Foundations Investment Advisors LLC Has $60.41 Million Stock Position in Ciena Corporation $CIEN

Key Points

• Foundations Investment Advisors LLC increased its Ciena stake by 4.6% in the fourth quarter, ending with 258,283 shares valued at about $60.4 million.
• Insiders sold shares recently, including SVP Jason Phipps and SVP Brodie Gage, with total insider sales over the last 90 days reaching 44,174 shares worth $18.9 million.
• Ciena reported better-than-expected quarterly results, posting $1.35 EPS on $1.43 billion in revenue, while analysts maintain a Moderate Buy consensus and a $404.94 average price target.

Foundations Investment Advisors LLC grew its holdings in Ciena Corporation (NYSE:CIEN - Free Report) by 4.6% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 258,283 shares of the communications equipment provider's stock after purchasing an additional 11,437 shares during the period. Foundations Investment Advisors LLC owned about 0.18% of Ciena worth $60,405,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CIEN. Community Bank N.A. acquired a new stake in shares of Ciena in the third quarter valued at approximately $25,000. Assetmark Inc. raised its holdings 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 purchasing an additional 67 shares during the last quarter. Ameritas Advisory Services LLC raised its holdings in shares of Ciena by 104.0% in the third quarter. Ameritas Advisory Services LLC now owns 204 shares of the communications equipment provider's stock valued at $30,000 after purchasing an additional 104 shares during the last quarter. Hilltop National Bank acquired a new stake in shares of Ciena in the fourth quarter valued at approximately $35,000. Finally, Clearstead Advisors LLC raised its holdings in shares of Ciena by 42.5% in the third quarter. Clearstead Advisors LLC now owns 312 shares of the communications equipment provider's stock valued at $45,000 after purchasing an additional 93 shares during the last quarter. 91.99% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, SVP Jason Phipps sold 22,014 shares of the business's 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 sale, the senior vice president owned 68 shares of the company's stock, valued at approximately $27,866.40. The trade was a 99.69% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Brodie Gage sold 1,200 shares of the company's stock in a transaction dated Friday, May 15th. The stock was sold at an average price of $570.65, for a total transaction of $684,780.00. Following the sale, the senior vice president directly owned 43,941 shares of the company's stock, valued at $25,074,931.65. This represents a 2.66% decrease in their position. 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 90 days, insiders sold 44,174 shares of company stock valued at $18,878,661. 0.58% of the stock is owned by company insiders.

Ciena Trading Down 3.6%

Shares of Ciena stock opened at $580.90 on Thursday. The firm has a 50-day moving average of $492.80 and a 200-day moving average of $337.45. The stock has a market cap of $82.14 billion, a PE ratio of 370.00, a PEG ratio of 1.97 and a beta of 1.24. Ciena Corporation has a 52-week low of $70.77 and a 52-week high of $605.61. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.14 and a current ratio of 2.81.

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

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on CIEN. Raymond James Financial reiterated an "outperform" rating and issued a $320.00 price objective on shares of Ciena in a report on Thursday, March 5th. UBS Group boosted their target price on shares of Ciena from $230.00 to $285.00 and gave the stock a "neutral" rating in a report on Friday, March 6th. Barclays boosted their target price on shares of Ciena from $279.00 to $372.00 and gave the stock an "overweight" rating in a report on Friday, March 6th. Rosenblatt Securities boosted their target price on shares of Ciena from $305.00 to $350.00 and gave the stock a "buy" rating in a report on Friday, March 6th. Finally, Needham & Company LLC boosted their target price on shares of Ciena from $280.00 to $370.00 and gave the stock a "buy" rating in a report on Thursday, March 5th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and six have given a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $404.94.

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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