Maytus Capital Management LLC Takes Position in Ciena Corporation $CIEN

Maytus Capital Management LLC purchased a new stake in Ciena Corporation (NYSE:CIEN) during the fourth quarter, HoldingsChannel reports. The institutional investor purchased 32,000 shares of the communications equipment provider’s stock, valued at approximately $7,484,000. Ciena accounts for approximately 1.8% of Maytus Capital Management LLC’s holdings, making the stock its 18th biggest position.

A number of other hedge funds also recently made changes to their positions in CIEN. Jacobs Levy Equity Management Inc. acquired a new stake in shares of Ciena in the 1st quarter valued at approximately $395,000. Jones Financial Companies Lllp boosted its stake in shares of Ciena by 139.6% in the 1st quarter. Jones Financial Companies Lllp now owns 5,253 shares of the communications equipment provider’s stock valued at $317,000 after purchasing an additional 3,061 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of Ciena by 1.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 222,054 shares of the communications equipment provider’s stock valued at $13,419,000 after purchasing an additional 3,117 shares in the last quarter. Focus Partners Wealth boosted its stake in shares of Ciena by 14.6% in the 1st quarter. Focus Partners Wealth now owns 5,762 shares of the communications equipment provider’s stock valued at $348,000 after purchasing an additional 733 shares in the last quarter. Finally, Franklin Resources Inc. acquired a new stake in shares of Ciena in the 2nd quarter valued at approximately $234,000. 91.99% of the stock is currently owned by institutional investors and hedge funds.

Ciena Stock Down 7.0%

NYSE:CIEN opened at $430.83 on Wednesday. The firm’s 50 day simple moving average is $521.41 and its 200 day simple moving average is $368.39. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.73 and a quick ratio of 2.11. Ciena Corporation has a one year low of $72.96 and a one year high of $637.51. The company has a market cap of $60.98 billion, a PE ratio of 143.61 and a beta of 1.24.

Ciena (NYSE:CIEN) last posted its earnings results on Thursday, June 4th. The communications equipment provider reported $1.64 EPS for the quarter, topping 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 for the quarter, compared to the consensus estimate of $1.50 billion. During the same period last year, the company earned $0.42 EPS. The firm’s revenue was up 39.5% compared to the same quarter last year. On average, research analysts anticipate that Ciena Corporation will post 5.4 earnings per share for the current year.

Insiders Place Their Bets

In other Ciena news, SVP Jason Phipps sold 22,014 shares of the firm’s stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $409.80, for a total transaction of $9,021,337.20. Following the completion of the transaction, the senior vice president owned 68 shares in the company, valued at approximately $27,866.40. This trade represents a 99.69% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Brodie Gage sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 24th. The stock was sold at an average price of $405.00, for a total transaction of $2,025,000.00. Following the transaction, the senior vice president owned 46,341 shares of the company’s stock, valued at approximately $18,768,105. The trade was a 9.74% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 41,222 shares of company stock worth $18,441,027. 0.58% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on CIEN. Evercore set a $330.00 price target on shares of Ciena in a research note on Thursday, February 19th. Weiss Ratings upgraded shares of Ciena from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, June 5th. Raymond James Financial lifted their target price 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 lifted their target price on shares of Ciena from $372.00 to $607.00 and gave the stock an “overweight” rating in a research report on Friday, June 5th. Finally, Bank of America lifted their target price on shares of Ciena from $550.00 to $660.00 and gave the stock a “buy” rating in a research report on Tuesday, May 26th. Thirteen equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $530.56.

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.