Royal Bank of Canada Sells 24,788 Shares of Ciena Corporation $CIEN

Royal Bank of Canada reduced its holdings in Ciena Corporation (NYSE:CIEN) by 8.6% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 263,542 shares of the communications equipment provider’s stock after selling 24,788 shares during the quarter. Royal Bank of Canada owned approximately 0.19% of Ciena worth $102,317,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the business. Transamerica Financial Advisors LLC grew 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 raised its position in Ciena by 45.3% during the 4th quarter. Truvestments Capital LLC now owns 154 shares of the communications equipment provider’s stock worth $36,000 after purchasing an additional 48 shares during the last quarter. Bogart Wealth LLC raised its position in Ciena by 635.7% during the 1st quarter. Bogart Wealth LLC now owns 103 shares of the communications equipment provider’s stock worth $40,000 after purchasing an additional 89 shares during the last quarter. Acumen Wealth Advisors LLC acquired a new position in Ciena during the 4th quarter worth about $40,000. Finally, Zions Bancorporation National Association UT bought a new stake in shares of Ciena in the 4th quarter valued at about $50,000. Institutional investors own 91.99% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on CIEN shares. Stifel Nicolaus set a $615.00 price objective on Ciena in a research report on Friday, May 29th. Needham & Company LLC restated a “buy” rating on shares of Ciena in a report on Tuesday. UBS Group restated a “buy” rating on shares of Ciena in a research report on Tuesday. Morgan Stanley increased their price objective on shares of Ciena from $405.00 to $490.00 and gave the stock an “equal weight” rating in a research report on Friday, June 5th. Finally, B. Riley Financial lifted their target price 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. One 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 stock. According to MarketBeat, Ciena has a consensus rating of “Moderate Buy” and a consensus target price of $530.56.

Insider Activity at Ciena

In related news, SVP Joseph Cumello sold 1,586 shares of the company’s stock in a transaction that occurred on Friday, June 26th. The stock was sold at an average price of $466.33, for a total transaction of $739,599.38. Following the transaction, the senior vice president directly owned 42,872 shares of the company’s stock, valued at approximately $19,992,499.76. This represents a 3.57% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Marc D. Graff sold 126 shares of the stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $466.20, for a total value of $58,741.20. Following the completion of the transaction, the chief financial officer owned 126,955 shares in the company, valued at approximately $59,186,421. The trade was a 0.10% 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. Over the last ninety days, insiders have sold 18,675 shares of company stock worth $9,387,576. 0.58% of the stock is currently owned by insiders.

Ciena Stock Performance

Shares of CIEN stock opened at $377.33 on Friday. The company has a market cap of $53.41 billion, a price-to-earnings ratio of 125.78 and a beta of 1.27. Ciena Corporation has a 52 week low of $84.41 and a 52 week high of $637.51. The company has a quick ratio of 2.11, a current ratio of 2.73 and a debt-to-equity ratio of 0.53. The firm has a 50 day moving average of $457.45 and a 200-day moving average of $413.52.

Ciena (NYSE:CIEN) last released its earnings results on Thursday, June 4th. The communications equipment provider reported $1.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.46 by $0.18. The company had revenue of $1.57 billion for the quarter, compared to the consensus estimate of $1.50 billion. Ciena had a net margin of 7.87% and a return on equity of 18.15%. Ciena’s quarterly revenue was up 39.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.42 EPS. On average, equities analysts forecast that Ciena Corporation will post 5.4 earnings per share for the current year.

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.