Westpac Banking Corp Has $4.01 Million Stake in Ciena Corporation $CIEN

Key Points

• Westpac Banking Corp increased its stake in Ciena by 50.6% in the first quarter, buying 3,472 additional shares and bringing its total holding to 10,338 shares valued at about $4.01 million.
• Ciena reported strong quarterly results, posting EPS of $1.64 versus the $1.46 consensus and revenue of $1.57 billion, up 39.5% year over year. The company’s latest report also showed solid profitability, with a net margin of 7.87%.
• Analyst sentiment remains constructive, with a consensus rating of “Moderate Buy” and an average price target of $530.56, even as some insiders recently sold shares under pre-arranged trading plans.

Westpac Banking Corp boosted its holdings in Ciena Corporation (NYSE:CIEN - Free Report) by 50.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,338 shares of the communications equipment provider's stock after purchasing an additional 3,472 shares during the period. Westpac Banking Corp's holdings in Ciena were worth $4,014,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Transamerica Financial Advisors LLC grew its holdings in shares of Ciena by 71.0% in the 4th quarter. Transamerica Financial Advisors LLC now owns 106 shares of the communications equipment provider's stock valued at $25,000 after acquiring an additional 44 shares in the last quarter. Truvestments Capital LLC raised its holdings in Ciena by 45.3% during the fourth quarter. Truvestments Capital LLC now owns 154 shares of the communications equipment provider's stock worth $36,000 after acquiring an additional 48 shares in the last quarter. Bogart Wealth LLC boosted its position in Ciena by 635.7% during the first quarter. Bogart Wealth LLC now owns 103 shares of the communications equipment provider's stock valued at $40,000 after purchasing an additional 89 shares during the last quarter. Acumen Wealth Advisors LLC acquired a new position in Ciena during the fourth quarter valued at approximately $40,000. Finally, Wolff Wiese Magana LLC bought a new position in Ciena in the fourth quarter valued at approximately $47,000. 91.99% of the stock is currently owned by institutional investors and hedge funds.

Ciena Trading Up 7.7%

Ciena stock opened at $407.89 on Wednesday. The stock has a 50-day simple moving average of $487.72 and a 200 day simple moving average of $407.13. The stock has a market capitalization of $57.74 billion, a P/E ratio of 135.96 and a beta of 1.27. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.11 and a current ratio of 2.73. Ciena Corporation has a 52 week low of $83.20 and a 52 week high of $637.51.

Ciena (NYSE:CIEN - Get Free Report) last released its quarterly earnings data on Thursday, June 4th. The communications equipment provider reported $1.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.46 by $0.18. Ciena had a return on equity of 18.15% and a net margin of 7.87%.The firm had revenue of $1.57 billion for the quarter, compared to analyst estimates of $1.50 billion. During the same quarter in the prior year, the company earned $0.42 earnings per share. The business's revenue for the quarter was up 39.5% compared to the same quarter last year. Analysts expect that Ciena Corporation will post 5.4 earnings per share for the current year.

Analyst Ratings Changes

Several research firms have weighed in on CIEN. Citigroup boosted their price target on Ciena from $345.00 to $658.00 and gave the stock a "buy" rating in a research report on Monday, May 18th. UBS Group increased their price objective on Ciena from $285.00 to $508.00 and gave the company a "neutral" rating in a report on Friday, June 5th. Rothschild & Co Redburn initiated coverage on shares of Ciena in a research note on Friday, May 1st. They issued a "neutral" rating and a $416.00 target price for the company. Northland Securities set a $450.00 target price on shares of Ciena in a report on Friday, June 5th. Finally, Stifel Nicolaus set a $615.00 target price on shares of Ciena in a report on Friday, May 29th. One analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $530.56.

Insider Buying and Selling at Ciena

In related news, SVP Brodie Gage sold 1,200 shares of the stock in a transaction on Friday, May 15th. The stock was sold at an average price of $570.65, for a total value of $684,780.00. Following the sale, the senior vice president owned 43,941 shares in the company, valued at approximately $25,074,931.65. This represents a 2.66% 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 Jason Phipps sold 2,629 shares of the firm's stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $466.20, for a total value of $1,225,639.80. Following the sale, the senior vice president directly owned 62,382 shares of the company's stock, valued at $29,082,488.40. This represents a 4.04% 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. Insiders sold 21,627 shares of company stock worth $10,974,985 in the last three months. 0.58% of the stock is owned by insiders.

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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