Ciena Corporation $CIEN is Jericho Capital Asset Management L.P.’s 9th Largest Position

Jericho Capital Asset Management L.P. lessened its holdings in Ciena Corporation (NYSE:CIEN) by 16.5% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,656,172 shares of the communications equipment provider’s stock after selling 326,828 shares during the period. Ciena makes up about 4.4% of Jericho Capital Asset Management L.P.’s investment portfolio, making the stock its 9th largest position. Jericho Capital Asset Management L.P.’s holdings in Ciena were worth $387,329,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the business. Elyxium Wealth LLC bought a new stake in shares of Ciena in the 4th quarter worth about $2,747,810,000. JPMorgan Chase & Co. grew its position in Ciena by 23.3% in the third quarter. JPMorgan Chase & Co. now owns 6,462,840 shares of the communications equipment provider’s stock worth $941,451,000 after acquiring an additional 1,219,787 shares in the last quarter. State Street Corp increased its stake in Ciena by 17.2% during the fourth quarter. State Street Corp now owns 5,102,409 shares of the communications equipment provider’s stock worth $1,193,300,000 after acquiring an additional 750,128 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in 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 valued at $947,554,000 after purchasing an additional 1,404,132 shares during the period. Finally, Bank of America Corp DE raised its position in Ciena by 10.4% during the second quarter. Bank of America Corp DE now owns 3,495,795 shares of the communications equipment provider’s stock valued at $284,313,000 after purchasing an additional 329,821 shares during the period. Institutional investors own 91.99% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on CIEN shares. Morgan Stanley boosted 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. Bank of America lifted their price objective on shares of Ciena from $550.00 to $660.00 and gave the stock a “buy” rating in a research note on Tuesday, May 26th. Wolfe Research reiterated an “outperform” rating and set a $375.00 price objective on shares of Ciena in a research report on Thursday, March 5th. Rothschild & Co Redburn initiated coverage on shares of Ciena in a report on Friday, May 1st. They issued a “neutral” rating and a $416.00 target price for the company. Finally, Zacks Research cut shares of Ciena from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, June 3rd. Thirteen investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $530.56.

Ciena Stock Performance

Shares of NYSE:CIEN opened at $435.91 on Thursday. The firm’s 50 day simple moving average is $521.44 and its 200-day simple moving average is $370.05. 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 one year low of $73.23 and a one year high of $637.51. The firm has a market cap of $61.70 billion, a PE ratio of 145.30 and a beta of 1.24.

Ciena (NYSE:CIEN) last announced its quarterly earnings results 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 firm had revenue of $1.57 billion during the quarter, compared to analyst estimates of $1.50 billion. Ciena had a return on equity of 18.15% and a net margin of 7.87%.Ciena’s quarterly revenue was up 39.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.42 earnings per share. As a group, equities analysts predict that Ciena Corporation will post 5.4 EPS for the current year.

Insider Activity

In other Ciena news, SVP Jason Phipps sold 22,014 shares of the firm’s stock in a transaction dated 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 transaction, the senior vice president owned 68 shares of the company’s stock, 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 SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Brodie Gage sold 5,000 shares of the business’s stock in a transaction dated Tuesday, March 24th. The shares were sold at an average price of $405.00, for a total transaction of $2,025,000.00. Following the completion of the sale, the senior vice president owned 46,341 shares of the company’s stock, valued at approximately $18,768,105. This represents a 9.74% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 45,374 shares of company stock worth $20,349,470. Company insiders own 0.58% of the company’s stock.

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.