Fieldview Capital Management LLC Takes $731,000 Position in Ciena Corporation $CIEN

Key Points

• Fieldview Capital Management opened a new position in Ciena Corporation in the fourth quarter, buying 3,127 shares valued at about $731,000.
• Ciena reported strong quarterly results, including EPS of $1.64 versus estimates of $1.46 and revenue of $1.57 billion, up 39.5% from a year earlier.
• Wall Street sentiment remains constructive: analysts currently have a consensus “Moderate Buy” rating on CIEN, with an average price target of $530.56.

Fieldview Capital Management LLC bought a new stake in Ciena Corporation (NYSE:CIEN - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 3,127 shares of the communications equipment provider's stock, valued at approximately $731,000.

A number of other large investors also recently made changes to their positions in CIEN. Jacobs Levy Equity Management Inc. acquired a new position in shares of Ciena in the 1st quarter valued at about $395,000. Jones Financial Companies Lllp increased its holdings in shares of Ciena by 139.6% in the 1st quarter. Jones Financial Companies Lllp now owns 5,253 shares of the communications equipment provider's stock valued at $317,000 after purchasing an additional 3,061 shares during the period. Goldman Sachs Group Inc. increased its holdings in shares of Ciena by 1.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 222,054 shares of the communications equipment provider's stock valued at $13,419,000 after purchasing an additional 3,117 shares during the period. Focus Partners Wealth increased its holdings in shares of 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 purchasing an additional 733 shares during the period. Finally, Franklin Resources Inc. acquired a new position in shares of Ciena in the 2nd quarter valued at about $234,000. Institutional investors and hedge funds own 91.99% of the company's stock.

Insider Activity

In other news, SVP Brodie Gage sold 1,200 shares of the stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of $570.65, for a total value of $684,780.00. Following the completion of the sale, the senior vice president directly owned 43,941 shares of the company's stock, valued at approximately $25,074,931.65. This represents a 2.66% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Gary B. Smith sold 2,952 shares of the stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $565.92, for a total value of $1,670,595.84. Following the completion of the sale, the chief executive officer directly owned 269,557 shares of the company's stock, valued at $152,547,697.44. This represents a 1.08% 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 sold 41,222 shares of company stock valued at $18,441,027. 0.58% of the stock is owned by company insiders.

Ciena Trading Up 3.6%

Shares of CIEN stock opened at $462.19 on Tuesday. Ciena Corporation has a 12 month low of $72.56 and a 12 month high of $637.51. The company has a quick ratio of 2.11, a current ratio of 2.73 and a debt-to-equity ratio of 0.53. The business's 50 day moving average is $521.76 and its two-hundred day moving average is $366.77. The company has a market cap of $65.42 billion, a PE ratio of 154.06 and a beta of 1.24.

Ciena (NYSE:CIEN - Get Free Report) last announced its quarterly earnings results on Thursday, June 4th. The communications equipment provider reported $1.64 EPS for the quarter, beating the consensus estimate of $1.46 by $0.18. Ciena had a return on equity of 18.15% and a net margin of 7.87%.The company had revenue of $1.57 billion for the quarter, compared to the consensus estimate of $1.50 billion. During the same quarter last year, the company posted $0.42 earnings per share. The company's revenue for the quarter was up 39.5% compared to the same quarter last year. Equities analysts predict that Ciena Corporation will post 5.4 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on CIEN. Morgan Stanley increased their price objective on Ciena from $405.00 to $490.00 and gave the stock an "equal weight" rating in a report on Friday, June 5th. Weiss Ratings upgraded Ciena from a "buy (b-)" rating to a "buy (b)" rating in a report on Friday, June 5th. Zacks Research downgraded Ciena from a "strong-buy" rating to a "hold" rating in a report on Wednesday, June 3rd. JPMorgan Chase & Co. increased their price objective on Ciena from $380.00 to $550.00 and gave the stock an "overweight" rating in a report on Thursday, April 16th. Finally, UBS Group increased their price objective on Ciena from $285.00 to $508.00 and gave the stock a "neutral" rating in a report on Friday, June 5th. Thirteen investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $530.56.

About Ciena

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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