Ciena Corporation $CIEN Stock Position Increased by Atreides Management LP

Atreides Management LP grew its stake in Ciena Corporation (NYSE:CIEN) by 2.0% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,428,230 shares of the communications equipment provider’s stock after buying an additional 27,466 shares during the quarter. Ciena accounts for about 4.1% of Atreides Management LP’s portfolio, making the stock its 5th largest holding. Atreides Management LP owned about 1.01% of Ciena worth $334,020,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of CIEN. Elyxium Wealth LLC purchased a new position in Ciena during the fourth quarter valued at approximately $2,747,810,000. Lone Pine Capital LLC purchased a new position in Ciena during the third quarter valued at approximately $292,310,000. Price T Rowe Associates Inc. MD raised its position in Ciena by 53.0% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 4,051,625 shares of the communications equipment provider’s stock valued at $947,554,000 after acquiring an additional 1,404,132 shares in the last quarter. JPMorgan Chase & Co. raised its position in Ciena by 23.3% during the third quarter. JPMorgan Chase & Co. now owns 6,462,840 shares of the communications equipment provider’s stock valued at $941,451,000 after acquiring an additional 1,219,787 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its position in Ciena by 2,174.2% during the third quarter. Arrowstreet Capital Limited Partnership now owns 1,143,855 shares of the communications equipment provider’s stock valued at $166,625,000 after acquiring an additional 1,093,557 shares in the last quarter. 91.99% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Ciena

In related news, CEO Gary B. Smith sold 2,952 shares of the stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $457.02, for a total value of $1,349,123.04. Following the completion of the sale, the chief executive officer owned 266,605 shares of the company’s stock, valued at approximately $121,843,817.10. This trade represents a 1.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Brodie Gage sold 1,200 shares of the stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $466.10, for a total value of $559,320.00. Following the completion of the sale, the senior vice president directly owned 42,741 shares of the company’s stock, valued at approximately $19,921,580.10. This represents a 2.73% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 45,374 shares of company stock valued at $20,349,470. 0.58% of the stock is currently owned by insiders.

Ciena Trading Up 1.3%

Shares of CIEN stock opened at $435.91 on Thursday. 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 market cap of $61.70 billion, a price-to-earnings ratio of 145.30 and a beta of 1.24. The stock has a 50 day simple moving average of $521.44 and a 200-day simple moving average of $370.05. Ciena Corporation has a 1-year low of $73.23 and a 1-year high of $637.51.

Ciena (NYSE:CIEN) last announced its earnings results on Thursday, June 4th. The communications equipment provider reported $1.64 EPS 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 analysts’ expectations of $1.50 billion. During the same quarter in the prior year, the firm earned $0.42 earnings per share. The business’s revenue was up 39.5% compared to the same quarter last year. On average, equities research analysts expect that Ciena Corporation will post 5.4 EPS for the current fiscal year.

Analyst Ratings Changes

CIEN has been the subject of several recent research reports. Zacks Research cut Ciena from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, June 3rd. TD Cowen lifted their price target on Ciena from $425.00 to $675.00 and gave the company a “buy” rating in a research report on Friday, May 15th. Rothschild & Co Redburn initiated coverage on Ciena in a research report on Friday, May 1st. They set a “neutral” rating and a $416.00 price target for the company. UBS Group upped their price target on Ciena from $285.00 to $508.00 and gave the stock a “neutral” rating in a report on Friday, June 5th. Finally, Citigroup raised 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. Thirteen analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $530.56.

About Ciena

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.