Talos Eurisko Asset Management LP Has $10.90 Million Stake in Ciena Corporation $CIEN

Talos Eurisko Asset Management LP lowered its stake in shares of Ciena Corporation (NYSE:CIEN) by 32.6% in the fourth quarter, Holdings Channel.com reports. The firm owned 46,608 shares of the communications equipment provider’s stock after selling 22,592 shares during the period. Ciena comprises approximately 1.9% of Talos Eurisko Asset Management LP’s investment portfolio, making the stock its 23rd biggest holding. Talos Eurisko Asset Management LP’s holdings in Ciena were worth $10,900,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CIEN. Jacobs Levy Equity Management Inc. purchased a new position in shares of Ciena in the 1st quarter worth approximately $395,000. Jones Financial Companies Lllp boosted its stake in shares of Ciena by 139.6% in the 1st quarter. Jones Financial Companies Lllp now owns 5,253 shares of the communications equipment provider’s stock worth $317,000 after buying an additional 3,061 shares during the last quarter. Goldman Sachs Group Inc. increased its position in shares of Ciena by 1.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 222,054 shares of the communications equipment provider’s stock valued at $13,419,000 after purchasing an additional 3,117 shares during the last quarter. Focus Partners Wealth raised its stake in shares of Ciena by 14.6% during the 1st quarter. Focus Partners Wealth now owns 5,762 shares of the communications equipment provider’s stock worth $348,000 after purchasing an additional 733 shares during the period. Finally, Franklin Resources Inc. bought a new stake in shares of Ciena during the 2nd quarter worth $234,000. Hedge funds and other institutional investors own 91.99% of the company’s stock.

Ciena Trading Up 3.6%

NYSE:CIEN opened at $462.19 on Tuesday. The company has a market cap of $65.42 billion, a P/E ratio of 154.06 and a beta of 1.24. The stock’s fifty day moving average price is $521.76 and its two-hundred day moving average price is $366.77. Ciena Corporation has a 1 year low of $72.56 and a 1 year high of $637.51. 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 (NYSE:CIEN) last posted its earnings results on Thursday, June 4th. The communications equipment provider reported $1.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.46 by $0.18. The firm had revenue of $1.57 billion for the quarter, compared to the consensus estimate of $1.50 billion. Ciena had a return on equity of 18.15% and a net margin of 7.87%.The business’s quarterly revenue was up 39.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.42 earnings per share. As a group, analysts expect that Ciena Corporation will post 5.4 EPS for the current year.

Insiders Place Their Bets

In related news, SVP Jason Phipps sold 22,014 shares of the stock in a transaction 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 owned 68 shares in the company, valued at approximately $27,866.40. This trade represents a 99.69% decrease in their ownership of the stock. 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, CEO Gary B. Smith sold 2,952 shares of the stock in a transaction on Monday, June 1st. The stock was sold at an average price of $565.92, for a total value of $1,670,595.84. Following the completion of the sale, the chief executive officer owned 269,557 shares in the company, valued at $152,547,697.44. This trade represents a 1.08% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 41,222 shares of company stock worth $18,441,027 over the last 90 days. Corporate insiders own 0.58% of the company’s stock.

Wall Street Analyst Weigh In

CIEN has been the topic of a number of recent analyst reports. Bank of America lifted their target price on Ciena from $550.00 to $660.00 and gave the stock a “buy” rating in a research note on Tuesday, May 26th. Rosenblatt Securities increased their price objective on Ciena from $350.00 to $720.00 and gave the company a “buy” rating in a report on Friday, June 5th. Barclays increased their price objective on Ciena from $372.00 to $607.00 and gave the company an “overweight” rating in a report on Friday, June 5th. TD Cowen increased their target price on Ciena from $425.00 to $675.00 and gave the stock a “buy” rating in a research report on Friday, May 15th. Finally, Citigroup increased their target price on Ciena from $345.00 to $658.00 and gave the stock a “buy” rating in a research report on Monday, May 18th. Thirteen analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $530.56.

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.