ABN Amro Investment Solutions Sells 3,752 Shares of Ciena Corporation $CIEN

ABN Amro Investment Solutions trimmed its position in shares of Ciena Corporation (NYSE:CIEN) by 9.1% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 37,629 shares of the communications equipment provider’s stock after selling 3,752 shares during the quarter. ABN Amro Investment Solutions’ holdings in Ciena were worth $5,481,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of CIEN. Mather Group LLC. bought a new position in shares of Ciena during the 3rd quarter worth approximately $28,000. Assetmark Inc. grew its holdings in Ciena by 50.4% in the third quarter. Assetmark Inc. now owns 200 shares of the communications equipment provider’s stock worth $29,000 after purchasing an additional 67 shares during the last quarter. Ameritas Advisory Services LLC grew its holdings in Ciena by 104.0% in the third quarter. Ameritas Advisory Services LLC now owns 204 shares of the communications equipment provider’s stock worth $30,000 after purchasing an additional 104 shares during the last quarter. Salomon & Ludwin LLC acquired a new position in shares of Ciena during the third quarter worth $31,000. Finally, Quent Capital LLC purchased a new stake in shares of Ciena during the 3rd quarter valued at $39,000. 91.99% of the stock is currently owned by institutional investors.

Insider Activity

In other Ciena news, Director Patrick Gallagher sold 11,618 shares of Ciena stock in a transaction dated Monday, January 12th. The stock was sold at an average price of $227.45, for a total transaction of $2,642,514.10. Following the completion of the transaction, the director owned 50,184 shares in the company, valued at approximately $11,414,350.80. This trade represents a 18.80% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Jason Phipps sold 21,383 shares of the business’s stock in a transaction dated Thursday, January 15th. The shares were sold at an average price of $247.89, for a total value of $5,300,631.87. Following the completion of the transaction, the senior vice president directly owned 91,765 shares of the company’s stock, valued at approximately $22,747,625.85. This trade represents a 18.90% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 157,131 shares of company stock valued at $36,320,587 over the last quarter. Insiders own 0.58% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Needham & Company LLC raised their price target on Ciena to $280.00 and gave the stock a “buy” rating in a report on Thursday, December 11th. Zacks Research lowered shares of Ciena from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 9th. Evercore set a $240.00 target price on shares of Ciena in a research report on Thursday, December 11th. Bank of America restated a “neutral” rating and set a $260.00 price target on shares of Ciena in a research note on Tuesday, January 20th. Finally, Barclays raised their price target on shares of Ciena from $138.00 to $279.00 and gave the stock an “overweight” rating in a report on Friday, December 12th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and eight have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $241.67.

Ciena Price Performance

Shares of NYSE CIEN opened at $303.85 on Monday. Ciena Corporation has a 52 week low of $49.21 and a 52 week high of $308.81. The business’s 50 day moving average price is $243.93 and its 200 day moving average price is $181.80. The company has a quick ratio of 2.09, a current ratio of 2.73 and a debt-to-equity ratio of 0.56. The firm has a market cap of $42.98 billion, a P/E ratio of 357.48, a P/E/G ratio of 1.71 and a beta of 1.13.

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

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.