Fideuram Intesa Sanpaolo Private Banking S.P.A. Has $1.50 Million Position in Ciena Corporation $CIEN

Fideuram Intesa Sanpaolo Private Banking S.P.A. reduced its stake in shares of Ciena Corporation (NYSE:CIEN) by 26.7% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,859 shares of the communications equipment provider’s stock after selling 1,405 shares during the period. Fideuram Intesa Sanpaolo Private Banking S.P.A.’s holdings in Ciena were worth $1,498,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the stock. Community Bank N.A. purchased a new stake in shares of Ciena during the third quarter worth $25,000. Transamerica Financial Advisors LLC grew its stake 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 purchasing an additional 44 shares in the last quarter. Hilltop National Bank purchased a new position in Ciena in the fourth quarter valued at about $35,000. Truvestments Capital LLC grew its stake in Ciena by 45.3% in the fourth quarter. Truvestments Capital LLC now owns 154 shares of the communications equipment provider’s stock valued at $36,000 after purchasing an additional 48 shares in the last quarter. Finally, Acumen Wealth Advisors LLC acquired a new position in Ciena in the 4th quarter worth about $40,000. 91.99% of the stock is owned by institutional investors and hedge funds.

Ciena Stock Performance

Shares of NYSE CIEN opened at $422.47 on Friday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.11 and a current ratio of 2.73. The firm has a market cap of $59.80 billion, a price-to-earnings ratio of 140.82 and a beta of 1.27. The business’s 50-day simple moving average is $513.83 and its 200-day simple moving average is $389.62. Ciena Corporation has a 52 week low of $76.89 and a 52 week high of $637.51.

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, topping the consensus estimate of $1.46 by $0.18. Ciena had a return on equity of 18.15% and a net margin of 7.87%.The firm had revenue of $1.57 billion during the quarter, compared to analyst estimates of $1.50 billion. During the same period in the previous year, the company earned $0.42 EPS. The company’s revenue for the quarter was up 39.5% on a year-over-year basis. As a group, equities research analysts expect that Ciena Corporation will post 5.4 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on CIEN shares. Argus set a $650.00 price target on Ciena in a research note on Friday, June 5th. Rosenblatt Securities boosted their price target on Ciena from $350.00 to $720.00 and gave the company a “buy” rating in a research note on Friday, June 5th. UBS Group increased their price objective on Ciena from $285.00 to $508.00 and gave the stock a “neutral” rating in a report on Friday, June 5th. B. Riley Financial raised their price objective on shares of Ciena from $283.00 to $531.00 and gave the company a “neutral” rating in a research report on Tuesday, June 2nd. Finally, Weiss Ratings cut shares of Ciena from a “buy (b)” rating to a “buy (b-)” rating in a research note on Tuesday, June 23rd. Thirteen research 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 has an average rating of “Moderate Buy” and an average price target of $530.56.

Insider Activity

In other news, CFO Marc D. Graff sold 126 shares of the business’s stock in a transaction on Wednesday, June 24th. The shares were sold at an average price of $449.36, for a total value of $56,619.36. Following the completion of the sale, the chief financial officer directly owned 127,081 shares in the company, valued at approximately $57,105,118.16. The trade was a 0.10% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed 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 Friday, May 15th. The stock was sold at an average price of $562.05, for a total transaction of $1,659,171.60. Following the sale, the chief executive officer directly owned 272,509 shares of the company’s stock, valued at approximately $153,163,683.45. This represents a 1.07% 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 ninety days, insiders sold 17,120 shares of company stock worth $8,872,766. 0.58% of the stock is owned by company insiders.

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.