Fideuram Intesa Sanpaolo Private Banking S.P.A. Acquires Shares of 5,264 Ciena Corporation $CIEN

Key Points

• Fideuram Intesa Sanpaolo Private Banking disclosed a new fourth-quarter position in Ciena, buying 5,264 shares worth about $1.23 million.
• Ciena reported strong quarterly results, with earnings of $1.35 per share topping estimates and revenue of $1.43 billion, up 33.1% year over year.
• Analysts remain constructive on the stock overall: the consensus rating is Moderate Buy, with an average price target of $398.83, while several firms recently raised their targets.

Fideuram Intesa Sanpaolo Private Banking S.P.A. bought a new position in shares of Ciena Corporation (NYSE:CIEN - Free Report) in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor bought 5,264 shares of the communications equipment provider's stock, valued at approximately $1,231,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. MassMutual Private Wealth & Trust FSB lifted its stake in Ciena by 9.7% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 710 shares of the communications equipment provider's stock valued at $166,000 after buying an additional 63 shares in the last quarter. Assetmark Inc. raised its position in shares of Ciena by 50.4% in the third quarter. Assetmark Inc. now owns 200 shares of the communications equipment provider's stock valued at $29,000 after buying an additional 67 shares during the last quarter. Legacy Financial Advisors Inc. boosted its position in Ciena by 5.4% during the fourth quarter. Legacy Financial Advisors Inc. now owns 1,549 shares of the communications equipment provider's stock worth $362,000 after acquiring an additional 79 shares during the last quarter. Coldstream Capital Management Inc. raised its holdings in Ciena by 1.7% in the 3rd quarter. Coldstream Capital Management Inc. now owns 4,772 shares of the communications equipment provider's stock valued at $695,000 after acquiring an additional 79 shares during the last quarter. Finally, Wealthfront Advisers LLC boosted its holdings in shares of Ciena by 3.2% during 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 during the last quarter. 91.99% of the stock is owned by hedge funds and other institutional investors.

Ciena Price Performance

CIEN opened at $587.69 on Friday. The stock's 50-day moving average price is $473.40 and its 200 day moving average price is $326.32. Ciena Corporation has a 12-month low of $70.77 and a 12-month high of $598.84. The firm has a market cap of $83.10 billion, a price-to-earnings ratio of 374.33, a PEG ratio of 1.82 and a beta of 1.24. The company has a current ratio of 2.81, a quick ratio of 2.14 and a debt-to-equity ratio of 0.55.

Ciena (NYSE:CIEN - Get Free Report) last released its earnings results on Thursday, March 5th. The communications equipment provider reported $1.35 earnings per share for the quarter, beating the consensus estimate of $1.17 by $0.18. The company had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.40 billion. Ciena had a return on equity of 12.09% and a net margin of 4.47%.Ciena's revenue was up 33.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.64 EPS. As a group, sell-side analysts expect that Ciena Corporation will post 5.12 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. Raymond James Financial reissued an "outperform" rating and set a $320.00 price objective on shares of Ciena in a research note on Thursday, March 5th. TD Cowen raised their target price on Ciena from $425.00 to $675.00 and gave the stock a "buy" rating in a research note on Friday, May 15th. Stifel Nicolaus increased their price target on Ciena from $430.00 to $585.00 and gave the stock a "buy" rating in a report on Tuesday, May 5th. Rothschild & Co Redburn began coverage on shares of Ciena in a research report on Friday, May 1st. They issued a "neutral" rating and a $416.00 target price on the stock. Finally, Zacks Research upgraded shares of Ciena from a "hold" rating to a "strong-buy" rating in a research report on Friday, March 13th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $398.83.

Insider Buying and Selling at Ciena

In other Ciena news, SVP Jason Phipps sold 22,014 shares of the company's stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $409.80, for a total transaction of $9,021,337.20. Following the sale, the senior vice president owned 68 shares in the company, valued at $27,866.40. This represents 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 link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Brodie Gage sold 5,000 shares of Ciena stock in a transaction dated 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 transaction, 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. The SEC filing for this sale provides additional information. Insiders sold 44,174 shares of company stock valued at $18,878,661 in the last 90 days. Company insiders own 0.58% of the company's stock.

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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