Fideuram Intesa Sanpaolo Private Banking S.P.A. Purchases Shares of 5,264 Ciena Corporation $CIEN

Fideuram Intesa Sanpaolo Private Banking S.P.A. purchased a new stake in shares of Ciena Corporation (NYSE:CIEN) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 5,264 shares of the communications equipment provider’s stock, valued at approximately $1,231,000.

Other hedge funds also recently bought and sold shares of the company. KBC Group NV raised its position in shares of Ciena by 11.3% during the fourth quarter. KBC Group NV now owns 31,161 shares of the communications equipment provider’s stock valued at $7,288,000 after buying an additional 3,156 shares during the last quarter. Convergence Investment Partners LLC acquired a new position in shares of Ciena during the third quarter valued at about $1,726,000. FengHe Fund Management Pte. Ltd. raised its position in shares of Ciena by 164.0% during the fourth quarter. FengHe Fund Management Pte. Ltd. now owns 660,988 shares of the communications equipment provider’s stock valued at $154,585,000 after buying an additional 410,588 shares during the last quarter. Peak Financial Advisors LLC raised its position in shares of Ciena by 222.7% during the fourth quarter. Peak Financial Advisors LLC now owns 11,596 shares of the communications equipment provider’s stock valued at $2,712,000 after buying an additional 8,003 shares during the last quarter. Finally, DNB Asset Management AS raised its position in shares of Ciena by 1,095.8% during the fourth quarter. DNB Asset Management AS now owns 27,527 shares of the communications equipment provider’s stock valued at $6,438,000 after buying an additional 25,225 shares during the last quarter. 91.99% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently commented on CIEN shares. Morgan Stanley upped their price objective on shares of Ciena from $286.00 to $405.00 and gave the company an “equal weight” rating in a research report on Monday, April 20th. Needham & Company LLC upped their price objective on shares of Ciena from $280.00 to $370.00 and gave the company a “buy” rating in a research report on Thursday, March 5th. Wolfe Research reaffirmed an “outperform” rating and set a $375.00 price objective on shares of Ciena in a research report on Thursday, March 5th. JPMorgan Chase & Co. upped their price objective 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, Citigroup upped their price objective on shares of Ciena from $345.00 to $658.00 and gave the company a “buy” rating in a research report on Monday, May 18th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, Ciena currently has an average rating of “Moderate Buy” and an average target price of $398.83.

Ciena Stock Performance

NYSE:CIEN opened at $583.65 on Friday. Ciena Corporation has a 12-month low of $70.77 and a 12-month high of $599.50. The company has a quick ratio of 2.14, a current ratio of 2.81 and a debt-to-equity ratio of 0.55. The firm has a market capitalization of $82.53 billion, a PE ratio of 371.75, a price-to-earnings-growth ratio of 1.91 and a beta of 1.24. The firm has a 50-day moving average price of $478.27 and a 200 day moving average price of $328.12.

Ciena (NYSE:CIEN) last posted its quarterly earnings results on Thursday, March 5th. The communications equipment provider reported $1.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.17 by $0.18. Ciena had a net margin of 4.47% and a return on equity of 12.09%. The firm had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.40 billion. During the same quarter in the prior year, the business posted $0.64 earnings per share. The company’s quarterly revenue was up 33.1% compared to the same quarter last year. Research analysts anticipate that Ciena Corporation will post 5.12 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, SVP Brodie Gage sold 5,000 shares of the 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 transaction, the senior vice president owned 46,341 shares of the company’s stock, valued at $18,768,105. This represents a 9.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Jason Phipps sold 22,014 shares of the firm’s stock in a transaction that occurred on Wednesday, April 1st. The stock was 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 of the company’s stock, valued at approximately $27,866.40. The trade was a 99.69% 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 44,174 shares of company stock valued at $18,878,661 over the last quarter. Corporate insiders own 0.58% of the company’s stock.

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.