WT Asset Management Ltd Makes New Investment in Ciena Corporation $CIEN

Key Points

• WT Asset Management bought a new stake of 133,700 shares in Ciena valued at about $31.27 million, making the position ~1.2% of the fund's portfolio and its 26th largest holding (WT owned ~0.09% of Ciena at quarter-end).
• Insider selling has been notable: CEO Gary B. Smith sold 2,952 shares (~$1.06M) and SVP Jason Phipps sold 22,014 shares (~$9.02M, under a 10b5‑1 plan), with insiders disposing of 42,974 shares worth ~$16.6M over the past 90 days (insiders now own 0.58% of the stock).
• Ciena recently beat quarterly estimates (EPS $1.35 vs. $1.17; revenue $1.43B, +33.1% YoY), its shares trade near a 52‑week high (~$520) with a market cap of ~$73.6B and a high P/E (~331), and analysts have an average rating of "Moderate Buy" with a consensus target of ~$355.59.

WT Asset Management Ltd purchased a new stake in Ciena Corporation (NYSE:CIEN - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 133,700 shares of the communications equipment provider's stock, valued at approximately $31,268,000. Ciena makes up approximately 1.2% of WT Asset Management Ltd's investment portfolio, making the stock its 26th largest holding. WT Asset Management Ltd owned approximately 0.09% of Ciena at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of CIEN. Community Bank N.A. bought a new stake in Ciena in the 3rd quarter valued at approximately $25,000. Mather Group LLC. acquired a new position in Ciena during the 3rd quarter worth approximately $28,000. Assetmark Inc. grew its stake in shares of Ciena by 50.4% during the 3rd quarter. Assetmark Inc. now owns 200 shares of the communications equipment provider's stock worth $29,000 after acquiring an additional 67 shares in the last quarter. Ameritas Advisory Services LLC grew its stake in shares of Ciena by 104.0% during the 3rd quarter. Ameritas Advisory Services LLC now owns 204 shares of the communications equipment provider's stock worth $30,000 after acquiring an additional 104 shares in the last quarter. Finally, Salomon & Ludwin LLC acquired a new stake in shares of Ciena in the third quarter valued at approximately $31,000. 91.99% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Ciena

In related news, CEO Gary B. Smith sold 2,952 shares of the company's stock in a transaction dated Monday, March 16th. The shares were sold at an average price of $359.53, for a total value of $1,061,332.56. Following the transaction, the chief executive officer owned 293,084 shares in the company, valued at approximately $105,372,490.52. This represents a 1.00% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Jason Phipps sold 22,014 shares of the stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $409.80, for a total transaction of $9,021,337.20. Following the completion of the transaction, the senior vice president directly owned 68 shares in the company, valued at approximately $27,866.40. This represents a 99.69% 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 a total of 42,974 shares of company stock worth $16,615,505 over the last ninety days. Insiders own 0.58% of the company's stock.

Ciena Stock Up 0.9%

Shares of CIEN stock opened at $520.34 on Friday. Ciena Corporation has a 52-week low of $63.99 and a 52-week high of $527.86. The stock has a market cap of $73.58 billion, a price-to-earnings ratio of 331.43, a PEG ratio of 1.70 and a beta of 1.01. The firm's 50-day moving average is $399.49 and its 200-day moving average is $280.06. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.14 and a current ratio of 2.81.

Ciena (NYSE:CIEN - Get Free Report) last announced its quarterly earnings results on Thursday, March 5th. The communications equipment provider reported $1.35 earnings per share for the quarter, topping analysts' consensus estimates of $1.17 by $0.18. Ciena had a return on equity of 12.09% and a net margin of 4.47%.The firm had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.40 billion. During the same quarter in the previous year, the business earned $0.64 earnings per share. The business's revenue was up 33.1% compared to the same quarter last year. Sell-side analysts predict that Ciena Corporation will post 5.1 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on CIEN shares. Zacks Research raised shares of Ciena from a "hold" rating to a "strong-buy" rating in a research report on Friday, March 13th. TD Cowen began coverage on Ciena in a research report on Thursday, March 12th. They issued a "buy" rating and a $425.00 target price on the stock. Needham & Company LLC upped their target price on Ciena from $280.00 to $370.00 and gave the stock a "buy" rating in a report on Thursday, March 5th. B. Riley Financial increased their price target on Ciena from $222.00 to $283.00 and gave the company a "neutral" rating in a research report on Friday, March 6th. Finally, Weiss Ratings restated a "hold (c)" rating on shares of Ciena in a research note on Wednesday, January 21st. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and six have given a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $355.59.

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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