Ciena Corporation $CIEN Shares Sold by Fulton Bank N.A.

Fulton Bank N.A. lowered its stake in shares of Ciena Corporation (NYSE:CIEN) by 28.5% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,357 shares of the communications equipment provider’s stock after selling 1,738 shares during the period. Fulton Bank N.A.’s holdings in Ciena were worth $1,692,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in CIEN. SmartHarvest Portfolios LLC lifted 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 acquiring an additional 20 shares during the period. Parallel Advisors LLC increased its stake in Ciena by 0.8% in the 4th quarter. Parallel Advisors LLC now owns 5,107 shares of the communications equipment provider’s stock valued at $1,194,000 after purchasing an additional 43 shares in the last quarter. Transamerica Financial Advisors LLC raised its holdings in Ciena by 71.0% during the fourth quarter. Transamerica Financial Advisors LLC now owns 106 shares of the communications equipment provider’s stock worth $25,000 after purchasing an additional 44 shares during the last quarter. UMB Bank n.a. raised 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 purchasing an additional 46 shares during the last quarter. Finally, Truvestments Capital LLC boosted its position 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 purchasing an additional 48 shares in the last quarter. 91.99% of the stock is currently owned by institutional investors and hedge funds.

Ciena Stock Down 8.6%

CIEN stock opened at $422.47 on Friday. The stock has a market capitalization of $59.80 billion, a P/E ratio of 140.82 and a beta of 1.27. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.11 and a current ratio of 2.73. Ciena Corporation has a one year low of $76.89 and a one year high of $637.51. The company has a 50 day moving average price of $515.36 and a two-hundred day moving average price of $389.39.

Ciena (NYSE:CIEN) last issued its quarterly earnings results on Thursday, June 4th. The communications equipment provider reported $1.64 earnings per share for the quarter, topping analysts’ consensus estimates of $1.46 by $0.18. Ciena had a return on equity of 18.15% and a net margin of 7.87%.The company had revenue of $1.57 billion for the quarter, compared to analyst estimates of $1.50 billion. During the same quarter in the prior year, the company posted $0.42 EPS. The business’s revenue for the quarter was up 39.5% compared to the same quarter last year. As a group, sell-side analysts expect that Ciena Corporation will post 5.4 EPS for the current year.

Insider Transactions at Ciena

In other Ciena news, SVP Brodie Gage sold 1,200 shares of the company’s stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $466.10, for a total transaction of $559,320.00. Following the completion of the sale, the senior vice president directly 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 sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Gary B. Smith sold 2,952 shares of the firm’s stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $457.02, for a total value of $1,349,123.04. Following the completion of the transaction, the chief executive officer owned 266,605 shares in the company, valued at approximately $121,843,817.10. This trade represents a 1.10% decrease in their ownership of the stock. 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 a total of 17,120 shares of company stock worth $8,872,766 in the last three months. 0.58% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on CIEN shares. Rosenblatt Securities upped their target price on Ciena from $350.00 to $720.00 and gave the company a “buy” rating in a report on Friday, June 5th. B. Riley Financial boosted their price objective on shares of Ciena from $283.00 to $531.00 and gave the stock a “neutral” rating in a research report on Tuesday, June 2nd. Raymond James Financial raised their target price on shares of Ciena from $320.00 to $530.00 and gave the company an “outperform” rating in a report on Thursday, June 4th. UBS Group upped their price target on shares of Ciena from $285.00 to $508.00 and gave the company a “neutral” rating in a report on Friday, June 5th. Finally, Barclays raised their price objective on shares of Ciena from $372.00 to $607.00 and gave the stock an “overweight” rating in a research note on Friday, June 5th. Thirteen equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average 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.