Fideuram Asset Management Ireland dac Takes $1.66 Million Position in Ciena Corporation $CIEN

Fideuram Asset Management Ireland dac purchased a new stake in shares of Ciena Corporation (NYSE:CIEN) during the 4th quarter, Holdings Channel.com reports. The fund purchased 7,110 shares of the communications equipment provider’s stock, valued at approximately $1,663,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Elyxium Wealth LLC bought a new position in Ciena in the fourth quarter valued at approximately $2,747,810,000. JPMorgan Chase & Co. boosted its stake in 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 acquiring an additional 1,219,787 shares during the last quarter. Bank of America Corp DE boosted its stake in 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 acquiring an additional 329,821 shares during the last quarter. Geode Capital Management LLC boosted its stake in 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 acquiring an additional 145,948 shares during the last quarter. Finally, Lone Pine Capital LLC bought a new position in Ciena in the third quarter valued at approximately $292,310,000. 91.99% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Ciena news, CEO Gary B. Smith sold 2,952 shares of the stock in a transaction on Friday, May 15th. The shares were sold at an average price of $562.05, for a total value of $1,659,171.60. Following the sale, the chief executive officer directly owned 272,509 shares in the company, valued at approximately $153,163,683.45. This trade represents a 1.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible 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 firm’s stock in a transaction on Wednesday, April 1st. The stock was 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 in the company, valued at approximately $27,866.40. The trade was 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. Over the last three months, insiders have sold 44,174 shares of company stock worth $18,878,661. Company insiders own 0.58% of the company’s stock.

Ciena Trading Up 1.8%

CIEN opened at $580.59 on Friday. The firm’s fifty day moving average is $500.69 and its two-hundred day moving average is $341.74. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.14 and a current ratio of 2.81. The firm has a market cap of $82.09 billion, a PE ratio of 369.80, a price-to-earnings-growth ratio of 1.87 and a beta of 1.24. Ciena Corporation has a twelve month low of $70.77 and a twelve month high of $605.61.

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

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. Raymond James Financial reaffirmed an “outperform” rating and issued a $320.00 price objective on shares of Ciena in a research note on Thursday, March 5th. Morgan Stanley raised their price objective on shares of Ciena from $286.00 to $405.00 and gave the company an “equal weight” rating in a research note on Monday, April 20th. Weiss Ratings raised shares of Ciena from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, April 27th. Needham & Company LLC raised their price objective on shares of Ciena from $280.00 to $370.00 and gave the company a “buy” rating in a research note on Thursday, March 5th. Finally, Citigroup raised their price objective on shares of Ciena from $345.00 to $658.00 and gave the company a “buy” rating in a research note on Monday, May 18th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $406.61.

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.