Himension Capital Singapore PTE. LTD. Sells 2,760 Shares of Ciena Corporation $CIEN

Himension Capital Singapore PTE. LTD. decreased its holdings in shares of Ciena Corporation (NYSE:CIEN) by 66.0% in the 1st quarter, HoldingsChannel.com reports. The firm owned 1,424 shares of the communications equipment provider’s stock after selling 2,760 shares during the period. Himension Capital Singapore PTE. LTD.’s holdings in Ciena were worth $553,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Transamerica Financial Advisors LLC increased its stake 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 buying an additional 44 shares during the last quarter. Truvestments Capital LLC boosted 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 buying an additional 48 shares during the last quarter. Bogart Wealth LLC boosted its stake in shares of 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 buying an additional 89 shares during the last quarter. Acumen Wealth Advisors LLC bought a new position in shares of Ciena in the 4th quarter valued at about $40,000. Finally, Wolff Wiese Magana LLC bought a new position in shares of Ciena in the 4th quarter valued at about $47,000. Institutional investors own 91.99% of the company’s stock.

Insider Activity

In other news, SVP Brodie Gage sold 1,200 shares of Ciena stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of $570.65, for a total transaction of $684,780.00. Following the completion of the transaction, the senior vice president directly owned 43,941 shares in the company, valued at approximately $25,074,931.65. The trade was a 2.66% decrease in their position. The sale was disclosed in a legal filing 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 Ciena stock in a transaction that occurred on Friday, June 26th. The stock was sold at an average price of $466.33, for a total value of $739,599.38. Following the transaction, the senior vice president owned 42,872 shares of the company’s stock, valued at $19,992,499.76. This represents 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. Over the last quarter, insiders have sold 21,627 shares of company stock valued at $10,974,985. 0.58% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

CIEN has been the topic of a number of recent research reports. Morgan Stanley lifted their target price on Ciena from $405.00 to $490.00 and gave the company an “equal weight” rating in a research report on Friday, June 5th. Raymond James Financial increased their price target on Ciena from $320.00 to $530.00 and gave the company an “outperform” rating in a research report on Thursday, June 4th. TD Cowen raised their price target on Ciena from $425.00 to $675.00 and gave the company a “buy” rating in a research note on Friday, May 15th. Stifel Nicolaus set a $615.00 price target on Ciena in a research report on Friday, May 29th. Finally, UBS Group upped their price objective on Ciena from $285.00 to $508.00 and gave the stock a “neutral” rating in a research note on Friday, June 5th. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and seven have given a Hold rating to the company. According to MarketBeat, Ciena presently has an average rating of “Moderate Buy” and an average target price of $530.56.

Ciena Stock Up 7.7%

Ciena stock opened at $407.89 on Wednesday. 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 50-day moving average is $487.72 and its 200-day moving average is $407.13. The firm has a market capitalization of $57.74 billion, a PE ratio of 135.96 and a beta of 1.27. Ciena Corporation has a fifty-two week low of $83.20 and a fifty-two week 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 the consensus estimate of $1.46 by $0.18. Ciena had a net margin of 7.87% and a return on equity of 18.15%. The business had revenue of $1.57 billion during the quarter, compared to the consensus estimate of $1.50 billion. During the same period last year, the business posted $0.42 EPS. Ciena’s revenue was up 39.5% on a year-over-year basis. Sell-side analysts anticipate that Ciena Corporation will post 5.4 earnings per share for the current year.

Ciena Company 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.