Ciena Corporation $CIEN Shares Acquired by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA lifted its holdings in shares of Ciena Corporation (NYSE:CIEN) by 6.0% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 59,834 shares of the communications equipment provider’s stock after acquiring an additional 3,411 shares during the period. Pictet Asset Management Holding SA’s holdings in Ciena were worth $23,223,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of CIEN. Union Bancaire Privee UBP SA acquired a new stake in Ciena in the 1st quarter worth approximately $5,670,000. WT Wealth Management purchased a new position in shares of Ciena in the first quarter worth $249,000. Maridea Wealth Management LLC acquired a new stake in shares of Ciena during the first quarter worth $810,000. Pinnacle Wealth Management Advisory Group LLC acquired a new stake in shares of Ciena during the first quarter worth $263,000. Finally, SmartHarvest Portfolios LLC grew its holdings in shares of Ciena by 1.8% during the first quarter. SmartHarvest Portfolios LLC now owns 1,142 shares of the communications equipment provider’s stock valued at $443,000 after buying an additional 20 shares during the last quarter. Institutional investors and hedge funds own 91.99% of the company’s stock.

Insider Buying and Selling

In other Ciena news, SVP Brodie Gage sold 1,200 shares of the business’s stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of $570.65, for a total value of $684,780.00. Following the completion of the transaction, the senior vice president directly owned 43,941 shares of the company’s stock, valued at approximately $25,074,931.65. The trade was a 2.66% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Joseph Cumello sold 1,586 shares of the company’s stock in a transaction that occurred on Friday, June 26th. The stock was sold at an average price of $466.33, for a total value of $739,599.38. Following the completion of the sale, the senior vice president owned 42,872 shares in the company, valued at approximately $19,992,499.76. This represents 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. Insiders have sold a total of 17,120 shares of company stock valued at $8,872,766 in the last ninety days. Insiders own 0.58% of the company’s stock.

Analysts Set New Price Targets

CIEN has been the topic of several research reports. JPMorgan Chase & Co. upped their target price on Ciena from $380.00 to $550.00 and gave the company an “overweight” rating in a research report on Thursday, April 16th. Citigroup increased their price objective on Ciena from $345.00 to $658.00 and gave the company a “buy” rating in a report on Monday, May 18th. Stifel Nicolaus set a $615.00 price objective on Ciena in a research note on Friday, May 29th. UBS Group lifted their target price on Ciena from $285.00 to $508.00 and gave the stock a “neutral” rating in a report on Friday, June 5th. Finally, Morgan Stanley upped their target price on Ciena from $405.00 to $490.00 and gave the company an “equal weight” rating in a research report on Friday, June 5th. Thirteen research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $530.56.

Ciena Price Performance

Shares of CIEN opened at $461.48 on Thursday. The business’s 50-day moving average is $517.03 and its two-hundred day moving average is $387.95. The company has a market capitalization of $65.32 billion, a P/E ratio of 153.83 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 fifty-two week low of $76.89 and a fifty-two week high of $637.51.

Ciena (NYSE:CIEN) last released its quarterly earnings data on Thursday, June 4th. The communications equipment provider reported $1.64 earnings per share for the quarter, beating 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 business had revenue of $1.57 billion during the quarter, compared to analyst estimates of $1.50 billion. During the same quarter last year, the business posted $0.42 EPS. The company’s revenue was up 39.5% on a year-over-year basis. Research 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.