Hillsdale Investment Management Inc. Has $1.31 Million Stock Holdings in Ciena Corporation $CIEN

Key Points

• Hillsdale Investment Management cut its Ciena position by 86.2% in the fourth quarter, leaving it with 5,600 shares worth about $1.31 million.
• Wall Street remains broadly bullish on Ciena, with an average rating of “Moderate Buy” and an average price target of $406.61, though individual targets vary widely.
• Ciena posted strong quarterly results, beating expectations with $1.35 EPS and $1.43 billion in revenue, while revenue jumped 33.1% year over year.

Hillsdale Investment Management Inc. lessened its holdings in shares of Ciena Corporation (NYSE:CIEN - Free Report) by 86.2% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 5,600 shares of the communications equipment provider's stock after selling 35,100 shares during the period. Hillsdale Investment Management Inc.'s holdings in Ciena were worth $1,310,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in CIEN. Elyxium Wealth LLC acquired a new position in shares of Ciena during the 4th quarter worth about $2,747,810,000. Lone Pine Capital LLC bought a new stake in shares of Ciena in the third quarter valued at about $292,310,000. Atreides Management LP bought a new stake in shares of Ciena in the second quarter valued at about $102,705,000. JPMorgan Chase & Co. lifted its stake in shares of Ciena by 23.3% in the third quarter. JPMorgan Chase & Co. now owns 6,462,840 shares of the communications equipment provider's stock valued at $941,451,000 after buying an additional 1,219,787 shares during the period. Finally, Arrowstreet Capital Limited Partnership lifted its stake in shares of Ciena by 2,174.2% in the third quarter. Arrowstreet Capital Limited Partnership now owns 1,143,855 shares of the communications equipment provider's stock valued at $166,625,000 after buying an additional 1,093,557 shares during the period. Institutional investors and hedge funds own 91.99% of the company's stock.

Wall Street Analysts Forecast Growth

CIEN has been the subject of several research reports. UBS Group increased their target price on shares of Ciena from $230.00 to $285.00 and gave the company a "neutral" rating in a research note on Friday, March 6th. TD Cowen increased their target price on shares of Ciena from $425.00 to $675.00 and gave the company a "buy" rating in a research note on Friday, May 15th. Wolfe Research reiterated an "outperform" rating and issued a $375.00 target price on shares of Ciena in a research note on Thursday, March 5th. Stifel Nicolaus set a $615.00 target price on shares of Ciena in a research note on Friday. Finally, B. Riley Financial increased their target price on shares of Ciena from $222.00 to $283.00 and gave the company a "neutral" rating in a research note on Friday, March 6th. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $406.61.

Ciena Stock Performance

NYSE:CIEN opened at $580.59 on Monday. Ciena Corporation has a 12-month low of $70.77 and a 12-month high of $605.61. The company has a quick ratio of 2.14, a current ratio of 2.81 and a debt-to-equity ratio of 0.55. The firm has a market capitalization of $82.09 billion, a PE ratio of 369.80 and a beta of 1.24. The firm has a 50-day moving average price of $500.69 and a 200 day moving average price of $342.67.

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

Insider Transactions at Ciena

In other news, CEO Gary B. Smith sold 2,952 shares of the firm's stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $562.05, for a total transaction of $1,659,171.60. Following the completion of the sale, the chief executive officer owned 272,509 shares of the company's stock, valued at approximately $153,163,683.45. This trade represents a 1.07% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Jason Phipps sold 22,014 shares of the firm's stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $409.80, for a total transaction of $9,021,337.20. Following the sale, the senior vice president directly owned 68 shares of the company's stock, valued at approximately $27,866.40. The trade was a 99.69% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 41,222 shares of company stock valued at $17,831,763. Corporate insiders own 0.58% of the company's stock.

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.

Want to see what other hedge funds are holding CIEN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Ciena Corporation (NYSE:CIEN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.