Sona Asset Management US LLC Buys Shares of 4,000 Ciena Corporation $CIEN

Sona Asset Management US LLC purchased a new position in Ciena Corporation (NYSE:CIEN) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 4,000 shares of the communications equipment provider’s stock, valued at approximately $1,553,000.

A number of other hedge funds also recently modified their holdings of the business. Elyxium Wealth LLC bought a new position in shares of Ciena during the 4th quarter valued at about $2,747,810,000. State Street Corp grew its position in shares of Ciena by 17.2% in the 4th 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 increased its stake in Ciena by 53.0% during the 4th 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 in the last quarter. Bank of America Corp DE increased its stake in Ciena by 10.4% during the 2nd 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 raised its holdings in Ciena by 30,114.5% during the 4th quarter. Corient Private Wealth LLC now owns 2,870,677 shares of the communications equipment provider’s stock worth $671,365,000 after buying an additional 2,861,176 shares during the period. Institutional investors and hedge funds own 91.99% of the company’s stock.

Ciena Stock Performance

Shares of NYSE CIEN opened at $389.93 on Monday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.11 and a current ratio of 2.73. The stock has a 50 day moving average price of $477.15 and a 200 day moving average price of $410.54. The stock has a market capitalization of $55.19 billion, a PE ratio of 129.98 and a beta of 1.27. Ciena Corporation has a 52 week low of $84.41 and a 52 week high of $637.51.

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

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. 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. Northland Securities set a $450.00 price objective on shares of Ciena in a report on Friday, June 5th. Argus set a $650.00 price objective on shares of Ciena in a research report on Friday, June 5th. Stifel Nicolaus set a $615.00 target price on shares of Ciena in a research note on Friday, May 29th. Finally, UBS Group upped their target price on shares of Ciena from $285.00 to $508.00 and gave the stock a “neutral” rating in a research note on Friday, June 5th. One equities 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. Based on data from MarketBeat, Ciena has a consensus rating of “Moderate Buy” and a consensus price target of $530.56.

Insiders Place Their Bets

In related news, CEO Gary B. Smith sold 2,952 shares of the business’s stock in a transaction on 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 transaction, the chief executive officer directly owned 272,509 shares in the company, valued at approximately $153,163,683.45. The trade was a 1.07% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Jason Phipps sold 2,629 shares of the business’s stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $466.20, for a total transaction of $1,225,639.80. Following the transaction, the senior vice president owned 62,382 shares in the company, valued at approximately $29,082,488.40. The trade was a 4.04% decrease in their ownership of the stock. 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 21,627 shares of company stock valued at $10,974,985 in the last ninety days. 0.58% of the stock is currently owned by insiders.

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.