Elyxium Wealth LLC Invests $2.75 Billion in Ciena Corporation $CIEN

Key Points

• Elyxium Wealth LLC bought 11,749,306 shares of Ciena in the fourth quarter, a position valued at about $2.75 billion. The stake represents 8.34% of Ciena and is Elyxium’s second-largest holding.
• Ciena reported better-than-expected quarterly results, with EPS of $1.35 versus estimates of $1.17 and revenue of $1.43 billion versus $1.40 billion expected. Revenue also jumped 33.1% year over year.
• Analysts remain generally positive on the stock, with an average rating of “Moderate Buy” and an average price target of $381.44. Several firms recently raised their targets, including TD Cowen, which lifted its target to $675.

Elyxium Wealth LLC acquired a new position in Ciena Corporation (NYSE:CIEN - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 11,749,306 shares of the communications equipment provider's stock, valued at approximately $2,747,810,000. Ciena makes up 40.7% of Elyxium Wealth LLC's investment portfolio, making the stock its 2nd largest position. Elyxium Wealth LLC owned 8.34% of Ciena at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. MassMutual Private Wealth & Trust FSB increased its stake in shares of Ciena by 9.7% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 710 shares of the communications equipment provider's stock worth $166,000 after purchasing an additional 63 shares in the last quarter. Assetmark Inc. increased its stake in shares of Ciena by 50.4% in the 3rd quarter. Assetmark Inc. now owns 200 shares of the communications equipment provider's stock worth $29,000 after purchasing an additional 67 shares in the last quarter. Legacy Financial Advisors Inc. increased its stake in shares of Ciena by 5.4% in the 4th quarter. Legacy Financial Advisors Inc. now owns 1,549 shares of the communications equipment provider's stock worth $362,000 after purchasing an additional 79 shares in the last quarter. Coldstream Capital Management Inc. increased its stake in shares of Ciena by 1.7% in the 3rd quarter. Coldstream Capital Management Inc. now owns 4,772 shares of the communications equipment provider's stock worth $695,000 after purchasing an additional 79 shares in the last quarter. Finally, Wealthfront Advisers LLC increased its stake in shares of Ciena by 3.2% in the 4th quarter. Wealthfront Advisers LLC now owns 2,612 shares of the communications equipment provider's stock worth $611,000 after purchasing an additional 82 shares in the last quarter. 91.99% of the stock is currently owned by hedge funds and other institutional investors.

Ciena Trading Down 0.0%

Shares of CIEN stock opened at $554.26 on Monday. Ciena Corporation has a 52-week low of $70.77 and a 52-week high of $598.84. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.14 and a current ratio of 2.81. The firm has a market capitalization of $78.37 billion, a PE ratio of 353.04, a PEG ratio of 1.81 and a beta of 1.24. The stock has a fifty day simple moving average of $454.25 and a two-hundred day simple moving average of $316.08.

Ciena (NYSE:CIEN - Get Free Report) last issued its quarterly earnings results on Thursday, March 5th. The communications equipment provider reported $1.35 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.17 by $0.18. The business had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.40 billion. Ciena had a return on equity of 12.09% and a net margin of 4.47%.Ciena's revenue for the quarter was up 33.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.64 EPS. On average, analysts predict that Ciena Corporation will post 5.12 EPS for the current fiscal year.

Insider Activity at Ciena

In related news, SVP Jason Phipps sold 22,014 shares of the stock in a transaction dated Wednesday, April 1st. The shares were 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 owned 68 shares of the company's stock, valued at approximately $27,866.40. This trade represents a 99.69% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible 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 dated Tuesday, March 24th. The shares were sold at an average price of $405.00, for a total transaction of $2,025,000.00. Following the completion of the transaction, the senior vice president directly owned 46,341 shares of the company's stock, valued at approximately $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 quarter, insiders sold 42,974 shares of company stock valued at $17,418,863. Insiders own 0.58% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently commented on CIEN. Citigroup upped their price objective on Ciena from $280.00 to $345.00 and gave the stock a "buy" rating in a research note on Friday, March 6th. Zacks Research upgraded Ciena from a "hold" rating to a "strong-buy" rating in a research note on Friday, March 13th. B. Riley Financial upped their price objective on Ciena from $222.00 to $283.00 and gave the stock a "neutral" rating in a research note on Friday, March 6th. TD Cowen upped their price objective on Ciena from $425.00 to $675.00 and gave the stock a "buy" rating in a research note on Friday. Finally, UBS Group increased their price target on Ciena from $230.00 to $285.00 and gave the stock a "neutral" rating in a research note on Friday, March 6th. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $381.44.

Ciena 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.

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