Glenmede Trust Co. NA Sells 11,759 Shares of Ciena Corporation $CIEN

Key Points

• Glenmede Trust cut its Ciena stake by 52% in the first quarter, selling 11,759 shares and retaining 10,843 shares valued at approximately $4.21 million. Institutional investors collectively own 91.99% of Ciena.
• Analysts maintain a generally positive outlook, with one Strong Buy, 13 Buy, and six Hold ratings. Ciena has a consensus rating of “Moderate Buy” and an average price target of $530.56.
• Ciena exceeded quarterly expectations, reporting $1.64 in earnings per share and $1.57 billion in revenue, up 39.5% year over year. Company insiders sold 21,627 shares worth roughly $10.5 million over the past 90 days.

Glenmede Trust Co. NA cut its holdings in Ciena Corporation (NYSE:CIEN - Free Report) by 52.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 10,843 shares of the communications equipment provider's stock after selling 11,759 shares during the quarter. Glenmede Trust Co. NA's holdings in Ciena were worth $4,210,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. KBC Group NV lifted its holdings in Ciena by 11.3% during the fourth quarter. KBC Group NV now owns 31,161 shares of the communications equipment provider's stock worth $7,288,000 after buying an additional 3,156 shares during the period. Goldman Sachs Group Inc. boosted its position in Ciena by 53.8% during the 4th quarter. Goldman Sachs Group Inc. now owns 445,359 shares of the communications equipment provider's stock valued at $104,156,000 after acquiring an additional 155,712 shares in the last quarter. FengHe Fund Management Pte. Ltd. increased its holdings in shares of Ciena by 164.0% in the 4th quarter. FengHe Fund Management Pte. Ltd. now owns 660,988 shares of the communications equipment provider's stock valued at $154,585,000 after acquiring an additional 410,588 shares during the period. TKG Advisors LLC purchased a new position in shares of Ciena in the 1st quarter valued at $3,244,000. Finally, Swiss National Bank raised its position in shares of Ciena by 7.0% in the 1st quarter. Swiss National Bank now owns 413,332 shares of the communications equipment provider's stock worth $160,468,000 after acquiring an additional 26,900 shares in the last quarter. 91.99% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

CIEN has been the subject of a number of analyst reports. 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, May 15th. JPMorgan Chase & Co. lifted their target price on Ciena from $380.00 to $550.00 and gave the company an "overweight" rating in a research note on Thursday, April 16th. Stifel Nicolaus set a $615.00 target price on shares of Ciena in a report on Friday, May 29th. Weiss Ratings lowered shares of Ciena from a "hold (c+)" rating to a "hold (c)" rating in a research report on Friday, July 24th. Finally, Rothschild & Co Redburn assumed coverage on shares of Ciena in a research report on Friday, May 1st. They set a "neutral" rating and a $416.00 price target for the company. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $530.56.

Insider Buying and Selling

In other Ciena news, SVP Jason Phipps sold 2,629 shares of the firm's stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $466.20, for a total value of $1,225,639.80. Following the completion of the sale, the senior vice president owned 62,382 shares of the company's stock, valued at approximately $29,082,488.40. This trade represents a 4.04% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Marc D. Graff sold 126 shares of the business's stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $466.20, for a total value of $58,741.20. Following the sale, the chief financial officer owned 126,955 shares in the company, valued at $59,186,421. The trade was a 0.10% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 21,627 shares of company stock valued at $10,508,776 in the last 90 days. 0.58% of the stock is owned by insiders.

Ciena Stock Performance

Shares of CIEN opened at $411.04 on Wednesday. Ciena Corporation has a 12 month low of $84.41 and a 12 month high of $637.51. The stock has a fifty day moving average price of $449.79 and a 200-day moving average price of $417.02. The company has a current ratio of 2.73, a quick ratio of 2.11 and a debt-to-equity ratio of 0.53. The firm has a market cap of $58.18 billion, a PE ratio of 137.01 and a beta of 1.30.

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

Ciena Company 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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