Fulton Bank N.A. Trims Position in Ciena Corporation $CIEN

Fulton Bank N.A. lowered its position in shares of Ciena Corporation (NYSE:CIEN) by 27.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 6,095 shares of the communications equipment provider’s stock after selling 2,260 shares during the quarter. Fulton Bank N.A.’s holdings in Ciena were worth $1,425,000 as of its most recent filing with the SEC.

Several other institutional investors also recently bought and sold shares of the business. JPMorgan Chase & Co. lifted 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 period. Bank of America Corp DE grew its position in shares of Ciena by 10.4% in the second quarter. Bank of America Corp DE now owns 3,495,795 shares of the communications equipment provider’s stock valued at $284,313,000 after purchasing an additional 329,821 shares during the period. Lone Pine Capital LLC purchased a new stake in shares of Ciena in the third quarter valued at $292,310,000. Jericho Capital Asset Management L.P. increased its stake 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 purchasing an additional 648,000 shares during the last quarter. Finally, Capital World Investors increased its stake in Ciena by 7.6% in the third quarter. Capital World Investors now owns 1,836,981 shares of the communications equipment provider’s stock valued at $267,593,000 after purchasing an additional 130,507 shares during the last quarter. 91.99% of the stock is currently owned by institutional investors and hedge funds.

Ciena Price Performance

CIEN stock opened at $408.78 on Tuesday. The company has a market cap of $57.80 billion, a PE ratio of 260.37, a price-to-earnings-growth ratio of 1.47 and a beta of 1.07. The company has a current ratio of 2.81, a quick ratio of 2.14 and a debt-to-equity ratio of 0.55. The stock has a 50-day moving average price of $302.27 and a two-hundred day moving average price of $227.52. Ciena Corporation has a 12-month low of $49.21 and a 12-month high of $419.80.

Ciena (NYSE:CIEN) last released its quarterly earnings data on Thursday, March 5th. The communications equipment provider reported $1.35 EPS for the quarter, topping analysts’ consensus estimates of $1.17 by $0.18. The company had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.40 billion. Ciena had a return on equity of 12.09% and a net margin of 4.47%.The company’s quarterly revenue was up 33.1% compared to the same quarter last year. During the same period last year, the business posted $0.64 EPS. As a group, research analysts predict that Ciena Corporation will post 1.6 EPS for the current year.

Wall Street Analyst Weigh In

CIEN has been the topic of a number of research analyst reports. Rosenblatt Securities raised their price target on Ciena from $305.00 to $350.00 and gave the stock a “buy” rating in a research note on Friday, March 6th. Stifel Nicolaus upped their price objective on shares of Ciena from $320.00 to $430.00 and gave the company a “buy” rating in a research note on Monday. Wolfe Research reiterated an “outperform” rating and set a $375.00 price objective on shares of Ciena in a report on Thursday, March 5th. Wall Street Zen cut shares of Ciena from a “strong-buy” rating to a “buy” rating in a research report on Sunday, December 21st. Finally, Barclays boosted their target price on shares of Ciena from $279.00 to $372.00 and gave the company an “overweight” rating in a report on Friday, March 6th. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $327.12.

Insider Buying and Selling at Ciena

In other Ciena news, Director Patrick Gallagher sold 11,618 shares of Ciena stock in a transaction that occurred on Monday, January 12th. The shares were sold at an average price of $227.45, for a total transaction of $2,642,514.10. Following the transaction, the director directly owned 50,184 shares of the company’s stock, valued at $11,414,350.80. The trade was a 18.80% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Joseph Cumello sold 11,929 shares of the business’s stock in a transaction that occurred on Monday, January 12th. The stock was sold at an average price of $229.82, for a total transaction of $2,741,522.78. Following the sale, the senior vice president owned 49,475 shares of the company’s stock, valued at approximately $11,370,344.50. This represents a 19.43% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 143,283 shares of company stock worth $34,372,491 in the last quarter. Company 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.