Ciena Corporation $CIEN Stake Raised by Jupiter Asset Management Ltd.

Key Points

• Jupiter Asset Management increased its Ciena holdings by 144.8% in the fourth quarter, ending with 19,868 shares worth about $4.65 million.
• Ciena reported strong quarterly results, posting $1.35 EPS versus the $1.17 consensus and revenue of $1.43 billion, up 33.1% year over year.
• Analysts remain upbeat overall, with Ciena carrying a Moderate Buy rating and an average price target of $406.61, though recent targets have ranged as high as $658.

Jupiter Asset Management Ltd. lifted its holdings in shares of Ciena Corporation (NYSE:CIEN - Free Report) by 144.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 19,868 shares of the communications equipment provider's stock after buying an additional 11,751 shares during the period. Jupiter Asset Management Ltd.'s holdings in Ciena were worth $4,647,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Jacobs Levy Equity Management Inc. bought a new position in shares of Ciena in the first quarter worth $395,000. Jones Financial Companies Lllp lifted its holdings in Ciena by 139.6% in the first quarter. Jones Financial Companies Lllp now owns 5,253 shares of the communications equipment provider's stock worth $317,000 after purchasing an additional 3,061 shares during the period. Goldman Sachs Group Inc. lifted its holdings in Ciena by 1.4% in the first quarter. Goldman Sachs Group Inc. now owns 222,054 shares of the communications equipment provider's stock worth $13,419,000 after purchasing an additional 3,117 shares during the period. Focus Partners Wealth grew its position in Ciena by 14.6% in the 1st quarter. Focus Partners Wealth now owns 5,762 shares of the communications equipment provider's stock valued at $348,000 after buying an additional 733 shares in the last quarter. Finally, Franklin Resources Inc. bought a new position in Ciena in the 2nd quarter valued at about $234,000. 91.99% of the stock is owned by institutional investors.

Ciena Trading Up 1.8%

Shares of CIEN opened at $580.59 on Friday. The business's 50-day moving average price is $500.69 and its 200 day moving average price is $341.74. 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 stock has a market capitalization of $82.09 billion, a P/E ratio of 369.80, a P/E/G ratio of 1.90 and a beta of 1.24. Ciena Corporation has a 1-year low of $70.77 and a 1-year high of $605.61.

Ciena (NYSE:CIEN - Get Free Report) last announced its earnings results on Thursday, March 5th. The communications equipment provider reported $1.35 EPS for the quarter, topping the consensus estimate of $1.17 by $0.18. Ciena had a net margin of 4.47% and a return on equity of 12.09%. The company had revenue of $1.43 billion during the quarter, compared to analysts' expectations of $1.40 billion. During the same period last year, the company posted $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 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. B. Riley Financial upped their price target on shares of Ciena from $222.00 to $283.00 and gave the stock a "neutral" rating in a research note on Friday, March 6th. Citigroup raised their price objective on shares of Ciena from $345.00 to $658.00 and gave the company a "buy" rating in a research note on Monday, May 18th. JPMorgan Chase & Co. boosted their target price on Ciena from $380.00 to $550.00 and gave the stock an "overweight" rating in a report on Thursday, April 16th. Evercore set a $330.00 target price on Ciena in a research report on Thursday, February 19th. Finally, Morgan Stanley increased their price target on Ciena from $286.00 to $405.00 and gave the company an "equal weight" rating in a research note on Monday, April 20th. 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 stock. Based on data from MarketBeat, Ciena presently has an average rating of "Moderate Buy" and an average price target of $406.61.

Insiders Place Their Bets

In other Ciena news, SVP Jason Phipps sold 22,014 shares of the business's stock in a transaction 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 directly owned 68 shares of the company's stock, valued at $27,866.40. The trade was a 99.69% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Brodie Gage sold 5,000 shares of the stock in a transaction on Tuesday, March 24th. The shares were sold at an average price of $405.00, for a total value of $2,025,000.00. Following the completion of the sale, the senior vice president owned 46,341 shares of the company's stock, valued at $18,768,105. The trade was a 9.74% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 44,174 shares of company stock worth $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.

Want to see what other hedge funds are holding CIEN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Ciena Corporation (NYSE:CIEN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.