Swiss National Bank Increases Stock Position in Ciena Corporation $CIEN

Swiss National Bank lifted its stake in Ciena Corporation (NYSE:CIEN) by 7.0% in the first quarter, HoldingsChannel.com reports. The fund owned 413,332 shares of the communications equipment provider’s stock after purchasing an additional 26,900 shares during the period. Swiss National Bank’s holdings in Ciena were worth $160,468,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in CIEN. Transamerica Financial Advisors LLC boosted its holdings in Ciena by 71.0% in the fourth quarter. Transamerica Financial Advisors LLC now owns 106 shares of the communications equipment provider’s stock worth $25,000 after purchasing an additional 44 shares during the last quarter. Hilltop National Bank purchased a new stake in Ciena during the 4th quarter valued at $35,000. Truvestments Capital LLC raised its stake in Ciena by 45.3% during the 4th quarter. Truvestments Capital LLC now owns 154 shares of the communications equipment provider’s stock valued at $36,000 after buying an additional 48 shares during the last quarter. Bogart Wealth LLC lifted its holdings in shares of Ciena by 635.7% during the 1st quarter. Bogart Wealth LLC now owns 103 shares of the communications equipment provider’s stock valued at $40,000 after buying an additional 89 shares during the period. Finally, Acumen Wealth Advisors LLC bought a new position in shares of Ciena during the 4th quarter valued at $40,000. 91.99% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Ciena

In other news, CFO Marc D. Graff sold 126 shares of Ciena stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $466.20, for a total transaction of $58,741.20. Following the transaction, the chief financial officer directly owned 126,955 shares of the company’s stock, valued at $59,186,421. The trade was a 0.10% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, 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 value of $1,225,639.80. Following the transaction, the senior vice president directly owned 62,382 shares in the company, valued at approximately $29,082,488.40. The trade was a 4.04% decrease in their ownership of the stock. 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 21,627 shares of company stock valued at $10,974,985 in the last ninety days. 0.58% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

CIEN has been the subject of several research analyst reports. Rothschild & Co Redburn began coverage on Ciena in a report on Friday, May 1st. They issued a “neutral” rating and a $416.00 price objective for the company. Bank of America increased their target price on Ciena from $550.00 to $660.00 and gave the company a “buy” rating in a report on Tuesday, May 26th. Northland Securities set a $450.00 target price on Ciena in a research report on Friday, June 5th. B. Riley Financial boosted their price target on Ciena from $283.00 to $531.00 and gave the company a “neutral” rating in a research note on Tuesday, June 2nd. Finally, TD Cowen upped their price target on shares of Ciena from $425.00 to $675.00 and gave the company a “buy” rating in a research report on Friday, May 15th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and seven have issued a Hold rating to the company. Based on data from MarketBeat.com, Ciena currently has an average rating of “Moderate Buy” and an average price target of $530.56.

Ciena Trading Down 0.2%

Shares of Ciena stock opened at $373.72 on Monday. Ciena Corporation has a 1-year low of $83.20 and a 1-year high of $637.51. The company’s fifty day simple moving average is $495.15 and its 200-day simple moving average is $404.91. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.73 and a quick ratio of 2.11. The stock has a market capitalization of $52.90 billion, a PE ratio of 124.57 and a beta of 1.27.

Ciena (NYSE:CIEN) last posted its quarterly earnings data on Thursday, June 4th. The communications equipment provider reported $1.64 EPS for the quarter, topping the consensus estimate of $1.46 by $0.18. Ciena had a return on equity of 18.15% and a net margin of 7.87%.The firm had revenue of $1.57 billion during the quarter, compared to analyst estimates of $1.50 billion. During the same period in the prior year, the business posted $0.42 EPS. Ciena’s revenue was up 39.5% on a year-over-year basis. As a group, equities analysts anticipate that Ciena Corporation will post 5.4 earnings per share for the current year.

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.