ABN Amro Investment Solutions Decreases Stock Holdings in Ciena Corporation $CIEN

ABN Amro Investment Solutions lowered its stake in shares of Ciena Corporation (NYSE:CIEN) by 37.9% during the 1st quarter, Holdings Channel.com reports. The fund owned 34,300 shares of the communications equipment provider’s stock after selling 20,894 shares during the quarter. ABN Amro Investment Solutions’ holdings in Ciena were worth $13,316,000 as of its most recent filing with the SEC.

A number of other large investors have also recently made changes to their positions in CIEN. Jacobs Levy Equity Management Inc. bought a new position in Ciena during the first quarter valued at approximately $395,000. Jones Financial Companies Lllp grew its position in Ciena by 139.6% in the 1st quarter. Jones Financial Companies Lllp now owns 5,253 shares of the communications equipment provider’s stock worth $317,000 after purchasing an additional 3,061 shares during the period. Goldman Sachs Group Inc. grew its position in Ciena by 1.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 222,054 shares of the communications equipment provider’s stock worth $13,419,000 after purchasing an additional 3,117 shares during the period. Focus Partners Wealth raised its stake in Ciena by 14.6% during the 1st quarter. Focus Partners Wealth now owns 5,762 shares of the communications equipment provider’s stock valued at $348,000 after buying an additional 733 shares during the last quarter. Finally, Franklin Resources Inc. bought a new position in shares of Ciena during the 2nd quarter valued at $234,000. 91.99% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts recently commented on the company. B. Riley Financial lifted their price objective on Ciena from $283.00 to $531.00 and gave the stock a “neutral” rating in a report on Tuesday, June 2nd. Citigroup increased their target price on Ciena from $345.00 to $658.00 and gave the company a “buy” rating in a report on Monday, May 18th. TD Cowen raised their target price on Ciena from $425.00 to $675.00 and gave the stock a “buy” rating in a research report on Friday, May 15th. UBS Group boosted their price target on Ciena from $285.00 to $508.00 and gave the company a “neutral” rating in a research note on Friday, June 5th. Finally, 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 research report on Friday, June 5th. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $530.56.

Ciena Stock Performance

Shares of CIEN opened at $407.89 on Wednesday. The company has a quick ratio of 2.11, a current ratio of 2.73 and a debt-to-equity ratio of 0.53. The business has a 50-day simple moving average of $487.72 and a two-hundred day simple moving average of $407.13. The stock has a market cap of $57.74 billion, a price-to-earnings ratio of 135.96 and a beta of 1.27. Ciena Corporation has a 52 week low of $83.20 and a 52 week high of $637.51.

Ciena (NYSE:CIEN) last posted its quarterly earnings data on Thursday, June 4th. The communications equipment provider reported $1.64 earnings per share for the quarter, beating analysts’ consensus estimates of $1.46 by $0.18. The firm had revenue of $1.57 billion for the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same period in the previous year, the firm earned $0.42 EPS. On average, analysts expect that Ciena Corporation will post 5.4 EPS for the current year.

Insider Activity at Ciena

In other Ciena news, CFO Marc D. Graff sold 126 shares of Ciena stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $466.20, for a total transaction of $58,741.20. Following the transaction, the chief financial officer owned 126,955 shares of the company’s stock, valued at $59,186,421. The trade was a 0.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Joseph Cumello sold 1,586 shares of the company’s stock in a transaction that occurred on Friday, June 26th. The stock was sold at an average price of $466.33, for a total transaction of $739,599.38. Following the completion of the transaction, the senior vice president owned 42,872 shares of the company’s stock, valued at approximately $19,992,499.76. The trade was a 3.57% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 21,627 shares of company stock worth $10,974,985 in the last 90 days. 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.