Atreides Management LP Acquires 27,466 Shares of Ciena Corporation $CIEN

Atreides Management LP grew its holdings in Ciena Corporation (NYSE:CIEN) by 2.0% during the 4th quarter, HoldingsChannel.com reports. The firm owned 1,428,230 shares of the communications equipment provider’s stock after buying an additional 27,466 shares during the period. Ciena accounts for approximately 4.1% of Atreides Management LP’s holdings, making the stock its 5th largest holding. Atreides Management LP’s holdings in Ciena were worth $334,020,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of CIEN. Elyxium Wealth LLC acquired a new position in shares of Ciena in the 4th quarter valued at $2,747,810,000. Lone Pine Capital LLC acquired a new position in shares of Ciena in the 3rd quarter valued at $292,310,000. Price T Rowe Associates Inc. MD lifted its stake in shares of Ciena by 53.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 4,051,625 shares of the communications equipment provider’s stock valued at $947,554,000 after purchasing an additional 1,404,132 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Ciena by 23.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 6,462,840 shares of the communications equipment provider’s stock valued at $941,451,000 after purchasing an additional 1,219,787 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its stake in shares of Ciena by 2,174.2% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 1,143,855 shares of the communications equipment provider’s stock valued at $166,625,000 after purchasing an additional 1,093,557 shares during the last quarter. Institutional investors and hedge funds own 91.99% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on CIEN shares. Morgan Stanley upped their price target on Ciena from $405.00 to $490.00 and gave the company an “equal weight” rating in a research note on Friday, June 5th. Evercore set a $330.00 price objective on Ciena in a research note on Thursday, February 19th. Zacks Research cut Ciena from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, June 3rd. Raymond James Financial lifted their price objective on Ciena from $320.00 to $530.00 and gave the company an “outperform” rating in a research note on Thursday, June 4th. Finally, Barclays lifted their price objective on Ciena from $372.00 to $607.00 and gave the company an “overweight” rating in a research note on Friday, June 5th. Thirteen equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $530.56.

Ciena Trading Up 1.3%

CIEN opened at $435.91 on Thursday. Ciena Corporation has a 12 month low of $73.23 and a 12 month high of $637.51. The stock has a market capitalization of $61.70 billion, a price-to-earnings ratio of 145.30 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. The business has a fifty day moving average price of $521.44 and a 200 day moving average price of $370.05.

Ciena (NYSE:CIEN) last released its earnings results on Thursday, June 4th. The communications equipment provider reported $1.64 EPS for the quarter, topping 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 during the quarter, compared to analysts’ expectations of $1.50 billion. During the same period in the previous year, the firm posted $0.42 EPS. Ciena’s revenue for the quarter was up 39.5% on a year-over-year basis. Sell-side analysts expect that Ciena Corporation will post 5.4 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Ciena news, SVP Brodie Gage sold 5,000 shares of Ciena stock in a transaction dated Tuesday, March 24th. The stock was sold at an average price of $405.00, for a total transaction of $2,025,000.00. Following the completion of the sale, the senior vice president directly owned 46,341 shares of the company’s stock, valued at $18,768,105. The trade was a 9.74% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Jason Phipps sold 22,014 shares of Ciena stock in a transaction dated 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. This trade represents a 99.69% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 45,374 shares of company stock valued at $20,349,470 in the last three months. 0.58% of the stock is owned by corporate 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.