Corebridge Financial Inc. Has $9.49 Million Stake in Ciena Corporation $CIEN

Key Points

• Corebridge Financial Inc. has reduced its stake in Ciena Corporation by 3.9%, selling 6,452 shares and now owning approximately $9.49 million worth of the stock.
• Various hedge funds, including AlphaQuest LLC and Kestra Advisory Services LLC, have recently altered their positions in Ciena, with institutional investors now holding 91.99% of the shares.
• Ciena's recent earnings report showed revenues of $1.13 billion, with an EPS of $0.42, which was below analysts' expectations of $0.50.

Corebridge Financial Inc. reduced its stake in Ciena Corporation (NYSE:CIEN - Free Report) by 3.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 156,968 shares of the communications equipment provider's stock after selling 6,452 shares during the period. Corebridge Financial Inc. owned 0.11% of Ciena worth $9,486,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of CIEN. NewEdge Advisors LLC increased its holdings in shares of Ciena by 218.8% in the fourth quarter. NewEdge Advisors LLC now owns 3,749 shares of the communications equipment provider's stock valued at $318,000 after purchasing an additional 2,573 shares during the last quarter. MML Investors Services LLC increased its holdings in shares of Ciena by 19.2% in the fourth quarter. MML Investors Services LLC now owns 21,114 shares of the communications equipment provider's stock valued at $1,791,000 after purchasing an additional 3,399 shares during the last quarter. Hsbc Holdings PLC increased its holdings in shares of Ciena by 321.6% in the fourth quarter. Hsbc Holdings PLC now owns 19,426 shares of the communications equipment provider's stock valued at $1,648,000 after purchasing an additional 14,818 shares during the last quarter. Integrated Wealth Concepts LLC acquired a new position in shares of Ciena in the fourth quarter valued at $274,000. Finally, Voya Investment Management LLC increased its holdings in shares of Ciena by 58.0% in the fourth quarter. Voya Investment Management LLC now owns 33,382 shares of the communications equipment provider's stock valued at $2,831,000 after purchasing an additional 12,260 shares during the last quarter. 91.99% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Evercore ISI restated a "mixed" rating on shares of Ciena in a research note on Friday, June 6th. Wall Street Zen cut shares of Ciena from a "buy" rating to a "hold" rating in a research report on Friday, August 22nd. JPMorgan Chase & Co. upped their price objective on shares of Ciena from $83.00 to $105.00 and gave the stock an "overweight" rating in a research report on Thursday, July 17th. Northland Securities set a $100.00 price objective on shares of Ciena in a research report on Monday, June 30th. Finally, Morgan Stanley reaffirmed an "underweight" rating and set a $70.00 price objective (down previously from $73.00) on shares of Ciena in a research report on Tuesday, July 8th. Two analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $86.69.

Insider Buying and Selling at Ciena

In other Ciena news, SVP Brodie Gage sold 350 shares of the firm's stock in a transaction that occurred on Friday, August 15th. The shares were sold at an average price of $90.94, for a total transaction of $31,829.00. Following the completion of the transaction, the senior vice president owned 43,268 shares in the company, valued at approximately $3,934,791.92. This trade represents a 0.80% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Joseph Cumello sold 2,044 shares of the firm's stock in a transaction that occurred on Friday, June 27th. The stock was sold at an average price of $81.64, for a total transaction of $166,872.16. Following the sale, the senior vice president directly 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 disclosure for this sale can be found here. Insiders have sold 32,969 shares of company stock worth $2,694,781 in the last 90 days. Corporate insiders own 0.93% of the company's stock.

Ciena Price Performance

Shares of CIEN traded down $4.04 during mid-day trading on Monday, reaching $93.85. The company had a trading volume of 2,230,646 shares, compared to its average volume of 1,680,100. The company's 50 day simple moving average is $87.00 and its 200 day simple moving average is $76.71. Ciena Corporation has a 1-year low of $49.21 and a 1-year high of $101.44. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.57 and a current ratio of 3.40. The company has a market capitalization of $13.27 billion, a price-to-earnings ratio of 130.35, a P/E/G ratio of 2.10 and a beta of 1.16.

Ciena (NYSE:CIEN - Get Free Report) last posted its quarterly earnings results on Thursday, June 5th. The communications equipment provider reported $0.42 earnings per share for the quarter, missing analysts' consensus estimates of $0.50 by ($0.08). Ciena had a net margin of 2.46% and a return on equity of 5.08%. The company had revenue of $1.13 billion during the quarter, compared to analyst estimates of $1.09 billion. During the same quarter in the previous year, the business posted $0.27 earnings per share. The company's revenue for the quarter was up 23.6% on a year-over-year basis. Ciena has set its FY 2025 guidance at EPS. Q3 2025 guidance at EPS. Analysts expect that Ciena Corporation will post 1.6 EPS for the current year.

Ciena Company Profile

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.