California Public Employees Retirement System Sells 3,067 Shares of Ciena Corporation $CIEN

California Public Employees Retirement System trimmed its position in shares of Ciena Corporation (NYSE:CIEN) by 1.3% in the 1st quarter, HoldingsChannel.com reports. The fund owned 237,900 shares of the communications equipment provider’s stock after selling 3,067 shares during the quarter. California Public Employees Retirement System’s holdings in Ciena were worth $92,360,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Transamerica Financial Advisors LLC lifted its holdings in Ciena by 71.0% in the fourth quarter. Transamerica Financial Advisors LLC now owns 106 shares of the communications equipment provider’s stock worth $25,000 after buying an additional 44 shares during the period. Hilltop National Bank purchased a new stake in shares of Ciena in the fourth quarter worth $35,000. Truvestments Capital LLC grew its position in Ciena by 45.3% during the 4th quarter. Truvestments Capital LLC now owns 154 shares of the communications equipment provider’s stock valued at $36,000 after purchasing an additional 48 shares during the last quarter. Bogart Wealth LLC increased its position in shares of Ciena by 635.7% during the first quarter. Bogart Wealth LLC now owns 103 shares of the communications equipment provider’s stock valued at $40,000 after acquiring an additional 89 shares in the last quarter. Finally, Acumen Wealth Advisors LLC bought a new stake in shares of Ciena in the 4th quarter worth $40,000. Hedge funds and other institutional investors own 91.99% of the company’s stock.

Insider Transactions at Ciena

In other Ciena news, SVP Jason Phipps sold 2,629 shares of Ciena stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $466.20, for a total transaction of $1,225,639.80. Following the completion of the sale, the senior vice president owned 62,382 shares of the company’s stock, valued at approximately $29,082,488.40. The trade was a 4.04% decrease in their position. The sale was disclosed in a legal filing with the SEC, 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 Ciena stock in a transaction dated Friday, May 15th. The stock was sold at an average price of $570.65, for a total value of $684,780.00. Following the sale, the senior vice president directly owned 43,941 shares of the company’s stock, valued at $25,074,931.65. This trade represents a 2.66% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 21,627 shares of company stock worth $10,974,985 over the last 90 days. Insiders own 0.58% of the company’s stock.

Ciena Stock Performance

Shares of CIEN stock opened at $373.72 on Monday. The firm has a market cap of $52.90 billion, a price-to-earnings ratio of 124.57 and a beta of 1.27. The company’s 50 day moving average is $495.15 and its 200 day moving average is $404.91. The company has a quick ratio of 2.11, a current ratio of 2.73 and a debt-to-equity ratio of 0.53. Ciena Corporation has a 52-week low of $83.20 and a 52-week high of $637.51.

Ciena (NYSE:CIEN) last released its quarterly earnings results on Thursday, June 4th. The communications equipment provider reported $1.64 EPS for the quarter, beating 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 during the quarter, compared to analyst estimates of $1.50 billion. During the same period in the prior year, the firm posted $0.42 earnings per share. The company’s quarterly revenue was up 39.5% on a year-over-year basis. On average, sell-side analysts anticipate that Ciena Corporation will post 5.4 EPS for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have recently commented on CIEN. 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 target for the company. Weiss Ratings cut Ciena from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday, July 7th. B. Riley Financial lifted their target price on shares of Ciena from $283.00 to $531.00 and gave the company a “neutral” rating in a research note on Tuesday, June 2nd. Barclays upped their price target on Ciena from $372.00 to $607.00 and gave the stock an “overweight” rating in a research note on Friday, June 5th. Finally, JPMorgan Chase & Co. lifted their target price on Ciena from $380.00 to $550.00 and gave the stock an “overweight” rating in a report on Thursday, April 16th. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat, Ciena currently has an average rating of “Moderate Buy” and a consensus price target of $530.56.

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.