GMT Capital Corp Takes Position in Ciena Corporation $CIEN

Key Points

• GMT Capital Corp has acquired a new position in Ciena Corporation, purchasing 9,410 shares valued at approximately $569,000 during the first quarter.
• Ciena's stock recently opened at $93.85 and has seen a significant fluctuation with a 52-week low of $49.21 and a high of $101.44.
• Despite reporting a revenue increase of 23.6% year over year, Ciena's recent earnings per share of $0.42 fell short of analyst expectations, which projected $0.50.

GMT Capital Corp bought a new stake in Ciena Corporation (NYSE:CIEN - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 9,410 shares of the communications equipment provider's stock, valued at approximately $569,000.

Other hedge funds have also made changes to their positions in the company. National Bank of Canada FI increased its position in shares of Ciena by 15.4% in the 1st quarter. National Bank of Canada FI now owns 1,147 shares of the communications equipment provider's stock worth $69,000 after purchasing an additional 153 shares during the last quarter. Bayforest Capital Ltd increased its position in shares of Ciena by 34.7% in the 1st quarter. Bayforest Capital Ltd now owns 636 shares of the communications equipment provider's stock worth $38,000 after purchasing an additional 164 shares during the last quarter. Bessemer Group Inc. increased its position in shares of Ciena by 50.0% in the 1st quarter. Bessemer Group Inc. now owns 534 shares of the communications equipment provider's stock worth $32,000 after purchasing an additional 178 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Ciena by 0.5% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 38,910 shares of the communications equipment provider's stock worth $2,351,000 after purchasing an additional 178 shares during the last quarter. Finally, State of Alaska Department of Revenue grew its position in shares of Ciena by 1.1% during the 1st quarter. State of Alaska Department of Revenue now owns 16,649 shares of the communications equipment provider's stock valued at $1,006,000 after buying an additional 180 shares during the last quarter. Hedge funds and other institutional investors own 91.99% of the company's stock.

Wall Street Analysts Forecast Growth

CIEN has been the subject of a number of recent research reports. B. Riley reaffirmed a "buy" rating and set a $90.00 price objective (up previously from $89.00) on shares of Ciena in a research report on Friday, June 6th. Rosenblatt Securities boosted their price objective on shares of Ciena from $78.00 to $100.00 and gave the company a "neutral" rating in a research report on Friday, August 29th. Stifel Nicolaus boosted their price objective on shares of Ciena from $90.00 to $100.00 and gave the company a "buy" rating in a research report on Wednesday. Northland Securities set a $100.00 price objective on shares of Ciena in a research report on Monday, June 30th. Finally, Morgan Stanley reaffirmed an "underweight" rating and set a $70.00 price objective (down previously from $73.00) on shares of Ciena in a research report on Tuesday, July 8th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $88.08.

Ciena Price Performance

CIEN stock traded up $1.55 on Wednesday, hitting $95.14. 5,662,952 shares of the company's stock traded hands, compared to its average volume of 2,266,288. Ciena Corporation has a 1-year low of $49.21 and a 1-year high of $101.44. The stock has a market cap of $13.45 billion, a price-to-earnings ratio of 132.13, a P/E/G ratio of 2.10 and a beta of 1.16. The stock has a fifty day moving average of $87.65 and a 200-day moving average of $76.86. The company has a current ratio of 3.40, a quick ratio of 2.57 and a debt-to-equity ratio of 0.55.

Ciena (NYSE:CIEN - Get Free Report) last released its earnings results on Thursday, June 5th. The communications equipment provider reported $0.42 EPS for the quarter, missing the consensus estimate of $0.50 by ($0.08). Ciena had a net margin of 2.46% and a return on equity of 5.08%. The business had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.09 billion. During the same period in the prior year, the company earned $0.27 earnings per share. The firm's revenue for the quarter was up 23.6% on a year-over-year basis. Ciena has set its FY 2025 guidance at EPS. Q3 2025 guidance at EPS. On average, analysts forecast that Ciena Corporation will post 1.6 EPS for the current fiscal year.

Insider Activity

In other Ciena news, SVP Joseph Cumello sold 2,044 shares of the stock in a transaction that occurred on Friday, June 27th. The shares were sold at an average price of $81.64, for a total value of $166,872.16. Following the completion of the sale, the senior vice president owned 47,198 shares in the company, valued at $3,853,244.72. This represents a 4.15% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Brodie Gage sold 350 shares of the stock in a transaction that occurred on Friday, August 15th. The stock was sold at an average price of $90.94, for a total transaction of $31,829.00. Following the completion of the sale, the senior vice president owned 43,268 shares of the company's stock, valued at approximately $3,934,791.92. The trade was a 0.80% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 32,969 shares of company stock worth $2,694,781 in the last quarter. Insiders own 0.93% of the company's stock.

Ciena Company Profile

Ciena Corporation provides hardware and software services for delivery of video, data, and voice traffic metro, aggregation, and access communications network worldwide. The company's Networking Platforms segment offers convergence of coherent optical transport, open optical networking, optical transport network switching, IP routing, and switching services.