Ciena Corporation $CIEN Shares Purchased by Entropy Technologies LP

Entropy Technologies LP increased its stake in shares of Ciena Corporation (NYSE:CIEN) by 18.6% during the 4th quarter, Holdings Channel reports. The fund owned 15,551 shares of the communications equipment provider’s stock after purchasing an additional 2,443 shares during the quarter. Entropy Technologies LP’s holdings in Ciena were worth $3,637,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CIEN. Community Bank N.A. acquired a new stake in Ciena during the third quarter worth about $25,000. Transamerica Financial Advisors LLC grew its holdings in Ciena by 71.0% during the fourth quarter. Transamerica Financial Advisors LLC now owns 106 shares of the communications equipment provider’s stock worth $25,000 after acquiring an additional 44 shares during the period. Assetmark Inc. grew its holdings in Ciena by 50.4% during the third quarter. Assetmark Inc. now owns 200 shares of the communications equipment provider’s stock worth $29,000 after acquiring an additional 67 shares during the period. Ameritas Advisory Services LLC grew its holdings in Ciena by 104.0% during the third quarter. Ameritas Advisory Services LLC now owns 204 shares of the communications equipment provider’s stock worth $30,000 after acquiring an additional 104 shares during the period. Finally, Hilltop National Bank acquired a new stake in Ciena during the fourth quarter worth about $35,000. 91.99% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Ciena

In related news, CEO Gary B. Smith sold 2,952 shares of the stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $565.92, for a total value of $1,670,595.84. Following the completion of the sale, the chief executive officer owned 269,557 shares of the company’s stock, valued at approximately $152,547,697.44. This trade represents a 1.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Brodie Gage sold 1,200 shares of the stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $570.65, for a total value of $684,780.00. Following the completion of the sale, the senior vice president directly owned 43,941 shares of the company’s stock, valued at approximately $25,074,931.65. This represents a 2.66% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 41,222 shares of company stock valued at $18,441,027. 0.58% of the stock is currently owned by insiders.

Ciena Stock Performance

NYSE CIEN opened at $445.32 on Monday. The company has a market cap of $63.04 billion, a PE ratio of 148.44 and a beta of 1.24. The stock’s 50 day simple moving average is $521.49 and its 200-day simple moving average is $364.89. Ciena Corporation has a 1-year low of $71.72 and a 1-year high of $637.51. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.73 and a quick ratio of 2.11.

Ciena (NYSE:CIEN) last released its earnings results on Thursday, June 4th. The communications equipment provider reported $1.64 earnings per share for the quarter, beating the consensus estimate of $1.46 by $0.18. The business had revenue of $1.57 billion for the quarter, compared to the consensus estimate of $1.50 billion. Ciena had a return on equity of 18.15% and a net margin of 7.87%.The business’s quarterly revenue was up 39.5% compared to the same quarter last year. During the same quarter last year, the business posted $0.42 earnings per share. As a group, equities research analysts anticipate that Ciena Corporation will post 5.4 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

CIEN has been the topic of several analyst reports. B. Riley Financial raised their target price on Ciena from $283.00 to $531.00 and gave the stock a “neutral” rating in a report on Tuesday, June 2nd. Evercore set a $330.00 price target on Ciena in a research report on Thursday, February 19th. Zacks Research downgraded Ciena from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, June 3rd. Weiss Ratings upgraded Ciena from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, June 5th. Finally, Rosenblatt Securities increased their price target on Ciena from $350.00 to $720.00 and gave the stock a “buy” rating in a research report on Friday, June 5th. Thirteen investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat, Ciena currently has an average rating of “Moderate Buy” and a consensus price target 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.