Healthcare of Ontario Pension Plan Trust Fund Invests $3.43 Million in Ciena Corporation $CIEN

Key Points

• Healthcare of Ontario Pension Plan Trust Fund initiated a Ciena position by purchasing 8,845 shares valued at approximately $3.43 million. Institutional investors collectively own 91.99% of Ciena’s outstanding stock.
• Ciena reported quarterly earnings of $1.64 per share, exceeding estimates of $1.46, while revenue rose 39.5% year over year to $1.57 billion. The company’s net margin was 7.87% and return on equity was 18.15%.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and a $530.56 price target. Meanwhile, insiders sold 18,675 shares worth approximately $9.39 million over the last quarter.

Healthcare of Ontario Pension Plan Trust Fund bought a new stake in shares of Ciena Corporation (NYSE:CIEN - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 8,845 shares of the communications equipment provider's stock, valued at approximately $3,434,000.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Elyxium Wealth LLC bought a new position in Ciena in the fourth quarter worth about $2,747,810,000. State Street Corp raised its stake in shares of Ciena by 17.2% during the 4th quarter. State Street Corp now owns 5,102,409 shares of the communications equipment provider's stock worth $1,193,300,000 after acquiring an additional 750,128 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in Ciena by 53.0% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 4,051,625 shares of the communications equipment provider's stock valued at $947,554,000 after acquiring an additional 1,404,132 shares during the last quarter. Bank of America Corp DE boosted its stake in Ciena by 10.4% in the second quarter. Bank of America Corp DE now owns 3,495,795 shares of the communications equipment provider's stock valued at $284,313,000 after acquiring an additional 329,821 shares in the last quarter. Finally, Corient Private Wealth LLC grew its holdings in Ciena by 30,114.5% in the fourth quarter. Corient Private Wealth LLC now owns 2,870,677 shares of the communications equipment provider's stock worth $671,365,000 after purchasing an additional 2,861,176 shares during the last quarter. Institutional investors own 91.99% of the company's stock.

Ciena Stock Performance

Shares of CIEN opened at $371.37 on Friday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.11 and a current ratio of 2.73. The stock has a 50-day moving average of $461.58 and a two-hundred day moving average of $413.77. The stock has a market cap of $52.57 billion, a P/E ratio of 123.79 and a beta of 1.27. Ciena Corporation has a one year low of $84.41 and a one year high of $637.51.

Ciena (NYSE:CIEN - Get Free Report) last announced its quarterly earnings data on Thursday, June 4th. The communications equipment provider reported $1.64 earnings per share for the quarter, beating 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 business had revenue of $1.57 billion for the quarter, compared to analyst estimates of $1.50 billion. During the same period in the prior year, the company earned $0.42 earnings per share. The company's revenue was up 39.5% on a year-over-year basis. As a group, research analysts predict that Ciena Corporation will post 5.4 EPS for the current year.

Insider Transactions at Ciena

In other Ciena news, SVP Jason Phipps sold 2,629 shares of Ciena stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $466.20, for a total transaction of $1,225,639.80. Following the completion of the sale, the senior vice president directly owned 62,382 shares in the company, valued at approximately $29,082,488.40. The trade was a 4.04% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Brodie Gage sold 1,200 shares of Ciena stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $466.10, for a total transaction of $559,320.00. Following the sale, the senior vice president owned 42,741 shares of the company's stock, valued at approximately $19,921,580.10. The trade was a 2.73% decrease in their ownership of the stock. 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 have sold 18,675 shares of company stock valued at $9,387,576 over the last quarter. Company insiders own 0.58% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. JPMorgan Chase & Co. upped their price target on Ciena from $380.00 to $550.00 and gave the stock an "overweight" rating in a research report on Thursday, April 16th. Weiss Ratings cut Ciena from a "hold (c+)" rating to a "hold (c)" rating in a research report on Friday, July 24th. Zacks Research upgraded Ciena from a "hold" rating to a "strong-buy" rating in a research note on Thursday, July 2nd. Rosenblatt Securities raised their price target on Ciena from $350.00 to $720.00 and gave the stock a "buy" rating in a report on Friday, June 5th. Finally, Raymond James Financial boosted their price target on Ciena from $320.00 to $530.00 and gave the stock an "outperform" rating in a research note on Thursday, June 4th. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $530.56.

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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