Pinebridge Investments LLC Takes $1.72 Million Position in Ciena Corporation $CIEN

Key Points

• Pinebridge Investments LLC opened a new position in Ciena during the fourth quarter, buying 7,332 shares valued at about $1.72 million.
• Ciena’s latest earnings topped expectations, with EPS of $1.64 versus $1.46 expected and revenue of $1.57 billion, up 39.5% year over year.
• Analyst sentiment remains positive overall, with the stock carrying a Moderate Buy rating and an average price target of $530.56, though insiders have recently sold shares.

Pinebridge Investments LLC bought a new stake in shares of Ciena Corporation (NYSE:CIEN - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 7,332 shares of the communications equipment provider's stock, valued at approximately $1,715,000.

A number of other institutional investors have also recently modified their holdings of the business. Community Bank N.A. purchased a new position in Ciena in the 3rd quarter valued at about $25,000. Assetmark Inc. lifted its stake in Ciena by 50.4% in the 3rd quarter. Assetmark Inc. now owns 200 shares of the communications equipment provider's stock valued at $29,000 after buying an additional 67 shares in the last quarter. Ameritas Advisory Services LLC lifted its stake in Ciena by 104.0% in the 3rd quarter. Ameritas Advisory Services LLC now owns 204 shares of the communications equipment provider's stock valued at $30,000 after buying an additional 104 shares in the last quarter. Hilltop National Bank purchased a new position in Ciena in the 4th quarter valued at about $35,000. Finally, Clearstead Advisors LLC lifted its stake in Ciena by 42.5% in the 3rd quarter. Clearstead Advisors LLC now owns 312 shares of the communications equipment provider's stock valued at $45,000 after buying an additional 93 shares in the last quarter. 91.99% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on CIEN shares. Citigroup raised their price target on shares of Ciena from $345.00 to $658.00 and gave the company a "buy" rating in a research note on Monday, May 18th. Evercore set a $330.00 price target on shares of Ciena in a research note on Thursday, February 19th. B. Riley Financial raised their price target on shares of Ciena from $283.00 to $531.00 and gave the company a "neutral" rating in a research note on Tuesday, June 2nd. Bank of America raised their price target on shares of Ciena from $550.00 to $660.00 and gave the company a "buy" rating in a research note on Tuesday, May 26th. Finally, Rothschild & Co Redburn started coverage on shares of Ciena in a research note on Friday, May 1st. They issued a "neutral" rating and a $416.00 price target on the stock. Thirteen equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $530.56.

Ciena Trading Down 4.7%

CIEN opened at $465.50 on Tuesday. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.73 and a quick ratio of 2.11. The company's 50 day simple moving average is $517.66 and its two-hundred day simple moving average is $357.67. Ciena Corporation has a 1-year low of $70.85 and a 1-year high of $637.51. The firm has a market capitalization of $65.89 billion, a price-to-earnings ratio of 155.17 and a beta of 1.24.

Ciena (NYSE:CIEN - Get Free Report) last released its earnings results 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 net margin of 7.87% and a return on equity of 18.15%. The business had revenue of $1.57 billion for the quarter, compared to analyst estimates of $1.50 billion. During the same period last year, the company posted $0.42 EPS. The business's revenue was up 39.5% on a year-over-year basis. Analysts expect that Ciena Corporation will post 5.14 EPS for the current fiscal year.

Insiders Place Their Bets

In other Ciena news, CEO Gary B. Smith sold 2,952 shares of the firm's stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $415.51, for a total value of $1,226,585.52. Following the transaction, the chief executive officer directly owned 281,365 shares of the company's stock, valued at $116,909,971.15. This trade represents a 1.04% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Brodie Gage sold 5,000 shares of the firm's stock in a transaction that occurred on Tuesday, March 24th. The stock was sold at an average price of $405.00, for a total transaction of $2,025,000.00. Following the completion of the transaction, the senior vice president directly owned 46,341 shares in the company, valued at $18,768,105. This trade represents a 9.74% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 44,174 shares of company stock valued at $19,502,359 in the last ninety days. 0.58% of the stock is currently owned by corporate insiders.

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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