Titan Global Capital Management USA LLC Sells 49,257 Shares of Ciena Corporation $CIEN

Key Points

• Titan Global Capital Management USA LLC cut its Ciena stake by 29.4% in the first quarter, selling 49,257 shares and leaving it with 118,312 shares worth about $45.9 million.
• Wall Street sentiment remains positive, with Ciena holding a consensus “Moderate Buy” rating and an average price target of $530.56, though Weiss Ratings recently downgraded the stock to hold.
• Ciena reported strong quarterly results, posting earnings of $1.64 per share on revenue of $1.57 billion, both above expectations and up sharply from a year earlier.

Titan Global Capital Management USA LLC reduced its stake in shares of Ciena Corporation (NYSE:CIEN - Free Report) by 29.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 118,312 shares of the communications equipment provider's stock after selling 49,257 shares during the period. Ciena accounts for approximately 6.8% of Titan Global Capital Management USA LLC's portfolio, making the stock its 2nd biggest holding. Titan Global Capital Management USA LLC owned 0.08% of Ciena worth $45,932,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Elyxium Wealth LLC acquired a new stake in Ciena in the 4th quarter worth approximately $2,747,810,000. Corient Private Wealth LLC raised its position in shares of 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 valued at $671,365,000 after purchasing an additional 2,861,176 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in shares of Ciena by 53.0% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 4,051,625 shares of the communications equipment provider's stock worth $947,554,000 after buying an additional 1,404,132 shares during the period. Atreides Management LP acquired a new position in Ciena in the 2nd quarter valued at $102,705,000. Finally, Arrowstreet Capital Limited Partnership grew its stake in Ciena by 2,174.2% in the 3rd 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 last quarter. Institutional investors own 91.99% of the company's stock.

Analyst Upgrades and Downgrades

CIEN has been the subject of a number of recent analyst reports. Weiss Ratings cut shares of Ciena from a "buy (b-)" rating to a "hold (c+)" rating in a report on Tuesday, July 7th. Argus set a $650.00 target price on Ciena in a report on Friday, June 5th. Rosenblatt Securities upped 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. Citigroup raised their price objective on shares of Ciena from $345.00 to $658.00 and gave the stock a "buy" rating in a research note on Monday, May 18th. Finally, Bank of America upped their target price 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. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $530.56.

Insider Transactions at Ciena

In other news, CEO Gary B. Smith sold 2,952 shares of the stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of $562.05, for a total value of $1,659,171.60. Following the completion of the transaction, the chief executive officer directly owned 272,509 shares of the company's stock, valued at approximately $153,163,683.45. This represents a 1.07% decrease in their position. The sale was disclosed in a 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, CFO Marc D. Graff sold 126 shares of the firm's stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $466.20, for a total value of $58,741.20. Following the transaction, the chief financial officer owned 126,955 shares of the company's stock, valued at $59,186,421. This trade represents a 0.10% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 21,627 shares of company stock valued at $10,974,985. Corporate insiders own 0.58% of the company's stock.

Ciena Stock Performance

CIEN opened at $378.31 on Tuesday. The stock's 50 day simple moving average is $491.11 and its 200-day simple moving average is $405.90. 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 stock has a market cap of $53.55 billion, a PE ratio of 126.10 and a beta of 1.27. Ciena Corporation has a 1 year low of $83.20 and a 1 year high of $637.51.

Ciena (NYSE:CIEN - Get Free Report) last posted 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. Ciena had a net margin of 7.87% and a return on equity of 18.15%. The firm had revenue of $1.57 billion for the quarter, compared to the consensus estimate of $1.50 billion. During the same quarter in the previous year, the company earned $0.42 earnings per share. The business's revenue was up 39.5% compared to the same quarter last year. Sell-side analysts forecast that Ciena Corporation will post 5.4 EPS for the current year.

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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