Greenland Capital Management LP Decreases Holdings in Ciena Corporation $CIEN

Greenland Capital Management LP lowered its position in Ciena Corporation (NYSE:CIEN) by 62.2% during the second quarter, HoldingsChannel.com reports. The fund owned 1,139 shares of the communications equipment provider’s stock after selling 1,878 shares during the quarter. Greenland Capital Management LP’s holdings in Ciena were worth $559,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of CIEN. Transamerica Financial Advisors LLC grew its holdings in Ciena by 71.0% in the fourth quarter. Transamerica Financial Advisors LLC now owns 106 shares of the communications equipment provider’s stock valued at $25,000 after purchasing an additional 44 shares during the last quarter. Markowski Investments purchased a new position in shares of Ciena in the second quarter valued at $28,000. Asset Dedication LLC raised its stake in shares of Ciena by 2,100.0% during the 1st quarter. Asset Dedication LLC now owns 88 shares of the communications equipment provider’s stock worth $34,000 after buying an additional 84 shares during the last quarter. Carolina Wealth Advisors LLC raised its stake in shares of Ciena by 57.8% during the 2nd quarter. Carolina Wealth Advisors LLC now owns 71 shares of the communications equipment provider’s stock worth $35,000 after buying an additional 26 shares during the last quarter. Finally, Truvestments Capital LLC boosted its position in shares of Ciena by 45.3% in the 4th quarter. Truvestments Capital LLC now owns 154 shares of the communications equipment provider’s stock worth $36,000 after buying an additional 48 shares in the last quarter. 91.99% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages recently commented on CIEN. UBS Group lowered their price objective on shares of Ciena from $508.00 to $394.00 and set a “neutral” rating on the stock in a research note on Friday. Barclays cut their target price on shares of Ciena from $607.00 to $475.00 and set an “overweight” rating for the company in a research report on Friday. B. Riley Financial lowered their price target on shares of Ciena from $516.00 to $413.00 and set a “neutral” rating on the stock in a research report on Monday, August 31st. Morgan Stanley dropped their price objective on shares of Ciena from $490.00 to $425.00 and set an “equal weight” rating for the company in a research note on Friday. Finally, Needham & Company LLC cut their price objective on Ciena from $600.00 to $520.00 and set a “buy” rating for the company in a research report on Thursday, September 3rd. Thirteen investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $480.95.

Ciena Trading Up 0.2%

Ciena stock opened at $321.52 on Tuesday. The stock has a 50-day moving average price of $400.48 and a 200 day moving average price of $438.39. Ciena Corporation has a 52 week low of $113.66 and a 52 week high of $637.51. The stock has a market cap of $45.59 billion, a PE ratio of 71.77 and a beta of 1.30. The company has a current ratio of 3.80, a quick ratio of 3.17 and a debt-to-equity ratio of 1.06.

Ciena (NYSE:CIEN) last released its earnings results on Thursday, September 3rd. The communications equipment provider reported $2.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.73 by $0.38. Ciena had a net margin of 10.87% and a return on equity of 25.33%. The company had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.64 billion. During the same period in the prior year, the firm earned $0.35 EPS. The firm’s quarterly revenue was up 37.0% on a year-over-year basis. Equities research analysts predict that Ciena Corporation will post 5.37 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Ciena news, CEO Gary Smith sold 2,952 shares of Ciena stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $362.90, for a total value of $1,071,280.80. Following the completion of the sale, the chief executive officer directly owned 243,078 shares of the company’s stock, valued at approximately $88,213,006.20. The trade was a 1.20% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Jason Phipps sold 2,629 shares of the business’s stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $466.20, for a total value 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 $29,082,488.40. This trade represents a 4.04% 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 quarter, insiders have sold 25,422 shares of company stock valued at $11,038,802. 0.58% of the stock is currently owned by 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.