Ciena Corporation $CIEN Shares Sold by Jag Capital Management LLC

Jag Capital Management LLC lowered its stake in shares of Ciena Corporation (NYSE:CIEN) by 82.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 544 shares of the communications equipment provider’s stock after selling 2,560 shares during the quarter. Jag Capital Management LLC’s holdings in Ciena were worth $211,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of CIEN. SmartHarvest Portfolios LLC grew its stake in Ciena by 1.8% during the 1st quarter. SmartHarvest Portfolios LLC now owns 1,142 shares of the communications equipment provider’s stock worth $443,000 after purchasing an additional 20 shares in the last quarter. Whittier Trust Co. raised its position in Ciena by 9.5% in the 1st quarter. Whittier Trust Co. now owns 358 shares of the communications equipment provider’s stock valued at $139,000 after purchasing an additional 31 shares in the last quarter. Parallel Advisors LLC raised its position in Ciena by 0.8% in the 4th quarter. Parallel Advisors LLC now owns 5,107 shares of the communications equipment provider’s stock valued at $1,194,000 after purchasing an additional 43 shares in the last quarter. Transamerica Financial Advisors LLC raised its position in Ciena by 71.0% in 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 in the last quarter. Finally, UMB Bank n.a. boosted its stake in shares of Ciena by 2.9% in the 4th quarter. UMB Bank n.a. now owns 1,629 shares of the communications equipment provider’s stock valued at $381,000 after buying an additional 46 shares during the period. 91.99% of the stock is currently owned by institutional investors and hedge funds.

Ciena Price Performance

Shares of NYSE:CIEN opened at $389.17 on Friday. Ciena Corporation has a 12 month low of $83.20 and a 12 month high of $637.51. The firm has a market capitalization of $55.09 billion, a P/E ratio of 129.72 and a beta of 1.27. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.73 and a quick ratio of 2.11. The company’s fifty day moving average price is $498.61 and its 200 day moving average price is $403.96.

Ciena (NYSE:CIEN) last released its quarterly earnings data on Thursday, June 4th. The communications equipment provider reported $1.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.46 by $0.18. The company had revenue of $1.57 billion during 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 revenue for the quarter was up 39.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.42 earnings per share. As a group, sell-side analysts predict that Ciena Corporation will post 5.4 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

CIEN has been the subject of a number of analyst reports. Raymond James Financial boosted their price objective on Ciena from $320.00 to $530.00 and gave the stock an “outperform” rating in a research report on Thursday, June 4th. Weiss Ratings downgraded shares of Ciena from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday, July 7th. Zacks Research upgraded shares of Ciena from a “hold” rating to a “strong-buy” rating in a research note on Thursday, July 2nd. TD Cowen boosted their price target on shares of Ciena from $425.00 to $675.00 and gave the stock a “buy” rating in a report on Friday, May 15th. Finally, Barclays increased their price objective on shares of Ciena from $372.00 to $607.00 and gave the company an “overweight” rating in a research report on Friday, June 5th. One 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. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $530.56.

Insiders Place Their Bets

In related news, CFO Marc D. Graff sold 126 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 value of $58,741.20. Following the completion of the sale, the chief financial officer directly owned 126,955 shares of the company’s stock, valued at $59,186,421. This represents a 0.10% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Gary B. Smith sold 2,952 shares of the firm’s stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $468.83, for a total value of $1,383,986.16. Following the transaction, the chief executive officer owned 254,886 shares in the company, valued at $119,498,203.38. This represents a 1.14% 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. In the last three months, insiders sold 21,627 shares of company stock worth $10,974,985. Corporate insiders own 0.58% of the company’s stock.

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.