Fulton Bank N.A. Decreases Stake in Ciena Corporation $CIEN

Fulton Bank N.A. lessened its holdings in shares of Ciena Corporation (NYSE:CIEN) by 28.5% in the first quarter, Holdings Channel.com reports. The firm owned 4,357 shares of the communications equipment provider’s stock after selling 1,738 shares during the period. Fulton Bank N.A.’s holdings in Ciena were worth $1,692,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. KBC Group NV raised its holdings in Ciena by 11.3% in the fourth quarter. KBC Group NV now owns 31,161 shares of the communications equipment provider’s stock valued at $7,288,000 after acquiring an additional 3,156 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in Ciena by 53.8% during the 4th quarter. Goldman Sachs Group Inc. now owns 445,359 shares of the communications equipment provider’s stock valued at $104,156,000 after acquiring an additional 155,712 shares during the last quarter. FengHe Fund Management Pte. Ltd. grew its holdings in Ciena by 164.0% during the 4th quarter. FengHe Fund Management Pte. Ltd. now owns 660,988 shares of the communications equipment provider’s stock worth $154,585,000 after acquiring an additional 410,588 shares in the last quarter. DNB Asset Management AS grew its holdings in Ciena by 1,095.8% during the 4th quarter. DNB Asset Management AS now owns 27,527 shares of the communications equipment provider’s stock worth $6,438,000 after acquiring an additional 25,225 shares in the last quarter. Finally, Peak Financial Advisors LLC increased its position in shares of Ciena by 222.7% in the 4th quarter. Peak Financial Advisors LLC now owns 11,596 shares of the communications equipment provider’s stock worth $2,712,000 after purchasing an additional 8,003 shares during the last quarter. 91.99% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Ciena

In other Ciena news, SVP Brodie Gage sold 1,200 shares of Ciena stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $570.65, for a total value of $684,780.00. Following the transaction, the senior vice president owned 43,941 shares in the company, valued at approximately $25,074,931.65. The trade was a 2.66% decrease in their ownership of the stock. The transaction was disclosed in a filing 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 Joseph Cumello sold 1,586 shares of the business’s stock in a transaction on 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 in the company, valued at $19,992,499.76. This trade represents a 3.57% 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 90 days, insiders sold 17,120 shares of company stock worth $8,872,766. 0.58% of the stock is currently owned by company insiders.

Ciena Stock Performance

Shares of CIEN stock opened at $422.47 on Friday. Ciena Corporation has a 12-month low of $76.89 and a 12-month high of $637.51. 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 firm has a market capitalization of $59.80 billion, a price-to-earnings ratio of 140.82 and a beta of 1.27. The business has a 50 day simple moving average of $515.36 and a 200 day simple moving average of $389.39.

Ciena (NYSE:CIEN) last posted its quarterly earnings data 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. The business had revenue of $1.57 billion during 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 company’s quarterly revenue was up 39.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.42 earnings per share. On average, equities research analysts anticipate 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 analyst reports. Stifel Nicolaus set a $615.00 target price on shares of Ciena in a research note on Friday, May 29th. Weiss Ratings downgraded Ciena from a “buy (b)” rating to a “buy (b-)” rating in a research note on Tuesday, June 23rd. B. Riley Financial boosted their price objective on Ciena from $283.00 to $531.00 and gave the company a “neutral” rating in a report on Tuesday, June 2nd. Morgan Stanley upped their price objective on Ciena from $405.00 to $490.00 and gave the company an “equal weight” rating in a research note on Friday, June 5th. Finally, JPMorgan Chase & Co. increased their target price on Ciena from $380.00 to $550.00 and gave the stock an “overweight” rating in a report on Thursday, April 16th. Thirteen research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. According to MarketBeat, Ciena has a consensus rating of “Moderate Buy” and a consensus 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.