Sumitomo Mitsui Trust Group Inc. Has $124.94 Million Holdings in Ciena Corporation $CIEN

Sumitomo Mitsui Trust Group Inc. grew its position in shares of Ciena Corporation (NYSE:CIEN) by 10.7% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 321,825 shares of the communications equipment provider’s stock after buying an additional 31,098 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Ciena were worth $124,942,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Elyxium Wealth LLC acquired a new position in shares of Ciena in the 4th quarter worth approximately $2,747,810,000. State Street Corp raised its position in Ciena by 17.2% in the 4th quarter. State Street Corp now owns 5,102,409 shares of the communications equipment provider’s stock valued at $1,193,300,000 after purchasing an additional 750,128 shares during the last quarter. Price T Rowe Associates Inc. MD boosted 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 worth $947,554,000 after purchasing an additional 1,404,132 shares in the last quarter. Bank of America Corp DE grew its holdings in shares of Ciena by 10.4% during the second quarter. Bank of America Corp DE now owns 3,495,795 shares of the communications equipment provider’s stock worth $284,313,000 after purchasing an additional 329,821 shares during the last quarter. Finally, Corient Private Wealth LLC increased its stake in shares of 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 buying an additional 2,861,176 shares in the last quarter. Institutional investors and hedge funds own 91.99% of the company’s stock.

Ciena Trading Down 0.3%

Shares of NYSE:CIEN traded down $1.22 during trading on Friday, hitting $461.12. 1,282,857 shares of the company’s stock were exchanged, compared to its average volume of 2,926,307. Ciena Corporation has a 1-year low of $76.89 and a 1-year high of $637.51. The firm has a 50-day moving average price of $508.35 and a two-hundred day moving average price of $397.63. 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 firm has a market cap of $65.27 billion, a P/E ratio of 153.71 and a beta of 1.27.

Ciena (NYSE:CIEN) last announced its quarterly earnings data on Thursday, June 4th. The communications equipment provider reported $1.64 earnings per share for the quarter, beating the consensus estimate of $1.46 by $0.18. Ciena had a net margin of 7.87% and a return on equity of 18.15%. The business had revenue of $1.57 billion for the quarter, compared to analyst estimates of $1.50 billion. During the same period in the prior year, the business posted $0.42 earnings per share. Ciena’s revenue was up 39.5% compared to the same quarter last year. Equities analysts predict that Ciena Corporation will post 5.4 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages recently issued reports on CIEN. Argus set a $650.00 price target on shares of Ciena in a research report on Friday, June 5th. Barclays upped their target price on shares of Ciena from $372.00 to $607.00 and gave the stock an “overweight” rating in a research report on Friday, June 5th. B. Riley Financial boosted their price objective on shares of Ciena from $283.00 to $531.00 and gave the stock a “neutral” rating in a research report on Tuesday, June 2nd. Rosenblatt Securities upped their price objective on Ciena from $350.00 to $720.00 and gave the stock a “buy” rating in a report on Friday, June 5th. Finally, Northland Securities set a $450.00 target price on Ciena in a research note 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 company presently has an average rating of “Moderate Buy” and an average price target of $530.56.

Insider Activity at Ciena

In other news, SVP Brodie Gage sold 1,200 shares of the stock in a transaction on Monday, June 15th. The stock was sold at an average price of $466.10, for a total value of $559,320.00. Following the transaction, the senior vice president owned 42,741 shares of the company’s stock, valued at $19,921,580.10. This represents a 2.73% 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, CFO Marc D. Graff sold 126 shares of the firm’s stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $466.20, for a total value 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. This represents a 0.10% 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 have sold 22,827 shares of company stock worth $11,541,133. 0.58% of the stock is owned by company insiders.

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.