Ciena Corporation $CIEN Shares Purchased by Handelsbanken Fonder AB

Handelsbanken Fonder AB raised its stake in shares of Ciena Corporation (NYSE:CIEN) by 69.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 75,043 shares of the communications equipment provider’s stock after acquiring an additional 30,881 shares during the quarter. Handelsbanken Fonder AB’s holdings in Ciena were worth $36,813,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the stock. Carolina Wealth Advisors LLC raised its stake in shares of Ciena by 57.8% in the 2nd quarter. Carolina Wealth Advisors LLC now owns 71 shares of the communications equipment provider’s stock valued at $35,000 after purchasing an additional 26 shares in the last quarter. Asset Dedication LLC grew its stake in Ciena by 2,100.0% in the first quarter. Asset Dedication LLC now owns 88 shares of the communications equipment provider’s stock worth $34,000 after purchasing an additional 84 shares in the last quarter. Bogart Wealth LLC grew its stake in Ciena by 635.7% in the first quarter. Bogart Wealth LLC now owns 103 shares of the communications equipment provider’s stock worth $40,000 after purchasing an additional 89 shares in the last quarter. Transamerica Financial Advisors LLC increased its holdings in Ciena by 71.0% in the fourth quarter. Transamerica Financial Advisors LLC now owns 106 shares of the communications equipment provider’s stock valued at $25,000 after buying an additional 44 shares during the last quarter. Finally, Western Wealth Management LLC bought a new stake in Ciena in the first quarter valued at about $49,000. 91.99% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CIEN has been the topic of a number of research analyst reports. Bank of America increased their target price on Ciena from $550.00 to $660.00 and gave the stock a “buy” rating in a report on Tuesday, May 26th. Stifel Nicolaus set a $615.00 price target on Ciena in a report on Friday, May 29th. Needham & Company LLC reissued a “buy” rating on shares of Ciena in a research report on Tuesday, July 28th. Rothschild & Co Redburn started coverage on Ciena in a research report on Friday, May 1st. They set a “neutral” rating and a $416.00 price target on the stock. Finally, Weiss Ratings cut Ciena from a “hold (c+)” rating to a “hold (c)” rating in a research note on Friday, July 24th. Thirteen analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat.com, Ciena presently has a consensus rating of “Moderate Buy” and an average target price of $530.56.

Insider Buying and Selling at Ciena

In related news, CFO Marc D. Graff sold 126 shares of the business’s stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $466.20, for a total transaction of $58,741.20. Following the completion of the transaction, the chief financial officer owned 126,955 shares in the company, valued at $59,186,421. The trade was a 0.10% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Gary B. Smith sold 2,952 shares of the company’s stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $379.81, for a total value of $1,121,199.12. Following the transaction, the chief executive officer owned 248,982 shares of the company’s stock, valued at approximately $94,565,853.42. The trade was a 1.17% 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 ninety days, insiders have sold 21,627 shares of company stock worth $10,508,776. 0.58% of the stock is owned by company insiders.

Ciena Stock Performance

Shares of NYSE CIEN opened at $387.40 on Wednesday. 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 firm’s 50-day moving average price is $431.24 and its two-hundred day moving average price is $422.62. Ciena Corporation has a 52-week low of $84.41 and a 52-week high of $637.51. The stock has a market capitalization of $54.84 billion, a P/E ratio of 129.13 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 EPS 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 analyst estimates of $1.50 billion. Ciena had a return on equity of 18.15% and a net margin of 7.87%.The business’s revenue was up 39.5% compared to the same quarter last year. During the same period in the prior year, the company earned $0.42 earnings per share. As a group, sell-side analysts forecast that Ciena Corporation will post 5.4 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.