CloudAlpha Capital Management Limited Hong Kong Sells 18,390 Shares of Ciena Corporation $CIEN

CloudAlpha Capital Management Limited Hong Kong lessened its holdings in Ciena Corporation (NYSE:CIEN) by 12.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 124,810 shares of the communications equipment provider’s stock after selling 18,390 shares during the quarter. Ciena accounts for 1.4% of CloudAlpha Capital Management Limited Hong Kong’s investment portfolio, making the stock its 16th biggest position. CloudAlpha Capital Management Limited Hong Kong’s holdings in Ciena were worth $29,189,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in CIEN. Hilltop National Bank bought a new position in shares of Ciena during the fourth quarter valued at about $35,000. Community Bank N.A. purchased a new stake in Ciena during the 3rd quarter valued at about $25,000. Assetmark Inc. boosted its holdings in Ciena by 50.4% during the 3rd quarter. Assetmark Inc. now owns 200 shares of the communications equipment provider’s stock valued at $29,000 after acquiring an additional 67 shares during the period. Wolff Wiese Magana LLC bought a new position in Ciena during the 4th quarter worth approximately $47,000. Finally, Ameritas Advisory Services LLC grew its position in Ciena by 104.0% during the 3rd quarter. Ameritas Advisory Services LLC now owns 204 shares of the communications equipment provider’s stock worth $30,000 after acquiring an additional 104 shares during the last quarter. 91.99% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, SVP Brodie Gage sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, March 24th. The shares were sold at an average price of $405.00, for a total value of $2,025,000.00. Following the completion of the sale, the senior vice president directly owned 46,341 shares of the company’s stock, valued at approximately $18,768,105. This trade represents a 9.74% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, 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 transaction of $9,021,337.20. Following the sale, the senior vice president directly owned 68 shares in the company, valued at $27,866.40. The trade was a 99.69% 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. In the last ninety days, insiders sold 44,174 shares of company stock worth $18,878,661. 0.58% of the stock is currently owned by corporate insiders.

Ciena Price Performance

CIEN opened at $541.52 on Wednesday. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.14 and a current ratio of 2.81. Ciena Corporation has a 52-week low of $70.77 and a 52-week high of $598.84. The stock has a market capitalization of $76.57 billion, a PE ratio of 344.92, a price-to-earnings-growth ratio of 1.72 and a beta of 1.24. The stock’s 50 day moving average price is $463.70 and its 200-day moving average price is $320.95.

Ciena (NYSE:CIEN) last announced its quarterly earnings results 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 during the quarter, compared to analyst estimates of $1.40 billion. Ciena had a return on equity of 12.09% and a net margin of 4.47%.The firm’s revenue was up 33.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.64 earnings per share. On average, equities research analysts predict that Ciena Corporation will post 5.12 EPS for the current year.

Analyst Ratings Changes

Several analysts have weighed in on CIEN shares. Stifel Nicolaus boosted their price objective on Ciena from $430.00 to $585.00 and gave the company a “buy” rating in a research report on Tuesday, May 5th. Weiss Ratings raised shares of Ciena from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, April 27th. Evercore set a $330.00 price target on shares of Ciena in a report on Thursday, February 19th. JPMorgan Chase & Co. increased their price target on shares of Ciena from $380.00 to $550.00 and gave the company an “overweight” rating in a research report on Thursday, April 16th. Finally, Wolfe Research reissued an “outperform” rating and issued a $375.00 price target on shares of Ciena in a report on Thursday, March 5th. One investment 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.com, Ciena presently has a consensus rating of “Moderate Buy” and a consensus target price of $398.83.

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.