Titan Global Capital Management USA LLC Has $45.93 Million Stake in Ciena Corporation $CIEN

Titan Global Capital Management USA LLC trimmed its position in shares of Ciena Corporation (NYSE:CIEN) by 29.4% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 118,312 shares of the communications equipment provider’s stock after selling 49,257 shares during the quarter. Ciena accounts for approximately 6.8% of Titan Global Capital Management USA LLC’s investment portfolio, making the stock its 2nd largest holding. Titan Global Capital Management USA LLC’s holdings in Ciena were worth $45,932,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of CIEN. Bogart Wealth LLC grew 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 acquiring an additional 89 shares during the last quarter. Transamerica Financial Advisors LLC boosted its stake in 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 in the last quarter. Whittier Trust Co. of Nevada Inc. grew its holdings in shares of Ciena by 85.5% during the first quarter. Whittier Trust Co. of Nevada Inc. now owns 141 shares of the communications equipment provider’s stock worth $55,000 after purchasing an additional 65 shares during the last quarter. Hilltop National Bank bought a new stake in shares of Ciena during the fourth quarter worth $35,000. Finally, Truvestments Capital LLC increased its stake in shares of 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 in the last quarter. Institutional investors own 91.99% of the company’s stock.

Ciena Price Performance

Shares of CIEN stock opened at $378.31 on Tuesday. The firm’s 50 day moving average price is $491.11 and its two-hundred day moving average price is $405.90. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.11 and a current ratio of 2.73. Ciena Corporation has a 52-week low of $83.20 and a 52-week high of $637.51. The stock has a market cap of $53.55 billion, a PE ratio of 126.10 and a beta of 1.27.

Ciena (NYSE:CIEN) last issued its earnings results on Thursday, June 4th. The communications equipment provider reported $1.64 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 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 company posted $0.42 EPS. As a group, analysts forecast that Ciena Corporation will post 5.4 EPS for the current year.

Analyst Ratings Changes

A number of brokerages have commented on CIEN. Zacks Research raised shares of Ciena from a “hold” rating to a “strong-buy” rating in a report on Thursday, July 2nd. Rothschild & Co Redburn started coverage on shares of Ciena in a research note on Friday, May 1st. They set a “neutral” rating and a $416.00 price target on the stock. Raymond James Financial boosted their price objective on shares of Ciena from $320.00 to $530.00 and gave the stock an “outperform” rating in a research report on Thursday, June 4th. Barclays upped their price objective on Ciena from $372.00 to $607.00 and gave the stock an “overweight” rating in a report on Friday, June 5th. Finally, Stifel Nicolaus set a $615.00 target price on Ciena in a research note on Friday, May 29th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and seven have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $530.56.

Insider Buying and Selling at Ciena

In related news, CEO Gary B. Smith sold 2,952 shares of the company’s stock in a transaction dated 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 completion of the sale, the chief executive officer owned 254,886 shares in the company, valued at approximately $119,498,203.38. This represents a 1.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 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 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 directly owned 42,872 shares in the company, valued at $19,992,499.76. The trade was a 3.57% 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. Insiders sold 21,627 shares of company stock valued at $10,974,985 over the last quarter. 0.58% of the stock is owned by corporate 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.