Keybank National Association OH Reduces Holdings in Ciena Corporation $CIEN

Keybank National Association OH trimmed its stake in Ciena Corporation (NYSE:CIEN) by 32.2% in the 4th quarter, HoldingsChannel reports. The firm owned 2,276 shares of the communications equipment provider’s stock after selling 1,079 shares during the quarter. Keybank National Association OH’s holdings in Ciena were worth $532,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. CFC Planning Co LLC purchased a new stake in shares of Ciena in the 4th quarter worth about $263,000. FengHe Fund Management Pte. Ltd. lifted its position in shares of Ciena by 164.0% in the 4th quarter. FengHe Fund Management Pte. Ltd. now owns 660,988 shares of the communications equipment provider’s stock worth $154,585,000 after purchasing an additional 410,588 shares during the period. Wealthfront Advisers LLC lifted its position in shares of Ciena by 3.2% in the 4th quarter. Wealthfront Advisers LLC now owns 2,612 shares of the communications equipment provider’s stock worth $611,000 after purchasing an additional 82 shares during the period. Torren Management LLC purchased a new stake in shares of Ciena in the 4th quarter worth about $53,000. Finally, Mitsubishi UFJ Trust & Banking Corp lifted its position in shares of Ciena by 333.5% in the 4th quarter. Mitsubishi UFJ Trust & Banking Corp now owns 63,685 shares of the communications equipment provider’s stock worth $14,894,000 after purchasing an additional 48,995 shares during the period. 91.99% of the stock is owned by hedge funds and other institutional investors.

Ciena Trading Up 0.5%

Shares of NYSE CIEN opened at $537.95 on Tuesday. Ciena Corporation has a 1 year low of $70.67 and a 1 year high of $550.00. The stock has a market cap of $76.07 billion, a P/E ratio of 342.65, a price-to-earnings-growth ratio of 1.76 and a beta of 1.24. The firm has a 50-day moving average of $414.44 and a 200 day moving average of $291.20. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.81 and a quick ratio of 2.14.

Ciena (NYSE:CIEN) last issued its quarterly earnings results 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 during the quarter, compared to analysts’ expectations of $1.40 billion. Ciena had a net margin of 4.47% and a return on equity of 12.09%. Ciena’s revenue was up 33.1% on a year-over-year basis. During the same period last year, the company posted $0.64 EPS. As a group, sell-side analysts expect that Ciena Corporation will post 5.1 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms have recently commented on CIEN. Rosenblatt Securities raised their target price on shares of Ciena from $305.00 to $350.00 and gave the stock a “buy” rating in a research report on Friday, March 6th. UBS Group lifted their price target 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. Raymond James Financial reissued an “outperform” rating and set a $320.00 price target on shares of Ciena in a research report on Thursday, March 5th. Evercore set a $330.00 price target on shares of Ciena in a research report on Thursday, February 19th. Finally, Bank of America lifted their price target on shares of Ciena from $355.00 to $550.00 and gave the company a “buy” rating in a research report on Thursday, April 16th. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $358.94.

Insiders Place Their Bets

In other Ciena news, SVP Jason Phipps sold 22,014 shares of Ciena stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $409.80, for a total value of $9,021,337.20. Following the completion of the transaction, the senior vice president directly owned 68 shares of the company’s stock, valued at approximately $27,866.40. The trade was a 99.69% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Brodie Gage sold 5,000 shares of Ciena stock in a transaction dated Tuesday, March 24th. The stock was sold at an average price of $405.00, for a total transaction of $2,025,000.00. Following the completion of the transaction, the senior vice president directly owned 46,341 shares of the company’s stock, valued at $18,768,105. This trade represents a 9.74% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 42,974 shares of company stock valued at $17,418,863. Insiders own 0.58% of the company’s stock.

About Ciena

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.