SummitTX Capital L.P. Makes New $1.96 Million Investment in Ciena Corporation $CIEN

SummitTX Capital L.P. purchased a new position in shares of Ciena Corporation (NYSE:CIEN) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 5,039 shares of the communications equipment provider’s stock, valued at approximately $1,956,000.

Several other institutional investors have also recently made changes to their positions in CIEN. SmartHarvest Portfolios LLC raised its holdings in shares of Ciena by 1.8% in the first quarter. SmartHarvest Portfolios LLC now owns 1,142 shares of the communications equipment provider’s stock valued at $443,000 after acquiring an additional 20 shares in the last quarter. Modera Wealth Management LLC grew its holdings in Ciena by 1.8% during the 1st quarter. Modera Wealth Management LLC now owns 1,685 shares of the communications equipment provider’s stock worth $654,000 after acquiring an additional 29 shares in the last quarter. Whittier Trust Co. increased its position in Ciena by 9.5% during the 1st quarter. Whittier Trust Co. now owns 358 shares of the communications equipment provider’s stock valued at $139,000 after purchasing an additional 31 shares during the period. Parallel Advisors LLC increased its position in Ciena by 0.8% during the 4th quarter. Parallel Advisors LLC now owns 5,107 shares of the communications equipment provider’s stock valued at $1,194,000 after purchasing an additional 43 shares during the period. Finally, Transamerica Financial Advisors LLC raised its holdings in shares of Ciena by 71.0% in the 4th 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. Hedge funds and other institutional investors own 91.99% of the company’s stock.

Insider Activity

In related news, SVP Jason Phipps sold 2,629 shares of the business’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 transaction of $1,225,639.80. Following the completion of the transaction, the senior vice president owned 62,382 shares in the company, valued at $29,082,488.40. The trade was a 4.04% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Brodie Gage sold 1,200 shares of the stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $570.65, for a total transaction of $684,780.00. Following the sale, the senior vice president directly owned 43,941 shares of the company’s stock, valued at $25,074,931.65. The trade was a 2.66% 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 have sold a total of 21,627 shares of company stock worth $10,974,985 over the last 90 days. 0.58% of the stock is currently owned by insiders.

Ciena Stock Performance

Shares of Ciena stock opened at $350.05 on Wednesday. The company has a market capitalization of $49.55 billion, a PE ratio of 116.68 and a beta of 1.27. 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 company has a 50-day simple moving average of $470.37 and a two-hundred day simple moving average of $412.04. Ciena Corporation has a one year low of $84.41 and a one year high of $637.51.

Ciena (NYSE:CIEN) last released its quarterly earnings results on Thursday, June 4th. The communications equipment provider reported $1.64 EPS 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 during the quarter, compared to analyst estimates of $1.50 billion. During the same period in the prior year, the firm posted $0.42 earnings per share. The company’s quarterly revenue was up 39.5% on a year-over-year basis. Research analysts expect that Ciena Corporation will post 5.4 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on CIEN shares. Barclays upped their price target 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. Rosenblatt Securities lifted their price objective on shares of Ciena from $350.00 to $720.00 and gave the company a “buy” rating in a report on Friday, June 5th. JPMorgan Chase & Co. boosted their price objective on shares of Ciena from $380.00 to $550.00 and gave the stock an “overweight” rating in a research note on Thursday, April 16th. Needham & Company LLC restated a “buy” rating on shares of Ciena in a report on Tuesday. Finally, UBS Group reaffirmed a “buy” rating on shares of Ciena in a research report on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Ciena currently has an average 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.