Polianta Ltd Invests $1.96 Million in Ciena Corporation $CIEN

Key Points

• Polianta Ltd. acquired 4,000 Ciena shares worth approximately $1.96 million during the second quarter, while institutional investors collectively own 91.99% of the company.
• Analysts maintain a “Moderate Buy” consensus on Ciena, with 13 Buy ratings and seven Holds and an average price target of $530.56.
• Ciena exceeded quarterly expectations, reporting $1.64 in adjusted EPS and $1.57 billion in revenue, with revenue rising 39.5% year over year; the stock opened at $412.82 and has traded between $84.41 and $637.51 over the past year.

Polianta Ltd acquired a new stake in Ciena Corporation (NYSE:CIEN - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 4,000 shares of the communications equipment provider's stock, valued at approximately $1,962,000. Ciena comprises 0.2% of Polianta Ltd's portfolio, making the stock its 29th biggest position.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. UNICOM Systems Inc. lifted its stake in Ciena by 109.3% during the second quarter. UNICOM Systems Inc. now owns 35,231 shares of the communications equipment provider's stock worth $17,283,000 after purchasing an additional 18,400 shares during the last quarter. Cooper Financial Group increased its stake in Ciena by 45.7% in the second quarter. Cooper Financial Group now owns 908 shares of the communications equipment provider's stock valued at $445,000 after purchasing an additional 285 shares during the last quarter. Castle Rock Wealth Management LLC increased its stake in Ciena by 4.9% in the second quarter. Castle Rock Wealth Management LLC now owns 5,978 shares of the communications equipment provider's stock valued at $2,764,000 after purchasing an additional 280 shares during the last quarter. Czech National Bank increased its stake in Ciena by 4.9% in the second quarter. Czech National Bank now owns 40,247 shares of the communications equipment provider's stock valued at $19,744,000 after purchasing an additional 1,886 shares during the last quarter. Finally, PensionDanmark Pensionsforsikringsaktieselskab raised its holdings in Ciena by 19.6% during the second quarter. PensionDanmark Pensionsforsikringsaktieselskab now owns 27,410 shares of the communications equipment provider's stock worth $13,446,000 after purchasing an additional 4,490 shares in the last quarter. Institutional investors and hedge funds own 91.99% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on CIEN. Rothschild & Co Redburn began coverage on shares of Ciena in a report on Friday, May 1st. They issued a "neutral" rating and a $416.00 target price for the company. Rosenblatt Securities boosted their price target on shares of Ciena from $350.00 to $720.00 and gave the company a "buy" rating in a research report on Friday, June 5th. B. Riley Financial boosted their price target on shares of Ciena from $283.00 to $531.00 and gave the company a "neutral" rating in a research report on Tuesday, June 2nd. Zacks Research downgraded shares of Ciena from a "strong-buy" rating to a "hold" rating in a research note on Monday, August 3rd. Finally, Raymond James Financial raised their price objective on Ciena from $320.00 to $530.00 and gave the stock an "outperform" rating in a report on Thursday, June 4th. Thirteen equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat, Ciena presently has an average rating of "Moderate Buy" and an average target price of $530.56.

Ciena Price Performance

CIEN stock opened at $412.82 on Friday. The company has a current ratio of 2.73, a quick ratio of 2.11 and a debt-to-equity ratio of 0.53. The company has a market capitalization of $58.43 billion, a P/E ratio of 137.61 and a beta of 1.30. The business has a 50 day simple moving average of $439.69 and a 200-day simple moving average of $419.26. Ciena Corporation has a twelve month low of $84.41 and a twelve month high of $637.51.

Ciena (NYSE:CIEN - Get Free Report) last issued its quarterly 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. The firm had revenue of $1.57 billion during the quarter, compared to analysts' expectations of $1.50 billion. Ciena had a net margin of 7.87% and a return on equity of 18.15%. Ciena's quarterly revenue was up 39.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.42 EPS. As a group, equities analysts anticipate that Ciena Corporation will post 5.4 EPS for the current year.

Insider Buying and Selling at Ciena

In related news, SVP Brodie Gage sold 1,200 shares of the business's stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $466.10, for a total value of $559,320.00. Following the transaction, the senior vice president owned 42,741 shares in the company, valued at $19,921,580.10. The trade was a 2.73% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Gary B. Smith sold 2,952 shares of the company's stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $379.81, for a total value of $1,121,199.12. Following the sale, the chief executive officer directly owned 248,982 shares of the company's stock, valued at approximately $94,565,853.42. This represents a 1.17% 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. In the last ninety days, insiders have sold 21,627 shares of company stock valued at $10,508,776. Corporate insiders own 0.58% of the company's stock.

About Ciena

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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