Ciena Corporation $CIEN Shares Sold by Corient Private Wealth LLC

Corient Private Wealth LLC lessened its stake in shares of Ciena Corporation (NYSE:CIEN) by 48.4% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 8,467 shares of the communications equipment provider’s stock after selling 7,956 shares during the period. Corient Private Wealth LLC’s holdings in Ciena were worth $689,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. increased its position in Ciena by 0.7% during the second quarter. Vanguard Group Inc. now owns 15,088,445 shares of the communications equipment provider’s stock worth $1,227,143,000 after purchasing an additional 103,199 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in Ciena by 7.4% in the 2nd quarter. JPMorgan Chase & Co. now owns 5,243,053 shares of the communications equipment provider’s stock valued at $426,420,000 after purchasing an additional 359,579 shares during the last quarter. Bank of America Corp DE grew its stake in shares of Ciena by 10.4% in the 2nd 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 buying an additional 329,821 shares during the period. William Blair Investment Management LLC increased its holdings in shares of Ciena by 35.0% during the 2nd quarter. William Blair Investment Management LLC now owns 2,708,540 shares of the communications equipment provider’s stock worth $220,286,000 after buying an additional 702,909 shares during the last quarter. Finally, Senvest Management LLC raised its position in shares of Ciena by 12.4% during the 2nd quarter. Senvest Management LLC now owns 1,655,012 shares of the communications equipment provider’s stock valued at $134,602,000 after buying an additional 182,900 shares during the period. Institutional investors and hedge funds own 91.99% of the company’s stock.

Insider Buying and Selling at Ciena

In related news, CEO Gary B. Smith sold 6,800 shares of Ciena stock in a transaction on Wednesday, December 3rd. The stock was sold at an average price of $192.61, for a total value of $1,309,748.00. Following the completion of the transaction, the chief executive officer directly owned 254,870 shares in the company, valued at approximately $49,090,510.70. This trade represents a 2.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Jason Phipps sold 1,984 shares of the business’s stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $143.42, for a total value of $284,545.28. Following the transaction, the senior vice president directly owned 80,244 shares of the company’s stock, valued at $11,508,594.48. The trade was a 2.41% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 45,549 shares of company stock worth $8,614,156. 0.93% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

CIEN has been the subject of several analyst reports. JPMorgan Chase & Co. increased their price objective on Ciena from $215.00 to $250.00 and gave the stock an “overweight” rating in a research report on Friday, December 12th. B. Riley reiterated a “neutral” rating on shares of Ciena in a report on Friday, December 12th. Wall Street Zen downgraded Ciena from a “strong-buy” rating to a “buy” rating in a research report on Sunday, December 21st. Morgan Stanley set a $213.00 target price on shares of Ciena in a research report on Wednesday, December 17th. Finally, UBS Group lifted their price target on shares of Ciena from $120.00 to $230.00 and gave the company a “neutral” rating in a research report on Friday, December 12th. Two research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat.com, Ciena currently has a consensus rating of “Moderate Buy” and a consensus price target of $237.50.

Ciena Stock Performance

Shares of Ciena stock opened at $241.89 on Friday. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.73 and a quick ratio of 2.09. The stock has a market capitalization of $34.07 billion, a price-to-earnings ratio of 284.58, a price-to-earnings-growth ratio of 1.41 and a beta of 1.17. The business has a 50-day moving average of $201.29 and a 200 day moving average of $139.21. Ciena Corporation has a 12 month low of $49.21 and a 12 month high of $248.00.

Ciena (NYSE:CIEN) last posted its quarterly earnings data on Thursday, December 11th. The communications equipment provider reported $0.91 EPS for the quarter, beating the consensus estimate of $0.76 by $0.15. Ciena had a net margin of 2.59% and a return on equity of 8.38%. The business had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.29 billion. During the same quarter last year, the firm posted $0.54 earnings per share. The business’s revenue for the quarter was up 20.1% compared to the same quarter last year. As a group, sell-side analysts forecast that Ciena Corporation will post 1.6 earnings per share for the current year.

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.