Czech National Bank Has $19.74 Million Holdings in Ciena Corporation $CIEN

Czech National Bank grew its stake in Ciena Corporation (NYSE:CIEN) by 4.9% in the second quarter, HoldingsChannel reports. The fund owned 40,247 shares of the communications equipment provider’s stock after acquiring an additional 1,886 shares during the period. Czech National Bank’s holdings in Ciena were worth $19,744,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. PensionDanmark Pensionsforsikringsaktieselskab grew its stake in shares of Ciena by 19.6% during the second quarter. PensionDanmark Pensionsforsikringsaktieselskab now owns 27,410 shares of the communications equipment provider’s stock valued at $13,446,000 after purchasing an additional 4,490 shares during the last quarter. Trust Asset Management LLC bought a new position in Ciena in the 2nd quarter worth approximately $787,000. Tlwm acquired a new position in Ciena during the 2nd quarter worth $1,240,000. GK Wealth Management LLC bought a new position in Ciena in the 2nd quarter valued at $363,000. Finally, GAMMA Investing LLC boosted its position in Ciena by 4.2% in the 2nd quarter. GAMMA Investing LLC now owns 5,759 shares of the communications equipment provider’s stock valued at $2,825,000 after buying an additional 232 shares during the last quarter. 91.99% of the stock is currently owned by institutional investors and hedge funds.

Ciena Trading Up 2.2%

CIEN opened at $412.82 on Friday. The firm’s fifty day moving average is $439.69 and its two-hundred day moving average is $419.26. The firm has a market cap of $58.43 billion, a PE ratio of 137.61 and a beta of 1.30. Ciena Corporation has a twelve month low of $84.41 and a twelve month high of $637.51. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.11 and a current ratio of 2.73.

Ciena (NYSE:CIEN) last announced its quarterly earnings results on Thursday, June 4th. The communications equipment provider reported $1.64 earnings per share (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 company had revenue of $1.57 billion during the quarter, compared to analyst estimates of $1.50 billion. During the same quarter in the previous year, the business earned $0.42 EPS. The firm’s revenue was up 39.5% on a year-over-year basis. Equities research analysts anticipate that Ciena Corporation will post 5.4 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on CIEN shares. Morgan Stanley boosted their target price on Ciena from $405.00 to $490.00 and gave the stock an “equal weight” rating in a research report on Friday, June 5th. TD Cowen raised their price target on Ciena from $425.00 to $675.00 and gave the company a “buy” rating in a report on Friday, May 15th. Needham & Company LLC reiterated a “buy” rating on shares of Ciena in a research report on Tuesday, July 28th. B. Riley Financial upped their target price on shares of Ciena from $283.00 to $531.00 and gave the company a “neutral” rating in a research report on Tuesday, June 2nd. Finally, JPMorgan Chase & Co. raised their target price on shares of Ciena from $380.00 to $550.00 and gave the company an “overweight” rating in a research note on Thursday, April 16th. Thirteen equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $530.56.

Insider Activity

In other Ciena news, SVP Joseph Cumello sold 1,586 shares of the business’s stock in a transaction dated Friday, June 26th. The stock was sold at an average price of $466.33, for a total value of $739,599.38. Following the completion of the transaction, the senior vice president directly owned 42,872 shares of the company’s stock, valued at approximately $19,992,499.76. The trade was a 3.57% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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 dated Monday, June 15th. The stock was 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 owned 42,741 shares of the company’s stock, valued at $19,921,580.10. This trade represents a 2.73% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 21,627 shares of company stock valued at $10,508,776. Company 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.