Lmcg Investments LLC Cuts Stock Holdings in Ciena Corporation $CIEN

Key Points

• Lmcg Investments LLC27.3% in Q4, selling 38,983 shares and leaving 103,600 shares (about $24.23M), making Ciena its 17th largest holding at roughly 1.4% of the portfolio.
• Ciena beat quarterly estimates with $1.35 EPS vs. $1.17 expected and revenue of $1.43B (up 33.1% YoY), and analysts project about 5.12 EPS for the year.
• Analysts have a consensus rating of "Moderate Buy" with a consensus price target of $367.56, even as the stock trades near $576.78 and shows a very high P/E (~367), indicating the market price materially exceeds the average analyst target.

Lmcg Investments LLC decreased its holdings in shares of Ciena Corporation (NYSE:CIEN - Free Report) by 27.3% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 103,600 shares of the communications equipment provider's stock after selling 38,983 shares during the period. Ciena accounts for about 1.4% of Lmcg Investments LLC's portfolio, making the stock its 17th largest position. Lmcg Investments LLC owned 0.07% of Ciena worth $24,229,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in CIEN. Jacobs Levy Equity Management Inc. purchased a new position in Ciena during the 1st quarter valued at about $395,000. Jones Financial Companies Lllp increased its position in Ciena by 139.6% during the 1st quarter. Jones Financial Companies Lllp now owns 5,253 shares of the communications equipment provider's stock valued at $317,000 after purchasing an additional 3,061 shares during the period. Goldman Sachs Group Inc. grew its position in shares of Ciena by 1.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 222,054 shares of the communications equipment provider's stock worth $13,419,000 after buying an additional 3,117 shares during the last quarter. Focus Partners Wealth grew its position in shares of Ciena by 14.6% in the 1st quarter. Focus Partners Wealth now owns 5,762 shares of the communications equipment provider's stock worth $348,000 after buying an additional 733 shares during the last quarter. Finally, Franklin Resources Inc. purchased a new position in shares of Ciena in the 2nd quarter worth approximately $234,000. Hedge funds and other institutional investors own 91.99% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on CIEN. TD Cowen began coverage on shares of Ciena in a research report on Thursday, March 12th. They issued a "buy" rating and a $425.00 price objective on the stock. Citigroup lifted their price objective on shares of Ciena from $280.00 to $345.00 and gave the stock a "buy" rating in a research report on Friday, March 6th. Wolfe Research reaffirmed an "outperform" rating and issued a $375.00 price objective on shares of Ciena in a research report on Thursday, March 5th. B. Riley Financial lifted their price objective on shares of Ciena from $222.00 to $283.00 and gave the stock a "neutral" rating in a research report on Friday, March 6th. Finally, Evercore set a $330.00 price objective on shares of Ciena in a research report on Thursday, February 19th. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and six have given a Hold rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $367.56.

Ciena Trading Up 5.9%

NYSE:CIEN opened at $576.78 on Thursday. Ciena Corporation has a 12 month low of $70.77 and a 12 month high of $583.78. The firm has a fifty day simple moving average of $423.28 and a 200-day simple moving average of $296.70. The company has a current ratio of 2.81, a quick ratio of 2.14 and a debt-to-equity ratio of 0.55. The company has a market capitalization of $81.56 billion, a P/E ratio of 367.38, a PEG ratio of 1.78 and a beta of 1.24.

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

Insider Activity

In other news, SVP Jason Phipps sold 22,014 shares of the company's stock in a transaction on 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 sale, the senior vice president directly owned 68 shares of the company's stock, valued at $27,866.40. This represents a 99.69% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, 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 the company's stock in a transaction on Wednesday, April 15th. The shares were sold at an average price of $471.79, for a total transaction of $566,148.00. Following the completion of the sale, the senior vice president directly owned 45,141 shares in the company, valued at $21,297,072.39. This trade represents a 2.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 42,974 shares of company stock valued at $17,418,863 in the last ninety days. 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.

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