Jag Capital Management LLC Lowers Stake in Ciena Corporation $CIEN

Jag Capital Management LLC cut its holdings in Ciena Corporation (NYSE:CIEN) by 82.5% during the first quarter, HoldingsChannel reports. The firm owned 544 shares of the communications equipment provider’s stock after selling 2,560 shares during the period. Jag Capital Management LLC’s holdings in Ciena were worth $211,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in CIEN. Bogart Wealth LLC boosted its stake in shares of Ciena by 635.7% during the first quarter. Bogart Wealth LLC now owns 103 shares of the communications equipment provider’s stock worth $40,000 after buying an additional 89 shares during the period. Transamerica Financial Advisors LLC increased its position in Ciena by 71.0% in the 4th quarter. Transamerica Financial Advisors LLC now owns 106 shares of the communications equipment provider’s stock valued at $25,000 after acquiring an additional 44 shares during the period. Whittier Trust Co. of Nevada Inc. increased its position in Ciena by 85.5% in the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 141 shares of the communications equipment provider’s stock valued at $55,000 after acquiring an additional 65 shares during the period. Hilltop National Bank purchased a new stake in Ciena during the 4th quarter valued at approximately $35,000. Finally, 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 acquiring an additional 48 shares during the last quarter. 91.99% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Ciena

In related news, CEO Gary B. Smith sold 2,952 shares of Ciena stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $468.83, for a total transaction of $1,383,986.16. Following the completion of the transaction, the chief executive officer directly owned 254,886 shares of the company’s stock, valued at approximately $119,498,203.38. The trade was a 1.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Jason Phipps sold 2,629 shares of the business’s stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $466.20, for a total value of $1,225,639.80. Following the sale, the senior vice president 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. 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. Over the last three months, insiders have sold 21,627 shares of company stock worth $10,974,985. Corporate insiders own 0.58% of the company’s stock.

Analyst Upgrades and Downgrades

CIEN has been the topic of several analyst reports. Argus set a $650.00 target price on Ciena in a research note on Friday, June 5th. JPMorgan Chase & Co. upped their price target on Ciena from $380.00 to $550.00 and gave the stock an “overweight” rating in a research note on Thursday, April 16th. B. Riley Financial increased their price target on Ciena from $283.00 to $531.00 and gave the stock a “neutral” rating in a report on Tuesday, June 2nd. Northland Securities set a $450.00 price objective on shares of Ciena in a research report on Friday, June 5th. Finally, UBS Group boosted their price objective on shares of Ciena from $285.00 to $508.00 and gave the company a “neutral” rating in a research note on Friday, June 5th. 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’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $530.56.

Ciena Stock Performance

NYSE:CIEN opened at $389.17 on Friday. The firm’s fifty day simple moving average is $498.61 and its 200-day simple moving average is $403.96. The company has a quick ratio of 2.11, a current ratio of 2.73 and a debt-to-equity ratio of 0.53. The stock has a market cap of $55.09 billion, a PE ratio of 129.72 and a beta of 1.27. Ciena Corporation has a fifty-two week low of $83.20 and a fifty-two week high of $637.51.

Ciena (NYSE:CIEN) last announced its quarterly earnings data on Thursday, June 4th. The communications equipment provider reported $1.64 EPS for the quarter, beating 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 last year, the business earned $0.42 earnings per share. The business’s revenue for the quarter was up 39.5% compared to the same quarter last year. Analysts expect that Ciena Corporation will post 5.4 earnings per share for the current fiscal year.

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.