Fifth Third Wealth Advisors LLC Sells 3,595 Shares of Ciena Corporation $CIEN

Fifth Third Wealth Advisors LLC reduced its holdings in shares of Ciena Corporation (NYSE:CIEN) by 74.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,257 shares of the communications equipment provider’s stock after selling 3,595 shares during the period. Fifth Third Wealth Advisors LLC’s holdings in Ciena were worth $488,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of CIEN. Elyxium Wealth LLC bought a new stake in shares of Ciena during the fourth quarter valued at approximately $2,747,810,000. Corient Private Wealth LLC boosted its holdings in 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 during the last quarter. Lone Pine Capital LLC bought a new position in shares of Ciena in the third quarter valued at approximately $292,310,000. Price T Rowe Associates Inc. MD increased its position in shares of 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 valued at $947,554,000 after purchasing an additional 1,404,132 shares during the last quarter. Finally, Atreides Management LP bought a new stake in Ciena in the second quarter worth about $102,705,000. Institutional investors own 91.99% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have issued reports on CIEN shares. B. Riley Financial raised their target price on Ciena from $283.00 to $531.00 and gave the stock a “neutral” rating in a research report on Tuesday, June 2nd. Zacks Research lowered Ciena from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, June 3rd. Wolfe Research reiterated an “outperform” rating and issued a $375.00 price objective on shares of Ciena in a research report on Thursday, March 5th. Rosenblatt Securities lifted their target price on shares of Ciena from $350.00 to $720.00 and gave the company a “buy” rating in a research report on Friday, June 5th. Finally, Morgan Stanley increased their price objective on Ciena from $405.00 to $490.00 and gave the company an “equal weight” rating in a research report on Friday, June 5th. Thirteen research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $530.56.

Ciena Trading Up 0.4%

NYSE CIEN opened at $481.36 on Monday. The stock has a market cap of $68.14 billion, a P/E ratio of 160.45 and a beta of 1.24. The stock has a 50 day simple moving average of $518.53 and a two-hundred day simple moving average of $382.67. Ciena Corporation has a fifty-two week low of $76.89 and a fifty-two week high of $637.51. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.11 and a current ratio of 2.73.

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

Insider Transactions at Ciena

In related news, SVP Brodie Gage sold 1,200 shares of the company’s stock in a transaction on Monday, June 15th. The stock was sold at an average price of $466.10, for a total value of $559,320.00. Following the sale, the senior vice president directly owned 42,741 shares of the company’s stock, valued at $19,921,580.10. This represents a 2.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Marc D. Graff sold 126 shares of the stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $449.36, for a total value of $56,619.36. Following the completion of the transaction, the chief financial officer owned 127,081 shares of the company’s stock, valued at approximately $57,105,118.16. This trade represents a 0.10% 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 ninety days, insiders have sold 40,500 shares of company stock valued at $18,381,089. Company insiders own 0.58% of the company’s stock.

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.