Truist Financial Corp Has $2.24 Million Stake in Ciena Corporation $CIEN

Truist Financial Corp lessened its position in Ciena Corporation (NYSE:CIEN) by 15.4% during the fourth quarter, Holdings Channel reports. The institutional investor owned 9,559 shares of the communications equipment provider’s stock after selling 1,739 shares during the quarter. Truist Financial Corp’s holdings in Ciena were worth $2,235,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. KBC Group NV raised its position in Ciena by 11.3% in the 4th 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 stake in Ciena in the 3rd quarter valued at approximately $1,726,000. FengHe Fund Management Pte. Ltd. raised its position in Ciena by 164.0% in the 4th 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 Ciena by 222.7% in the 4th 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, Semanteon Capital Management LP acquired a new stake in Ciena in the 3rd quarter valued at $568,000. Institutional investors and hedge funds own 91.99% of the company’s stock.

Insider Buying and Selling

In related news, 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 transaction, the senior vice president directly owned 46,341 shares of the company’s stock, valued at approximately $18,768,105. The trade was a 9.74% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Jason Phipps sold 22,014 shares of the business’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 value of $9,021,337.20. Following the transaction, the senior vice president directly owned 68 shares in the company, valued at $27,866.40. The trade was a 99.69% 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. In the last three months, insiders have sold 42,974 shares of company stock valued at $17,418,863. 0.58% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Wolfe Research reiterated an “outperform” rating and issued a $375.00 price target on shares of Ciena in a research note on Thursday, March 5th. Stifel Nicolaus lifted their price target on shares of Ciena from $430.00 to $585.00 and gave the company a “buy” rating in a research note on Tuesday, May 5th. Evercore set a $330.00 price target on shares of Ciena in a research note on Thursday, February 19th. Bank of America lifted their price target on shares of Ciena from $355.00 to $550.00 and gave the company a “buy” rating in a research note on Thursday, April 16th. Finally, TD Cowen initiated coverage on Ciena in a research report on Thursday, March 12th. They set a “buy” rating and a $425.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $367.56.

Ciena Stock Up 0.2%

Ciena stock opened at $578.44 on Thursday. The firm has a market capitalization of $81.79 billion, a PE ratio of 368.44, a P/E/G ratio of 1.89 and a beta of 1.24. The company’s 50-day moving average is $444.88 and its 200-day moving average is $310.56. Ciena Corporation has a fifty-two week low of $70.77 and a fifty-two week high of $598.84. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.81 and a quick ratio of 2.14.

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