Ciena Co. (NYSE:CIEN) Shares Acquired by Zurcher Kantonalbank Zurich Cantonalbank

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Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Ciena Co. (NYSE:CIEN) by 11.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 16,577 shares of the communications equipment provider’s stock after purchasing an additional 1,737 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Ciena were worth $660,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Altshuler Shaham Ltd acquired a new stake in Ciena during the fourth quarter valued at approximately $28,000. Global Retirement Partners LLC lifted its position in shares of Ciena by 102.1% in the 4th quarter. Global Retirement Partners LLC now owns 857 shares of the communications equipment provider’s stock valued at $37,000 after acquiring an additional 433 shares in the last quarter. Chevy Chase Trust Holdings Inc. purchased a new stake in shares of Ciena in the 4th quarter valued at approximately $59,000. TRUE Private Wealth Advisors purchased a new stake in shares of Ciena in the 4th quarter valued at approximately $72,000. Finally, CENTRAL TRUST Co lifted its position in shares of Ciena by 75.6% in the 4th quarter. CENTRAL TRUST Co now owns 1,730 shares of the communications equipment provider’s stock valued at $74,000 after acquiring an additional 745 shares in the last quarter. 91.96% of the stock is owned by institutional investors and hedge funds.

Shares of CIEN opened at $52.81 on Friday. The company’s fifty day moving average is $46.19 and its 200-day moving average is $41.62. Ciena Co. has a 12 month low of $30.58 and a 12 month high of $53.36. The firm has a market cap of $7.94 billion, a price-to-earnings ratio of 29.50, a price-to-earnings-growth ratio of 1.36 and a beta of 0.85. The company has a quick ratio of 2.62, a current ratio of 3.09 and a debt-to-equity ratio of 0.31.

Ciena (NYSE:CIEN) last posted its earnings results on Thursday, March 5th. The communications equipment provider reported $0.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.38 by $0.14. Ciena had a net margin of 7.78% and a return on equity of 14.68%. The business had revenue of $832.91 million for the quarter, compared to analyst estimates of $818.48 million. During the same period last year, the business posted $0.33 EPS. Ciena’s revenue was up 7.0% compared to the same quarter last year. As a group, research analysts predict that Ciena Co. will post 2.32 earnings per share for the current fiscal year.

CIEN has been the subject of several research analyst reports. MKM Partners upped their price target on shares of Ciena from $54.00 to $62.00 and gave the company a “buy” rating in a research report on Friday. B. Riley downgraded shares of Ciena from a “buy” rating to a “neutral” rating and reduced their price target for the company from $54.00 to $51.00 in a research report on Wednesday, May 13th. Piper Sandler restated a “buy” rating and issued a $50.00 price target on shares of Ciena in a research report on Thursday, April 2nd. Morgan Stanley downgraded shares of Ciena from an “overweight” rating to an “equal weight” rating and set a $47.00 target price for the company. in a research report on Thursday, April 16th. Finally, Rosenblatt Securities increased their target price on shares of Ciena from $47.00 to $51.00 and gave the stock a “buy” rating in a research report on Thursday, March 5th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and seventeen have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $49.95.

In related news, CEO Gary B. Smith sold 4,250 shares of the firm’s stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $52.76, for a total value of $224,230.00. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO James E. Moylan, Jr. sold 2,000 shares of the firm’s stock in a transaction on Monday, May 4th. The shares were sold at an average price of $46.05, for a total transaction of $92,100.00. The disclosure for this sale can be found here. Insiders sold a total of 31,731 shares of company stock worth $1,390,404 over the last quarter. 1.20% of the stock is currently owned by company insiders.

About Ciena

Ciena Corporation provides network hardware, software, and services that support the transport, switching, aggregation, service delivery, and management of video, data, and voice traffic on communications networks worldwide. The company's Networking Platforms segment offers hardware networking solutions optimized for the convergence of coherent optical transport, optical transport network switching, and packet switching.

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Institutional Ownership by Quarter for Ciena (NYSE:CIEN)

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