Rockefeller Capital Management L.P. Increases Position in Ciena Corporation $CIEN

Rockefeller Capital Management L.P. lifted its stake in Ciena Corporation (NYSE:CIEN) by 126.0% during the fourth quarter, HoldingsChannel.com reports. The firm owned 8,413 shares of the communications equipment provider’s stock after purchasing an additional 4,691 shares during the quarter. Rockefeller Capital Management L.P.’s holdings in Ciena were worth $1,968,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Elyxium Wealth LLC purchased a new position in Ciena during the fourth quarter valued at $2,747,810,000. State Street Corp grew its stake in shares of Ciena by 17.2% in the fourth quarter. State Street Corp now owns 5,102,409 shares of the communications equipment provider’s stock worth $1,193,300,000 after acquiring an additional 750,128 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Ciena by 53.0% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 4,051,625 shares of the communications equipment provider’s stock worth $947,554,000 after acquiring an additional 1,404,132 shares during the last quarter. Bank of America Corp DE increased its holdings in shares of Ciena by 10.4% during 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 acquiring an additional 329,821 shares in the last quarter. Finally, Corient Private Wealth LLC raised its position in shares of Ciena by 30,114.5% in the 4th quarter. Corient Private Wealth LLC now owns 2,870,677 shares of the communications equipment provider’s stock worth $671,365,000 after purchasing an additional 2,861,176 shares during the last quarter. Institutional investors own 91.99% of the company’s stock.

Ciena Price Performance

NYSE CIEN opened at $490.47 on Wednesday. Ciena Corporation has a one year low of $76.89 and a one year high of $637.51. The stock has a 50-day moving average of $517.86 and a 200 day moving average of $386.41. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.11 and a current ratio of 2.73. The company has a market capitalization of $69.43 billion, a price-to-earnings ratio of 163.49 and a beta of 1.24.

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

Insider Activity at Ciena

In related news, SVP Brodie Gage sold 1,200 shares of the firm’s stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $570.65, for a total value of $684,780.00. Following the sale, the senior vice president owned 43,941 shares in the company, valued at approximately $25,074,931.65. This trade represents a 2.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 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 that occurred on Friday, June 26th. The stock was sold at an average price of $466.33, for a total transaction of $739,599.38. Following the completion of the sale, the senior vice president directly owned 42,872 shares of the company’s stock, valued at approximately $19,992,499.76. This trade represents a 3.57% 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 sold 17,120 shares of company stock valued at $8,872,766 over the last ninety days. Company insiders own 0.58% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $600.00 price target on shares of Ciena in a research note on Tuesday, June 23rd. Barclays lifted their target price on shares of Ciena from $372.00 to $607.00 and gave the stock an “overweight” rating in a report on Friday, June 5th. Wolfe Research reiterated an “outperform” rating and set a $375.00 price target on shares of Ciena in a report on Thursday, March 5th. UBS Group increased 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, Morgan Stanley boosted their price objective on shares of Ciena from $405.00 to $490.00 and gave the stock an “equal weight” rating in a report on Friday, June 5th. Thirteen equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Ciena presently has a consensus 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.