Curated Wealth Partners LLC Sells 159,858 Shares of Ciena Corporation $CIEN

Key Points

• Curated Wealth Partners LLC cut its Ciena stake by 99.4% in the third quarter, selling 159,858 shares and retaining 917 shares valued at approximately $323,000.
• Ciena shares opened at $331.73, down 7.0%, despite quarterly results that exceeded expectations: EPS was $2.11 versus a $1.73 consensus estimate, while revenue rose 37% year over year to $1.67 billion.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating and a $506.11 target price, although insiders have sold 31,862 shares worth about $12.0 million over the past three months.

Curated Wealth Partners LLC lowered its holdings in shares of Ciena Corporation (NYSE:CIEN - Free Report) by 99.4% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 917 shares of the communications equipment provider's stock after selling 159,858 shares during the period. Curated Wealth Partners LLC's holdings in Ciena were worth $323,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Bank of New York Mellon Corp acquired a new position in shares of Ciena during the second quarter valued at about $404,948,000. Swiss National Bank raised its position in shares of Ciena by 7.0% during the first quarter. Swiss National Bank now owns 413,332 shares of the communications equipment provider's stock worth $160,468,000 after purchasing an additional 26,900 shares during the period. Sumitomo Mitsui Trust Group Inc. raised its position in shares of Ciena by 10.7% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 321,825 shares of the communications equipment provider's stock worth $124,942,000 after purchasing an additional 31,098 shares during the period. Hsbc Holdings PLC raised its position in shares of Ciena by 309.8% during the first quarter. Hsbc Holdings PLC now owns 223,203 shares of the communications equipment provider's stock worth $86,509,000 after purchasing an additional 168,736 shares during the period. Finally, SG Americas Securities LLC lifted its holdings in shares of Ciena by 147.3% in the 1st quarter. SG Americas Securities LLC now owns 190,949 shares of the communications equipment provider's stock worth $74,132,000 after purchasing an additional 113,744 shares in the last quarter. Institutional investors and hedge funds own 91.99% of the company's stock.

Ciena Stock Down 7.0%

CIEN opened at $331.73 on Friday. The company has a quick ratio of 3.17, a current ratio of 3.80 and a debt-to-equity ratio of 1.06. The stock has a market cap of $47.04 billion, a price-to-earnings ratio of 74.05, a PEG ratio of 4.62 and a beta of 1.28. Ciena Corporation has a twelve month low of $159.56 and a twelve month high of $637.51. The company's 50-day moving average price is $376.08 and its two-hundred day moving average price is $440.27.

Ciena (NYSE:CIEN - Get Free Report) last issued its quarterly earnings results on Thursday, September 3rd. The communications equipment provider reported $2.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.73 by $0.38. Ciena had a net margin of 10.87% and a return on equity of 25.33%. The company had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.64 billion. During the same quarter last year, the business posted $0.35 EPS. Ciena's quarterly revenue was up 37.0% compared to the same quarter last year. As a group, equities analysts expect that Ciena Corporation will post 6.00 earnings per share for the current year.

Insider Transactions at Ciena

In other news, Director Bruce L. Claflin sold 2,857 shares of the business's stock in a transaction that occurred on Thursday, September 24th. The shares were sold at an average price of $355.91, for a total value of $1,016,834.87. Following the sale, the director owned 8,279 shares of the company's stock, valued at $2,946,578.89. The trade was a 25.66% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Jason Phipps sold 2,629 shares of the company's stock in a transaction that occurred on Thursday, October 1st. The shares were sold at an average price of $355.19, for a total transaction of $933,794.51. Following the sale, the executive vice president owned 57,388 shares in the company, valued at $20,383,643.72. The trade was a 4.38% 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. Over the last three months, insiders have sold 31,862 shares of company stock valued at $12,017,320. 0.58% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

CIEN has been the subject of several research reports. Sanford C. Bernstein initiated coverage on shares of Ciena in a research report on Wednesday, September 30th. They issued an "outperform" rating and a $440.00 price target for the company. Barclays lifted their price target on Ciena from $475.00 to $548.00 and gave the company an "overweight" rating in a research note on Thursday, September 17th. Needham & Company LLC reissued a "buy" rating and set a $520.00 price objective on shares of Ciena in a report on Thursday, September 17th. Bank of America reissued a "buy" rating on shares of Ciena in a research note on Thursday, August 20th. Finally, Wall Street Zen cut Ciena from a "buy" rating to a "hold" rating in a research report on Saturday. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $506.11.

Ciena Company Profile

Ciena Corporation is a networking technology company that provides communications infrastructure, software and services for telecommunications providers, cloud operators, enterprises, governments and research institutions. Its solutions are designed to help organizations build, manage and automate high-capacity networks that support applications such as cloud computing, broadband connectivity, data center interconnection and 5G services.

The company's portfolio includes optical networking systems and coherent optical technologies, routing and switching platforms, broadband access solutions, network management software and professional services.

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