Senvest Management LLC Trims Stock Holdings in Ciena Corporation $CIEN

Senvest Management LLC lowered its position in shares of Ciena Corporation (NYSE:CIEN) by 39.4% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 172,926 shares of the communications equipment provider’s stock after selling 112,550 shares during the quarter. Ciena comprises about 2.2% of Senvest Management LLC’s portfolio, making the stock its 15th largest position. Senvest Management LLC owned about 0.12% of Ciena worth $67,135,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Transamerica Financial Advisors LLC raised its stake in shares of Ciena by 71.0% in the fourth quarter. Transamerica Financial Advisors LLC now owns 106 shares of the communications equipment provider’s stock worth $25,000 after purchasing an additional 44 shares during the last quarter. Truvestments Capital LLC boosted its position in Ciena by 45.3% in the fourth quarter. Truvestments Capital LLC now owns 154 shares of the communications equipment provider’s stock valued at $36,000 after buying an additional 48 shares during the last quarter. Bogart Wealth LLC increased its holdings in Ciena by 635.7% in the 1st quarter. Bogart Wealth LLC now owns 103 shares of the communications equipment provider’s stock worth $40,000 after buying an additional 89 shares during the period. Acumen Wealth Advisors LLC acquired a new position in Ciena in the 4th quarter worth approximately $40,000. Finally, Wolff Wiese Magana LLC purchased a new position in Ciena during the 4th quarter worth approximately $47,000. 91.99% of the stock is owned by institutional investors and hedge funds.

Ciena Trading Down 4.3%

Shares of NYSE:CIEN opened at $389.93 on Friday. The company has a current ratio of 2.73, a quick ratio of 2.11 and a debt-to-equity ratio of 0.53. Ciena Corporation has a 12-month low of $84.41 and a 12-month high of $637.51. The business has a 50 day moving average of $477.15 and a two-hundred day moving average of $409.28. The company has a market capitalization of $55.20 billion, a PE ratio of 129.98 and a beta of 1.27.

Ciena (NYSE:CIEN) last issued its quarterly earnings data on Thursday, June 4th. The communications equipment provider reported $1.64 EPS for the quarter, topping analysts’ consensus estimates of $1.46 by $0.18. The business 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 business’s revenue was up 39.5% on a year-over-year basis. During the same quarter last year, the company earned $0.42 EPS. As a group, analysts forecast that Ciena Corporation will post 5.4 EPS for the current year.

Insider Activity

In other Ciena news, SVP Joseph Cumello sold 1,586 shares of Ciena stock in a transaction on Friday, June 26th. The shares were sold at an average price of $466.33, for a total value of $739,599.38. Following the completion of the transaction, the senior vice president owned 42,872 shares of the company’s stock, valued at approximately $19,992,499.76. The trade was a 3.57% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Jason Phipps sold 2,629 shares of the company’s stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $466.20, for a total transaction of $1,225,639.80. Following the completion of the transaction, the senior vice president owned 62,382 shares of the company’s stock, valued at approximately $29,082,488.40. This trade represents a 4.04% decrease in their position. 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 a total of 21,627 shares of company stock valued at $10,974,985 in the last three months. Corporate insiders own 0.58% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on CIEN shares. Weiss Ratings cut shares of Ciena from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday, July 7th. B. Riley Financial increased their price objective on shares of Ciena from $283.00 to $531.00 and gave the stock a “neutral” rating in a research note on Tuesday, June 2nd. Morgan Stanley raised their target price on shares of Ciena from $405.00 to $490.00 and gave the stock an “equal weight” rating in a report on Friday, June 5th. Argus set a $650.00 target price on shares of Ciena in a research report on Friday, June 5th. Finally, Zacks Research raised shares of Ciena from a “hold” rating to a “strong-buy” rating in a report on Thursday, July 2nd. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and seven have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $530.56.

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.