PensionDanmark Pensionsforsikringsaktieselskab Increases Stock Holdings in Ciena Corporation $CIEN

PensionDanmark Pensionsforsikringsaktieselskab grew its holdings in shares of Ciena Corporation (NYSE:CIEN) by 19.6% in the 2nd quarter, Holdings Channel.com reports. The firm owned 27,410 shares of the communications equipment provider’s stock after purchasing an additional 4,490 shares during the quarter. PensionDanmark Pensionsforsikringsaktieselskab’s holdings in Ciena were worth $13,446,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in CIEN. Trust Asset Management LLC bought a new stake in shares of Ciena during the 2nd quarter valued at $787,000. Tlwm bought a new position in Ciena in the 2nd quarter worth $1,240,000. GK Wealth Management LLC purchased a new position in Ciena during the second quarter valued at $363,000. GAMMA Investing LLC lifted its position in Ciena by 4.2% during the second quarter. GAMMA Investing LLC now owns 5,759 shares of the communications equipment provider’s stock valued at $2,825,000 after purchasing an additional 232 shares in the last quarter. Finally, CoreCap Advisors LLC grew its holdings in Ciena by 114.8% during the second quarter. CoreCap Advisors LLC now owns 1,248 shares of the communications equipment provider’s stock valued at $612,000 after purchasing an additional 667 shares during the period. Hedge funds and other institutional investors own 91.99% of the company’s stock.

Insider Activity

In other news, SVP Joseph Cumello sold 1,586 shares of Ciena 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 sale, 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 sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Brodie Gage sold 1,200 shares of the business’s 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 in the company, valued at $19,921,580.10. This represents a 2.73% 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 quarter, insiders have sold 21,627 shares of company stock valued at $10,508,776. 0.58% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

CIEN has been the subject of a number of analyst reports. Stifel Nicolaus set a $615.00 price target on Ciena in a research report on Friday, May 29th. Argus set a $650.00 price objective on Ciena in a research note on Friday, June 5th. Northland Securities set a $450.00 target price on shares of Ciena in a report on Friday, June 5th. Zacks Research cut shares of Ciena from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 3rd. Finally, TD Cowen lifted their price target on shares of Ciena from $425.00 to $675.00 and gave the company a “buy” rating in a report on Friday, May 15th. Thirteen equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $530.56.

Ciena Trading Up 2.2%

CIEN stock opened at $412.82 on Friday. 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 business has a 50 day simple moving average of $439.69 and a two-hundred day simple moving average of $419.26. Ciena Corporation has a 1-year low of $84.41 and a 1-year high of $637.51. The company has a market capitalization of $58.43 billion, a price-to-earnings ratio of 137.61 and a beta of 1.30.

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

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.