Trust Asset Management LLC Invests $787,000 in Ciena Corporation $CIEN

Trust Asset Management LLC purchased a new stake in Ciena Corporation (NYSE:CIEN) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 1,565 shares of the communications equipment provider’s stock, valued at approximately $787,000.

A number of other large investors have also made changes to their positions in CIEN. Elyxium Wealth LLC bought a new position in Ciena during the fourth quarter worth about $2,747,810,000. Corient Private Wealth LLC increased its holdings in shares of Ciena by 30,114.5% in the fourth quarter. Corient Private Wealth LLC now owns 2,870,677 shares of the communications equipment provider’s stock worth $671,365,000 after acquiring an additional 2,861,176 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Ciena by 53.0% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 4,051,625 shares of the communications equipment provider’s stock worth $947,554,000 after purchasing an additional 1,404,132 shares during the period. Atreides Management LP bought a new position in shares of Ciena during the 2nd quarter valued at about $102,705,000. Finally, Arrowstreet Capital Limited Partnership grew its position in shares of Ciena by 2,174.2% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 1,143,855 shares of the communications equipment provider’s stock valued at $166,625,000 after purchasing an additional 1,093,557 shares during the period. Institutional investors own 91.99% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently issued reports on CIEN shares. Needham & Company LLC reissued a “buy” rating on shares of Ciena in a research note on Tuesday, July 28th. Rosenblatt Securities upped their price target on shares of Ciena from $350.00 to $720.00 and gave the company a “buy” rating in a report on Friday, June 5th. 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. Argus set a $650.00 price objective on shares of Ciena in a research report on Friday, June 5th. Finally, TD Cowen boosted their price objective on shares of Ciena from $425.00 to $675.00 and gave the company a “buy” rating in a research report on Friday, May 15th. Thirteen equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $530.56.

Insider Transactions at Ciena

In other news, SVP Brodie Gage sold 1,200 shares of the firm’s stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $466.10, for a total value of $559,320.00. Following the completion of the transaction, the senior vice president owned 42,741 shares in the company, valued at $19,921,580.10. This trade represents a 2.73% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 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 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 sale, the senior vice president directly owned 42,872 shares in the company, valued at approximately $19,992,499.76. This represents a 3.57% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 21,627 shares of company stock worth $10,508,776. 0.58% of the stock is owned by insiders.

Ciena Trading Up 11.9%

NYSE:CIEN opened at $433.49 on Thursday. The company has a market cap of $61.36 billion, a P/E ratio of 144.50 and a beta of 1.30. Ciena Corporation has a twelve month low of $84.41 and a twelve month high of $637.51. The business has a 50 day moving average price of $427.45 and a two-hundred day moving average price of $424.06. The company has a quick ratio of 2.11, a current ratio of 2.73 and a debt-to-equity ratio of 0.53.

Ciena (NYSE:CIEN) last posted its quarterly earnings data 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 company had revenue of $1.57 billion for 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%. The firm’s revenue was up 39.5% compared to the same quarter last year. During the same period last year, the company earned $0.42 earnings per share. As a group, analysts expect 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.