PSI Advisors LLC Sells 1,250 Shares of Ciena Corporation $CIEN

PSI Advisors LLC reduced its position in shares of Ciena Corporation (NYSE:CIEN) by 19.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 5,076 shares of the communications equipment provider’s stock after selling 1,250 shares during the period. PSI Advisors LLC’s holdings in Ciena were worth $1,187,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Geode Capital Management LLC grew its holdings in shares of Ciena by 5.7% during the fourth quarter. Geode Capital Management LLC now owns 2,687,437 shares of the communications equipment provider’s stock worth $627,567,000 after purchasing an additional 145,948 shares during the last quarter. Employees Retirement System of Texas bought a new stake in shares of Ciena during the fourth quarter worth about $355,000. Williamson Legacy Group LLC grew its holdings in shares of Ciena by 9.2% during the fourth quarter. Williamson Legacy Group LLC now owns 16,694 shares of the communications equipment provider’s stock worth $3,904,000 after purchasing an additional 1,404 shares during the last quarter. Cary Street Partners Investment Advisory LLC bought a new stake in shares of Ciena during the fourth quarter worth about $62,000. Finally, Cary Street Partners Financial LLC bought a new stake in shares of Ciena during the fourth quarter worth about $356,000. 91.99% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Ciena

In other Ciena news, SVP Brodie Gage sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 24th. The stock was sold at an average price of $405.00, for a total value of $2,025,000.00. Following the transaction, the senior vice president directly owned 46,341 shares of the company’s stock, valued at approximately $18,768,105. The trade was a 9.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Jason Phipps sold 22,014 shares of the business’s stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $409.80, for a total value 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 trade represents a 99.69% decrease in their ownership of the stock. 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. Over the last three months, insiders have sold 44,174 shares of company stock valued at $18,878,661. 0.58% of the stock is currently owned by company insiders.

Ciena Price Performance

Ciena stock opened at $580.90 on Thursday. The stock’s 50 day moving average is $492.80 and its 200 day moving average is $337.45. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.81 and a quick ratio of 2.14. The firm has a market cap of $82.14 billion, a P/E ratio of 370.00, a P/E/G ratio of 1.97 and a beta of 1.24. Ciena Corporation has a one year low of $70.77 and a one year high of $605.61.

Ciena (NYSE:CIEN) last issued its quarterly earnings results on Thursday, March 5th. The communications equipment provider reported $1.35 earnings per share (EPS) for the quarter, beating the consensus estimate 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 analyst estimates of $1.40 billion. During the same period in the previous year, the firm earned $0.64 earnings per share. The company’s revenue was up 33.1% compared to the same quarter last year. As a group, research analysts expect that Ciena Corporation will post 5.12 EPS for the current year.

Wall Street Analysts Forecast Growth

CIEN has been the topic of a number of recent analyst reports. Rothschild & Co Redburn initiated coverage on Ciena in a research note on Friday, May 1st. They issued a “neutral” rating and a $416.00 price objective on the stock. Wolfe Research reaffirmed an “outperform” rating and issued a $375.00 price objective on shares of Ciena in a research note on Thursday, March 5th. Evercore set a $330.00 price objective on Ciena in a research note on Thursday, February 19th. Citigroup lifted their price objective on Ciena from $345.00 to $658.00 and gave the stock a “buy” rating in a research note on Monday, May 18th. Finally, B. Riley Financial lifted their price objective on Ciena from $222.00 to $283.00 and gave the stock a “neutral” rating in a research note on Friday, March 6th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $404.94.

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.