a research report on Friday, March 6th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $355.59.

Ciena Stock Down 0.9%

CIEN stock opened at $503.04 on Tuesday. 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 50 day simple moving average of $382.51 and a 200-day simple moving average of $271.77. The company has a market capitalization of $71.13 billion, a P/E ratio of 320.41, a PEG ratio of 1.67 and a beta of 1.01. Ciena Corporation has a twelve month low of $56.94 and a twelve month high of $517.88.

Ciena (NYSE:CIEN - Get Free Report) last posted its quarterly earnings results on Thursday, March 5th. The communications equipment provider reported $1.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.17 by $0.18. The firm had revenue of $1.43 billion for the quarter, compared to analysts' expectations of $1.40 billion. Ciena had a net margin of 4.47% and a return on equity of 12.09%. The firm's quarterly revenue was up 33.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.64 earnings per share. On average, equities research analysts predict that Ciena Corporation will post 5.08 earnings per share for the current fiscal year.

Insider Activity

In related news, SVP Jason Phipps sold 22,014 shares of Ciena stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $409.80, for a total value of $9,021,337.20. Following the completion of the transaction, the senior vice president directly owned 68 shares in the company, valued at approximately $27,866.40. This trade represents a 99.69% decrease in their ownership of the stock. The transaction 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, CEO Gary B. Smith sold 2,952 shares of the business's stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $415.51, for a total value of $1,226,585.52. Following the completion of the sale, the chief executive officer directly owned 281,365 shares of the company's stock, valued at approximately $116,909,971.15. This represents a 1.04% 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 have sold 42,974 shares of company stock worth $16,615,505. 0.58% of the stock is currently owned by corporate insiders.

About Ciena

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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