Munro Partners Has $71.20 Million Holdings in Ciena Corporation $CIEN

Munro Partners cut its stake in shares of Ciena Corporation (NYSE:CIEN) by 45.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 304,430 shares of the communications equipment provider’s stock after selling 252,500 shares during the period. Ciena accounts for 1.8% of Munro Partners’ holdings, making the stock its 20th largest position. Munro Partners’ holdings in Ciena were worth $71,197,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently bought and sold shares of CIEN. Elyxium Wealth LLC acquired a new stake in shares of Ciena in the fourth quarter valued at approximately $2,747,810,000. JPMorgan Chase & Co. raised its position in shares of Ciena by 23.3% in the third quarter. JPMorgan Chase & Co. now owns 6,462,840 shares of the communications equipment provider’s stock valued at $941,451,000 after buying an additional 1,219,787 shares in the last quarter. State Street Corp raised its position in shares of Ciena by 17.2% in the fourth quarter. State Street Corp now owns 5,102,409 shares of the communications equipment provider’s stock valued at $1,193,300,000 after buying an additional 750,128 shares in the last quarter. Bank of America Corp DE raised its position in shares of Ciena by 10.4% in the second quarter. Bank of America Corp DE now owns 3,495,795 shares of the communications equipment provider’s stock valued at $284,313,000 after buying an additional 329,821 shares in the last quarter. Finally, Geode Capital Management LLC raised its position in shares of Ciena by 5.7% in the fourth quarter. Geode Capital Management LLC now owns 2,687,437 shares of the communications equipment provider’s stock valued at $627,567,000 after buying an additional 145,948 shares in the last quarter. 91.99% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Ciena news, SVP Jason Phipps sold 22,014 shares of the business’s stock in a transaction on 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 sale, the senior vice president owned 68 shares of the company’s stock, valued at approximately $27,866.40. The trade was a 99.69% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through 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 business’s stock in a transaction on Monday, June 1st. The stock was sold at an average price of $565.92, for a total transaction of $1,670,595.84. Following the sale, the chief executive officer directly owned 269,557 shares in the company, valued at approximately $152,547,697.44. The trade was a 1.08% 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 quarter, insiders have sold 41,222 shares of company stock valued at $18,441,027. 0.58% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of research firms have recently weighed in on CIEN. JPMorgan Chase & Co. upped their target price on Ciena from $380.00 to $550.00 and gave the company an “overweight” rating in a research report on Thursday, April 16th. Northland Securities set a $450.00 target price on Ciena in a research report on Friday, June 5th. Barclays upped their target price on Ciena from $372.00 to $607.00 and gave the company an “overweight” rating in a research report on Friday, June 5th. Raymond James Financial upped their target price on Ciena from $320.00 to $530.00 and gave the company an “outperform” rating in a research report on Thursday, June 4th. Finally, TD Cowen upped their target price on Ciena from $425.00 to $675.00 and gave the company a “buy” rating in a research report on Friday, May 15th. Thirteen research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $530.56.

Ciena Stock Performance

Shares of NYSE:CIEN opened at $462.19 on Tuesday. The company’s 50 day simple moving average is $521.76 and its 200 day simple moving average is $366.77. The stock has a market capitalization of $65.42 billion, a price-to-earnings ratio of 154.06 and a beta of 1.24. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.73 and a quick ratio of 2.11. Ciena Corporation has a 1 year low of $72.56 and a 1 year high of $637.51.

Ciena (NYSE:CIEN) last posted its 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 for 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%. The company’s revenue was up 39.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.42 earnings per share. As a group, research analysts predict that Ciena Corporation will post 5.4 EPS for the current fiscal year.

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.