Resona Asset Management Co. Ltd. Purchases 1,993 Shares of Ciena Corporation $CIEN

Resona Asset Management Co. Ltd. lifted its holdings in Ciena Corporation (NYSE:CIEN) by 4.9% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 42,648 shares of the communications equipment provider’s stock after buying an additional 1,993 shares during the period. Resona Asset Management Co. Ltd.’s holdings in Ciena were worth $16,372,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. Community Bank N.A. purchased a new position in Ciena in the third quarter worth $25,000. Transamerica Financial Advisors LLC increased its position in shares of Ciena by 71.0% during the 4th 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. Hilltop National Bank bought a new stake in shares of Ciena during the 4th quarter worth $35,000. Truvestments Capital LLC raised its stake in shares of 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 period. Finally, Bogart Wealth LLC boosted its holdings in shares of 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 last quarter. 91.99% of the stock is owned by institutional investors.

Analyst Ratings Changes

CIEN has been the subject of a number of research analyst reports. JPMorgan Chase & Co. raised their price objective on shares of Ciena from $380.00 to $550.00 and gave the stock an “overweight” rating in a report on Thursday, April 16th. Citigroup boosted their target price 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. Bank of America increased their target price on shares of Ciena from $550.00 to $660.00 and gave the company a “buy” rating in a research report on Tuesday, May 26th. Morgan Stanley lifted their price target 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. Finally, B. Riley Financial upped their price objective on Ciena from $283.00 to $531.00 and gave the company a “neutral” rating in a research note on Tuesday, June 2nd. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat.com, Ciena presently has an average rating of “Moderate Buy” and an average target price of $530.56.

Insider Activity at Ciena

In related news, SVP Jason Phipps sold 2,629 shares of the 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 sale, the senior vice president owned 62,382 shares of the company’s stock, valued at approximately $29,082,488.40. This represents a 4.04% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Joseph Cumello sold 1,586 shares of the stock in a transaction dated Friday, June 26th. The stock was sold at an average price of $466.33, for a total transaction of $739,599.38. Following the completion of the sale, the senior vice president directly owned 42,872 shares in the company, valued at approximately $19,992,499.76. The trade was a 3.57% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 22,827 shares of company stock worth $11,541,133 in the last 90 days. 0.58% of the stock is owned by company insiders.

Ciena Stock Performance

Shares of NYSE CIEN traded down $1.22 during midday trading on Friday, hitting $461.12. The company’s stock had a trading volume of 1,282,857 shares, compared to its average volume of 2,926,307. The firm has a market capitalization of $65.27 billion, a price-to-earnings ratio of 153.71 and a beta of 1.27. The company has a current ratio of 2.73, a quick ratio of 2.11 and a debt-to-equity ratio of 0.53. The stock has a fifty day moving average price of $508.35 and a 200 day moving average price of $397.63. Ciena Corporation has a one year low of $76.89 and a one year high of $637.51.

Ciena (NYSE:CIEN) last issued 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 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 for the quarter was up 39.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.42 EPS. On average, research analysts forecast that Ciena Corporation will post 5.4 EPS for the current fiscal 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.