Ciena Corporation $CIEN Position Decreased by 12th Street Asset Management Company LLC

12th Street Asset Management Company LLC decreased its position in Ciena Corporation (NYSE:CIEN) by 2.9% in the fourth quarter, HoldingsChannel.com reports. The fund owned 179,584 shares of the communications equipment provider’s stock after selling 5,368 shares during the period. Ciena comprises approximately 6.9% of 12th Street Asset Management Company LLC’s investment portfolio, making the stock its 2nd biggest holding. 12th Street Asset Management Company LLC’s holdings in Ciena were worth $41,999,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Elyxium Wealth LLC purchased a new stake in Ciena during the 4th quarter valued at about $2,747,810,000. JPMorgan Chase & Co. raised its stake in shares of Ciena by 23.3% in the third quarter. JPMorgan Chase & Co. now owns 6,462,840 shares of the communications equipment provider’s stock worth $941,451,000 after purchasing an additional 1,219,787 shares during the last quarter. Bank of America Corp DE lifted its holdings in shares of Ciena by 10.4% during the second quarter. Bank of America Corp DE now owns 3,495,795 shares of the communications equipment provider’s stock worth $284,313,000 after purchasing an additional 329,821 shares during the period. Lone Pine Capital LLC acquired a new stake in shares of Ciena during the third quarter worth about $292,310,000. Finally, Jericho Capital Asset Management L.P. boosted its position in Ciena by 48.5% in the third quarter. Jericho Capital Asset Management L.P. now owns 1,983,000 shares of the communications equipment provider’s stock valued at $288,864,000 after buying an additional 648,000 shares during the last quarter. Institutional investors and hedge funds own 91.99% of the company’s stock.

Insider Buying and Selling

In other Ciena news, SVP Jason Phipps sold 22,014 shares of the stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $409.80, for a total transaction of $9,021,337.20. Following the transaction, the senior vice president owned 68 shares in the company, valued at approximately $27,866.40. This represents a 99.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Brodie Gage sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 24th. The stock was sold at an average price of $405.00, for a total value of $2,025,000.00. Following the transaction, the senior vice president directly owned 46,341 shares of the company’s stock, valued at approximately $18,768,105. The trade was a 9.74% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 44,174 shares of company stock valued at $18,878,661. 0.58% of the stock is owned by company insiders.

Ciena Price Performance

NYSE:CIEN opened at $583.65 on Tuesday. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.81 and a quick ratio of 2.14. The company has a 50 day moving average price of $483.20 and a 200-day moving average price of $331.92. Ciena Corporation has a 1-year low of $70.77 and a 1-year high of $599.50. The firm has a market cap of $82.53 billion, a price-to-earnings ratio of 371.75, a price-to-earnings-growth ratio of 1.91 and a beta of 1.24.

Ciena (NYSE:CIEN) last released its quarterly earnings results on Thursday, March 5th. The communications equipment provider reported $1.35 EPS for the quarter, beating the consensus estimate of $1.17 by $0.18. The company had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.40 billion. Ciena had a net margin of 4.47% and a return on equity of 12.09%. The firm’s revenue was up 33.1% on a year-over-year basis. During the same quarter last year, the business earned $0.64 earnings per share. Equities research analysts forecast that Ciena Corporation will post 5.12 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Rosenblatt Securities increased their price target on shares of Ciena from $305.00 to $350.00 and gave the stock a “buy” rating in a report on Friday, March 6th. B. Riley Financial upped their price objective on shares of Ciena from $222.00 to $283.00 and gave the company a “neutral” rating in a report on Friday, March 6th. Evercore set a $330.00 price objective on shares of Ciena in a research note on Thursday, February 19th. Needham & Company LLC raised their target price on shares of Ciena from $280.00 to $370.00 and gave the stock a “buy” rating in a report on Thursday, March 5th. Finally, UBS Group boosted their target price on shares of Ciena from $230.00 to $285.00 and gave the company a “neutral” rating in a research report on Friday, March 6th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, Ciena presently has a consensus rating of “Moderate Buy” and a consensus target price of $398.83.

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.