Ciena Corporation $CIEN Shares Sold by Commonwealth of Pennsylvania Public School Empls Retrmt SYS

Commonwealth of Pennsylvania Public School Empls Retrmt SYS reduced its position in shares of Ciena Corporation (NYSE:CIEN) by 2.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 35,298 shares of the communications equipment provider’s stock after selling 984 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in Ciena were worth $8,255,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of CIEN. Elyxium Wealth LLC acquired a new stake in shares of Ciena during the 4th quarter worth about $2,747,810,000. Lone Pine Capital LLC acquired a new stake in shares of Ciena during the 3rd quarter worth about $292,310,000. Atreides Management LP acquired a new stake in shares of Ciena during the 2nd quarter worth about $102,705,000. JPMorgan Chase & Co. boosted its stake in shares of Ciena by 23.3% during the 3rd 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. Finally, Arrowstreet Capital Limited Partnership boosted its stake in shares of Ciena by 2,174.2% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 1,143,855 shares of the communications equipment provider’s stock worth $166,625,000 after purchasing an additional 1,093,557 shares during the last quarter. 91.99% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, SVP Jason Phipps sold 22,014 shares of the firm’s stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $409.80, for a total transaction of $9,021,337.20. Following the completion of the sale, the senior vice president owned 68 shares of the company’s stock, valued at approximately $27,866.40. This trade represents a 99.69% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, 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 1,200 shares of the firm’s stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of $570.65, for a total transaction 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. The trade was 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 have sold 41,222 shares of company stock worth $17,831,763 over the last 90 days. Company insiders own 0.58% of the company’s stock.

Ciena Trading Down 2.0%

CIEN opened at $568.43 on Tuesday. The firm has a market capitalization of $80.38 billion, a P/E ratio of 362.06 and a beta of 1.24. The firm’s 50 day moving average is $503.80 and its 200-day moving average is $345.22. Ciena Corporation has a 52-week low of $70.77 and a 52-week high of $605.61. The company has a quick ratio of 2.14, a current ratio of 2.81 and a debt-to-equity ratio of 0.55.

Ciena (NYSE:CIEN) last posted its quarterly earnings data on Thursday, March 5th. The communications equipment provider reported $1.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 business’s quarterly revenue was up 33.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.64 earnings per share. Analysts expect that Ciena Corporation will post 5.12 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

CIEN has been the topic of several analyst reports. Needham & Company LLC raised their price target on shares of Ciena from $280.00 to $370.00 and gave the stock a “buy” rating in a research note on Thursday, March 5th. Evercore set a $330.00 price target on shares of Ciena in a research note on Thursday, February 19th. UBS Group raised their target price on shares of Ciena from $230.00 to $285.00 and gave the stock a “neutral” rating in a research report on Friday, March 6th. B. Riley Financial raised their target price on shares of Ciena from $222.00 to $283.00 and gave the stock a “neutral” rating in a research report on Friday, March 6th. Finally, JPMorgan Chase & Co. raised their target price on shares of Ciena from $380.00 to $550.00 and gave the stock an “overweight” rating in a research report on Thursday, April 16th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $406.61.

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.