iA Global Asset Management Inc. Takes Position in Ciena Corporation $CIEN

iA Global Asset Management Inc. bought a new stake in shares of Ciena Corporation (NYSE:CIEN) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 30,630 shares of the communications equipment provider’s stock, valued at approximately $7,163,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in CIEN. KBC Group NV increased its holdings in Ciena by 11.3% in the fourth quarter. KBC Group NV now owns 31,161 shares of the communications equipment provider’s stock worth $7,288,000 after buying an additional 3,156 shares during the last quarter. Convergence Investment Partners LLC acquired a new position in Ciena in the third quarter worth approximately $1,726,000. FengHe Fund Management Pte. Ltd. increased its holdings in Ciena by 164.0% in the fourth quarter. FengHe Fund Management Pte. Ltd. now owns 660,988 shares of the communications equipment provider’s stock worth $154,585,000 after buying an additional 410,588 shares during the last quarter. Peak Financial Advisors LLC increased its holdings in Ciena by 222.7% in the fourth quarter. Peak Financial Advisors LLC now owns 11,596 shares of the communications equipment provider’s stock worth $2,712,000 after buying an additional 8,003 shares during the last quarter. Finally, Semanteon Capital Management LP acquired a new position in Ciena in the third quarter worth approximately $568,000. Hedge funds and other institutional investors own 91.99% of the company’s stock.

Insiders Place Their Bets

In other Ciena news, SVP Brodie Gage sold 1,200 shares of the company’s stock in a transaction that occurred on Wednesday, April 15th. The stock was sold at an average price of $471.79, for a total transaction of $566,148.00. Following the completion of the sale, the senior vice president owned 45,141 shares of the company’s stock, valued at $21,297,072.39. This represents a 2.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Jason Phipps sold 22,014 shares of the company’s stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $409.80, for a total value of $9,021,337.20. Following the sale, the senior vice president directly owned 68 shares of the company’s stock, valued at $27,866.40. The trade was a 99.69% 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 42,974 shares of company stock valued at $17,418,863 over the last 90 days. 0.58% of the stock is currently owned by company insiders.

Ciena Stock Down 0.0%

Shares of Ciena stock opened at $554.26 on Monday. The stock has a market capitalization of $78.37 billion, a P/E ratio of 353.04, a PEG ratio of 1.81 and a beta of 1.24. The company has a quick ratio of 2.14, a current ratio of 2.81 and a debt-to-equity ratio of 0.55. The stock has a 50 day moving average price of $454.25 and a two-hundred day moving average price of $316.08. Ciena Corporation has a 12-month low of $70.77 and a 12-month high of $598.84.

Ciena (NYSE:CIEN) last announced its earnings results on Thursday, March 5th. The communications equipment provider reported $1.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.17 by $0.18. The firm had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.40 billion. Ciena had a return on equity of 12.09% and a net margin of 4.47%.The company’s revenue was up 33.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.64 earnings per share. Equities analysts expect that Ciena Corporation will post 5.12 earnings per share for the current year.

Analyst Ratings Changes

A number of equities analysts recently commented on CIEN shares. UBS Group increased their price objective on Ciena from $230.00 to $285.00 and gave the stock a “neutral” rating in a report on Friday, March 6th. Evercore set a $330.00 price objective on Ciena in a report on Thursday, February 19th. JPMorgan Chase & Co. increased their price objective on Ciena from $380.00 to $550.00 and gave the stock an “overweight” rating in a report on Thursday, April 16th. Wolfe Research restated an “outperform” rating and issued a $375.00 price objective on shares of Ciena in a report on Thursday, March 5th. Finally, Rothschild & Co Redburn assumed coverage on Ciena in a report on Friday, May 1st. They issued a “neutral” rating and a $416.00 price objective on the stock. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $381.44.

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.