1,399 Shares in Ciena Corporation $CIEN Acquired by waypoint wealth counsel

waypoint wealth counsel purchased a new position in Ciena Corporation (NYSE:CIEN) during the fourth quarter, Holdings Channel.com reports. The fund purchased 1,399 shares of the communications equipment provider’s stock, valued at approximately $327,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in CIEN. Lone Pine Capital LLC bought a new stake in Ciena in the 3rd quarter valued at about $292,310,000. Atreides Management LP bought a new stake in Ciena in the 2nd quarter valued at about $102,705,000. JPMorgan Chase & Co. raised its stake in Ciena by 23.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 6,462,840 shares of the communications equipment provider’s stock valued at $941,451,000 after acquiring an additional 1,219,787 shares during the period. Arrowstreet Capital Limited Partnership raised its stake in Ciena by 2,174.2% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 1,143,855 shares of the communications equipment provider’s stock valued at $166,625,000 after acquiring an additional 1,093,557 shares during the period. Finally, Balyasny Asset Management L.P. raised its stake in Ciena by 3,577.9% in the 2nd quarter. Balyasny Asset Management L.P. now owns 1,032,393 shares of the communications equipment provider’s stock valued at $83,965,000 after acquiring an additional 1,004,323 shares during the period. 91.99% of the stock is currently owned by institutional investors.

Ciena Trading Up 3.4%

Ciena stock opened at $516.03 on Friday. The stock has a market cap of $72.97 billion, a P/E ratio of 328.68, a PEG ratio of 1.64 and a beta of 1.01. Ciena Corporation has a fifty-two week low of $62.42 and a fifty-two week high of $527.86. The firm’s fifty day moving average price is $395.16 and its 200-day moving average price is $277.51. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.14 and a current ratio of 2.81.

Ciena (NYSE:CIEN) last released its quarterly earnings results on Thursday, March 5th. The communications equipment provider reported $1.35 earnings per share for the quarter, topping the consensus estimate of $1.17 by $0.18. The firm had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.40 billion. Ciena had a net margin of 4.47% and a return on equity of 12.09%. The business’s quarterly revenue was up 33.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.64 earnings per share. Equities research analysts forecast that Ciena Corporation will post 5.1 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. JPMorgan Chase & Co. boosted their price objective on Ciena from $380.00 to $550.00 and gave the company an “overweight” rating in a research note on Thursday, April 16th. Rosenblatt Securities boosted their target price on shares of Ciena from $305.00 to $350.00 and gave the company a “buy” rating in a report on Friday, March 6th. UBS Group boosted their target price on shares of Ciena from $230.00 to $285.00 and gave the company a “neutral” rating in a report on Friday, March 6th. Wolfe Research reissued an “outperform” rating and set a $375.00 target price on shares of Ciena in a report on Thursday, March 5th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Ciena in a research report on Wednesday, January 21st. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $355.59.

Insider Transactions at Ciena

In other news, SVP Jason Phipps sold 22,014 shares of the company’s stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $409.80, for a total value of $9,021,337.20. Following the transaction, the senior vice president owned 68 shares of the company’s stock, valued at approximately $27,866.40. This represents a 99.69% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 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 that occurred on Monday, March 16th. The stock was sold at an average price of $359.53, for a total transaction of $1,061,332.56. Following the completion of the transaction, the chief executive officer owned 293,084 shares in the company, valued at approximately $105,372,490.52. This trade represents a 1.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 42,974 shares of company stock valued at $16,615,505. 0.58% of the stock is currently owned by company insiders.

Ciena 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.