Eventide Asset Management LLC Has $3.19 Million Stock Holdings in Ciena Corporation $CIEN

Eventide Asset Management LLC cut its position in shares of Ciena Corporation (NYSE:CIEN) by 39.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 13,502 shares of the communications equipment provider’s stock after selling 8,836 shares during the quarter. Eventide Asset Management LLC’s holdings in Ciena were worth $3,188,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Transamerica Financial Advisors LLC boosted its holdings in Ciena by 71.0% during the fourth quarter. Transamerica Financial Advisors LLC now owns 106 shares of the communications equipment provider’s stock valued at $25,000 after purchasing an additional 44 shares in the last quarter. Hilltop National Bank acquired a new stake in Ciena during the fourth quarter valued at approximately $35,000. Community Bank N.A. acquired a new stake in Ciena during the third quarter valued at approximately $25,000. Acumen Wealth Advisors LLC acquired a new stake in Ciena during the fourth quarter valued at approximately $40,000. Finally, Assetmark Inc. boosted its holdings in Ciena by 50.4% during the third quarter. Assetmark Inc. now owns 200 shares of the communications equipment provider’s stock valued at $29,000 after purchasing an additional 67 shares in the last quarter. 91.99% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have weighed in on CIEN. TD Cowen lifted their price objective on Ciena from $425.00 to $675.00 and gave the company a “buy” rating in a report on Friday, May 15th. Argus set a $650.00 target price on shares of Ciena in a research note on Friday, June 5th. Citigroup lifted their target price on shares of Ciena from $345.00 to $658.00 and gave the company a “buy” rating in a research note on Monday, May 18th. Raymond James Financial lifted their target price on shares of Ciena from $320.00 to $530.00 and gave the company an “outperform” rating in a research note on Thursday, June 4th. Finally, Barclays lifted their target price on shares of Ciena from $372.00 to $607.00 and gave the company an “overweight” rating in a research note on Friday, June 5th. Thirteen analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Ciena has an average rating of “Moderate Buy” and an average target price of $530.56.

Insider Buying and Selling

In related news, CEO Gary B. Smith sold 2,952 shares of the business’s stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $415.51, for a total value of $1,226,585.52. Following the completion of the transaction, the chief executive officer owned 281,365 shares in the company, valued at $116,909,971.15. The trade was a 1.04% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Brodie Gage sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 24th. The stock was sold at an average price of $405.00, for a total transaction 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 trade represents a 9.74% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 41,222 shares of company stock worth $18,441,027 in the last quarter. Insiders own 0.58% of the company’s stock.

Ciena Stock Performance

CIEN stock opened at $445.32 on Monday. 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 company has a 50 day moving average price of $521.49 and a 200 day moving average price of $364.89. Ciena Corporation has a fifty-two week low of $71.72 and a fifty-two week high of $637.51. The stock has a market capitalization of $63.04 billion, a PE ratio of 148.44 and a beta of 1.24.

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