Ciena Corporation $CIEN Stock Holdings Lifted by Fifth Third Bancorp

Fifth Third Bancorp grew its position in Ciena Corporation (NYSE:CIEN) by 983.2% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 17,168 shares of the communications equipment provider’s stock after purchasing an additional 15,583 shares during the period. Fifth Third Bancorp’s holdings in Ciena were worth $6,665,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Elyxium Wealth LLC bought a new stake in shares of Ciena in the 4th quarter valued at approximately $2,747,810,000. Corient Private Wealth LLC lifted its stake in Ciena by 30,114.5% in the fourth quarter. Corient Private Wealth LLC now owns 2,870,677 shares of the communications equipment provider’s stock valued at $671,365,000 after acquiring an additional 2,861,176 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in Ciena by 53.0% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 4,051,625 shares of the communications equipment provider’s stock valued at $947,554,000 after acquiring an additional 1,404,132 shares during the last quarter. Atreides Management LP bought a new stake in Ciena in the second quarter worth approximately $102,705,000. Finally, Arrowstreet Capital Limited Partnership grew its position in Ciena by 2,174.2% in the third quarter. Arrowstreet Capital Limited Partnership now owns 1,143,855 shares of the communications equipment provider’s stock worth $166,625,000 after acquiring an additional 1,093,557 shares in the last quarter. 91.99% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, SVP Joseph Cumello sold 1,586 shares of the stock in a transaction that occurred on Friday, June 26th. The stock was sold at an average price of $466.33, for a total transaction of $739,599.38. Following the completion of the sale, the senior vice president owned 42,872 shares in the company, valued at $19,992,499.76. This represents a 3.57% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Jason Phipps sold 2,629 shares of the firm’s stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $466.20, for a total value of $1,225,639.80. Following the completion of the sale, the senior vice president directly owned 62,382 shares in the company, valued at $29,082,488.40. This trade represents a 4.04% decrease in their position. 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. Insiders sold a total of 21,627 shares of company stock valued at $10,974,985 in the last ninety days. Company insiders own 0.58% of the company’s stock.

Ciena Price Performance

NYSE CIEN opened at $389.17 on Friday. The company has a current ratio of 2.73, a quick ratio of 2.11 and a debt-to-equity ratio of 0.53. The company has a fifty day simple moving average of $498.61 and a 200 day simple moving average of $403.96. The company has a market cap of $55.09 billion, a P/E ratio of 129.72 and a beta of 1.27. Ciena Corporation has a 1 year low of $83.20 and a 1 year high of $637.51.

Ciena (NYSE:CIEN) last announced its earnings results on Thursday, June 4th. The communications equipment provider reported $1.64 EPS for the quarter, topping the consensus estimate of $1.46 by $0.18. The firm had revenue of $1.57 billion for the quarter, compared to the consensus estimate of $1.50 billion. Ciena had a net margin of 7.87% and a return on equity of 18.15%. The business’s quarterly revenue was up 39.5% on a year-over-year basis. During the same quarter last year, the firm posted $0.42 EPS. On average, sell-side analysts predict that Ciena Corporation will post 5.4 EPS for the current year.

Wall Street Analysts Forecast Growth

CIEN has been the topic of a number of recent research reports. Argus set a $650.00 price target on shares of Ciena in a report on Friday, June 5th. B. Riley Financial upped their price objective on shares of Ciena from $283.00 to $531.00 and gave the stock a “neutral” rating in a report on Tuesday, June 2nd. Raymond James Financial increased their target price on shares of Ciena from $320.00 to $530.00 and gave the stock an “outperform” rating in a research report on Thursday, June 4th. Bank of America raised their target price on Ciena from $550.00 to $660.00 and gave the company a “buy” rating in a report on Tuesday, May 26th. Finally, Morgan Stanley boosted their price target on Ciena from $405.00 to $490.00 and gave the stock an “equal weight” rating in a research report on Friday, June 5th. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $530.56.

Ciena Company 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.