Arrowstreet Capital Limited Partnership Sells 848,358 Shares of Ciena Corporation $CIEN

Arrowstreet Capital Limited Partnership decreased its stake in shares of Ciena Corporation (NYSE:CIEN) by 37.9% during the first quarter, HoldingsChannel.com reports. The firm owned 1,388,477 shares of the communications equipment provider’s stock after selling 848,358 shares during the period. Arrowstreet Capital Limited Partnership’s holdings in Ciena were worth $539,048,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Bogart Wealth LLC lifted its stake in Ciena by 635.7% in the 1st quarter. Bogart Wealth LLC now owns 103 shares of the communications equipment provider’s stock worth $40,000 after purchasing an additional 89 shares in the last quarter. Transamerica Financial Advisors LLC grew its position in shares of Ciena by 71.0% during the 4th quarter. Transamerica Financial Advisors LLC now owns 106 shares of the communications equipment provider’s stock valued at $25,000 after purchasing an additional 44 shares in the last quarter. Whittier Trust Co. of Nevada Inc. grew its position in Ciena by 85.5% during the first quarter. Whittier Trust Co. of Nevada Inc. now owns 141 shares of the communications equipment provider’s stock worth $55,000 after buying an additional 65 shares in the last quarter. Truvestments Capital LLC grew 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 buying an additional 48 shares in the last quarter. Finally, Ascentis Independent Advisors bought a new position in Ciena in the 1st quarter worth about $65,000. Hedge funds and other institutional investors own 91.99% of the company’s stock.

Insider Transactions at Ciena

In other news, SVP Jason Phipps sold 2,629 shares of Ciena stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $466.20, for a total transaction of $1,225,639.80. Following 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 document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Joseph Cumello sold 1,586 shares of Ciena stock in a transaction dated Friday, June 26th. The shares were sold at an average price of $466.33, for a total transaction of $739,599.38. Following the sale, the senior vice president directly owned 42,872 shares in the company, valued at $19,992,499.76. The trade was a 3.57% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 21,627 shares of company stock worth $10,974,985. 0.58% of the stock is owned by corporate insiders.

Analyst Ratings Changes

CIEN has been the topic of several research analyst reports. Northland Securities set a $450.00 price objective on shares of Ciena in a research report on Friday, June 5th. Citigroup lifted their price target on Ciena from $345.00 to $658.00 and gave the stock a “buy” rating in a research note on Monday, May 18th. Rosenblatt Securities upped their price objective on Ciena from $350.00 to $720.00 and gave the stock a “buy” rating in a report on Friday, June 5th. Argus set a $650.00 price objective on Ciena in a research report on Friday, June 5th. Finally, TD Cowen raised their price objective on Ciena from $425.00 to $675.00 and gave the company a “buy” rating in a report on Friday, May 15th. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat.com, Ciena presently has an average rating of “Moderate Buy” and a consensus target price of $530.56.

Ciena Price Performance

CIEN stock opened at $406.37 on Friday. The firm’s 50-day moving average price is $480.43 and its two-hundred day moving average price is $409.42. Ciena Corporation has a 12-month low of $84.41 and a 12-month high of $637.51. The stock has a market capitalization of $57.52 billion, a price-to-earnings ratio of 135.46 and a beta of 1.27. The company has a current ratio of 2.73, a quick ratio of 2.11 and a debt-to-equity ratio of 0.53.

Ciena (NYSE:CIEN) last issued its quarterly earnings data 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. The firm had revenue of $1.57 billion during the quarter, compared to the consensus estimate of $1.50 billion. Ciena had a net margin of 7.87% and a return on equity of 18.15%. The company’s quarterly revenue was up 39.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.42 earnings per share. As a group, equities analysts predict that Ciena Corporation will post 5.4 earnings per share for the current year.

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.