Ciena Corporation $CIEN Shares Sold by Royal Bank of Canada

Key Points

• Royal Bank of Canada reduced its stake in Ciena Corporation by 30%, selling 83,407 shares, and now owns approximately 0.14% of the company valued at $11.73 million.
• Several institutional investors, including Bessemer Group Inc. and AdvisorNet Financial Inc., have made significant adjustments to their positions in Ciena, with AdvisorNet increasing its stake by a remarkable 9,162.5%.
• Analysts have recently raised their price targets for Ciena, with Bank of America setting a target of $135 and Needham & Company increasing it to $130, signaling ongoing confidence in the company's potential for growth.

Royal Bank of Canada lowered its stake in Ciena Corporation (NYSE:CIEN - Free Report) by 30.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 194,187 shares of the communications equipment provider's stock after selling 83,407 shares during the period. Royal Bank of Canada owned about 0.14% of Ciena worth $11,734,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also made changes to their positions in CIEN. Orion Capital Management LLC purchased a new stake in shares of Ciena during the 4th quarter worth approximately $42,000. Bessemer Group Inc. increased its stake in Ciena by 50.0% in the 1st quarter. Bessemer Group Inc. now owns 534 shares of the communications equipment provider's stock valued at $32,000 after buying an additional 178 shares during the period. Bayforest Capital Ltd increased its stake in Ciena by 34.7% in the 1st quarter. Bayforest Capital Ltd now owns 636 shares of the communications equipment provider's stock valued at $38,000 after buying an additional 164 shares during the period. MassMutual Private Wealth & Trust FSB boosted its stake in shares of Ciena by 66.7% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 640 shares of the communications equipment provider's stock valued at $39,000 after buying an additional 256 shares in the last quarter. Finally, AdvisorNet Financial Inc boosted its stake in shares of Ciena by 9,162.5% in the first quarter. AdvisorNet Financial Inc now owns 741 shares of the communications equipment provider's stock valued at $45,000 after buying an additional 733 shares in the last quarter. Institutional investors and hedge funds own 91.99% of the company's stock.

Analysts Set New Price Targets

A number of research firms have commented on CIEN. Bank of America boosted their target price on Ciena from $95.00 to $135.00 and gave the stock a "buy" rating in a research report on Friday, September 5th. Wall Street Zen upgraded Ciena from a "hold" rating to a "buy" rating in a report on Friday, September 5th. Morgan Stanley increased their target price on Ciena from $70.00 to $100.00 and gave the company an "underweight" rating in a research note on Friday, September 5th. B. Riley reaffirmed a "neutral" rating and issued a $113.00 price objective (up previously from $90.00) on shares of Ciena in a research report on Friday, September 5th. Finally, Needham & Company LLC raised their price objective on Ciena from $90.00 to $130.00 and gave the company a "buy" rating in a research note on Friday, September 5th. Three research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $114.32.

Ciena Trading Up 2.2%

Shares of Ciena stock opened at $132.72 on Friday. The business has a fifty day simple moving average of $92.98 and a 200-day simple moving average of $78.50. The firm has a market cap of $18.72 billion, a price-to-earnings ratio of 136.82, a price-to-earnings-growth ratio of 2.55 and a beta of 1.16. The company has a quick ratio of 2.52, a current ratio of 3.28 and a debt-to-equity ratio of 0.55. Ciena Corporation has a fifty-two week low of $49.21 and a fifty-two week high of $134.31.

Insider Buying and Selling

In related news, SVP Joseph Cumello sold 2,044 shares of Ciena stock in a transaction dated Friday, June 27th. The stock was sold at an average price of $81.64, for a total value of $166,872.16. Following the transaction, the senior vice president owned 47,198 shares of the company's stock, valued at approximately $3,853,244.72. This trade represents a 4.15% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Brodie Gage sold 350 shares of Ciena stock in a transaction dated Friday, August 15th. The stock was sold at an average price of $90.94, for a total value of $31,829.00. Following the completion of the transaction, the senior vice president directly owned 43,268 shares in the company, valued at $3,934,791.92. This represents a 0.80% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 39,769 shares of company stock worth $3,326,705. Company insiders own 0.93% of the company's stock.

About Ciena

Ciena Corporation provides hardware and software services for delivery of video, data, and voice traffic metro, aggregation, and access communications network worldwide. The company's Networking Platforms segment offers convergence of coherent optical transport, open optical networking, optical transport network switching, IP routing, and switching services.

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