Ciena Corporation $CIEN Stake Lessened by Fideuram Intesa Sanpaolo Private Banking S.P.A.

Fideuram Intesa Sanpaolo Private Banking S.P.A. lessened its stake in shares of Ciena Corporation (NYSE:CIEN) by 26.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,859 shares of the communications equipment provider’s stock after selling 1,405 shares during the quarter. Fideuram Intesa Sanpaolo Private Banking S.P.A.’s holdings in Ciena were worth $1,498,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. SmartHarvest Portfolios LLC increased its position in shares of Ciena by 1.8% during the 1st quarter. SmartHarvest Portfolios LLC now owns 1,142 shares of the communications equipment provider’s stock valued at $443,000 after purchasing an additional 20 shares during the period. Parallel Advisors LLC boosted its stake in Ciena by 0.8% during the fourth quarter. Parallel Advisors LLC now owns 5,107 shares of the communications equipment provider’s stock valued at $1,194,000 after buying an additional 43 shares in the last quarter. Transamerica Financial Advisors LLC boosted its stake in Ciena by 71.0% during the fourth quarter. Transamerica Financial Advisors LLC now owns 106 shares of the communications equipment provider’s stock valued at $25,000 after buying an additional 44 shares in the last quarter. UMB Bank n.a. grew its holdings in Ciena by 2.9% during the fourth quarter. UMB Bank n.a. now owns 1,629 shares of the communications equipment provider’s stock worth $381,000 after acquiring an additional 46 shares during the period. Finally, Truvestments Capital LLC grew its holdings in Ciena by 45.3% during the fourth quarter. Truvestments Capital LLC now owns 154 shares of the communications equipment provider’s stock worth $36,000 after acquiring an additional 48 shares during the period. Institutional investors own 91.99% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on CIEN. 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. B. Riley Financial lifted their price objective on shares of Ciena from $283.00 to $531.00 and gave the stock a “neutral” rating in a research note on Tuesday, June 2nd. Rothschild & Co Redburn initiated coverage on shares of Ciena in a research note on Friday, May 1st. They issued a “neutral” rating and a $416.00 price objective on the stock. Stifel Nicolaus set a $615.00 target price on shares of Ciena in a report on Friday, May 29th. Finally, Bank of America increased their target price on shares of Ciena from $550.00 to $660.00 and gave the company a “buy” rating in a research note on Tuesday, May 26th. Thirteen equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat, Ciena has an average rating of “Moderate Buy” and a consensus target price of $530.56.

Insider Activity

In other news, SVP Brodie Gage sold 1,200 shares of the 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 completion of the sale, the senior vice president owned 42,741 shares in the company, valued at $19,921,580.10. This represents a 2.73% decrease in their ownership of the stock. The transaction 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 firm’s 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 sale, the chief financial officer directly 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 disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 17,120 shares of company stock valued at $8,872,766 in the last 90 days. Company insiders own 0.58% of the company’s stock.

Ciena Price Performance

NYSE CIEN opened at $422.47 on Friday. The company has a current ratio of 2.73, a quick ratio of 2.11 and a debt-to-equity ratio of 0.53. Ciena Corporation has a 1 year low of $76.89 and a 1 year high of $637.51. The company has a market cap of $59.80 billion, a PE ratio of 140.82 and a beta of 1.27. The stock’s 50-day moving average price is $513.83 and its two-hundred day moving average price is $389.62.

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, topping the consensus estimate 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 last year, the firm posted $0.42 earnings per share. The firm’s quarterly revenue was up 39.5% compared to the same quarter last year. On average, analysts predict that Ciena Corporation will post 5.4 EPS 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.