Triglav Investments D.O.O. Takes Position in Ciena Corporation $CIEN

Triglav Investments D.O.O. bought a new stake in shares of Ciena Corporation (NYSE:CIEN) during the 1st quarter, HoldingsChannel reports. The firm bought 2,200 shares of the communications equipment provider’s stock, valued at approximately $854,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CIEN. Elyxium Wealth LLC purchased a new position in Ciena in the 4th quarter worth approximately $2,747,810,000. State Street Corp raised its stake in shares of Ciena by 17.2% during the fourth quarter. State Street Corp now owns 5,102,409 shares of the communications equipment provider’s stock valued at $1,193,300,000 after purchasing an additional 750,128 shares during the period. Price T Rowe Associates Inc. MD raised its stake 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 valued at $947,554,000 after purchasing an additional 1,404,132 shares during the period. Bank of America Corp DE lifted its position in shares of 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 worth $284,313,000 after purchasing an additional 329,821 shares in the last quarter. Finally, Corient Private Wealth LLC lifted its position in shares of Ciena by 30,114.5% during 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 purchasing an additional 2,861,176 shares in the last quarter. 91.99% of the stock is owned by institutional investors and hedge funds.

Ciena Stock Performance

Ciena stock opened at $461.12 on Monday. Ciena Corporation has a 52 week low of $76.89 and a 52 week high of $637.51. The company has a current ratio of 2.73, a quick ratio of 2.11 and a debt-to-equity ratio of 0.53. The stock has a market cap of $65.27 billion, a P/E ratio of 153.71 and a beta of 1.27. The stock has a 50 day moving average of $508.35 and a 200-day moving average of $398.77.

Ciena (NYSE:CIEN) last issued its quarterly earnings results on Thursday, June 4th. The communications equipment provider reported $1.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.46 by $0.18. The business had revenue of $1.57 billion during the quarter, compared to analyst estimates of $1.50 billion. Ciena had a net margin of 7.87% and a return on equity of 18.15%. The business’s revenue was up 39.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.42 earnings per share. On average, analysts expect that Ciena Corporation will post 5.4 EPS for the current fiscal year.

Insider Activity at Ciena

In other news, SVP Jason Phipps sold 2,629 shares of the business’s stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $466.20, for a total value of $1,225,639.80. Following the completion of the sale, the senior vice president owned 62,382 shares of the company’s stock, valued at approximately $29,082,488.40. The trade was a 4.04% decrease in their position. The transaction was disclosed in a document filed 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, CEO Gary B. Smith sold 2,952 shares of the company’s stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $562.05, for a total transaction of $1,659,171.60. Following the completion of the sale, the chief executive officer owned 272,509 shares in the company, valued at approximately $153,163,683.45. This trade represents a 1.07% 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 22,827 shares of company stock valued at $11,541,133 in the last 90 days. 0.58% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

CIEN has been the subject of several analyst reports. Zacks Research upgraded shares of Ciena from a “hold” rating to a “strong-buy” rating in a research note on Thursday, July 2nd. B. Riley Financial lifted their price target on shares of Ciena from $283.00 to $531.00 and gave the stock a “neutral” rating in a research note on Tuesday, June 2nd. Barclays boosted their price objective on shares of Ciena from $372.00 to $607.00 and gave the stock an “overweight” rating in a report on Friday, June 5th. UBS Group upped their price objective on shares of Ciena from $285.00 to $508.00 and gave the company a “neutral” rating in a research report on Friday, June 5th. Finally, Weiss Ratings downgraded Ciena from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday, July 7th. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $530.56.

About Ciena

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.