Global Retirement Partners LLC Purchases 3,545 Shares of Ciena Corporation $CIEN

Global Retirement Partners LLC lifted its position in Ciena Corporation (NYSE:CIEN) by 507.9% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 4,243 shares of the communications equipment provider’s stock after buying an additional 3,545 shares during the quarter. Global Retirement Partners LLC’s holdings in Ciena were worth $992,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in the company. Elyxium Wealth LLC bought a new stake in shares of Ciena in the 4th quarter valued at approximately $2,747,810,000. JPMorgan Chase & Co. grew its stake in shares of 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 buying an additional 1,219,787 shares in the last quarter. Bank of America Corp DE grew its stake in shares of Ciena by 10.4% in the 2nd quarter. Bank of America Corp DE now owns 3,495,795 shares of the communications equipment provider’s stock valued at $284,313,000 after buying an additional 329,821 shares in the last quarter. Lone Pine Capital LLC bought a new stake in shares of Ciena in the 3rd quarter valued at approximately $292,310,000. Finally, Jericho Capital Asset Management L.P. grew its stake in shares of Ciena by 48.5% in the 3rd quarter. Jericho Capital Asset Management L.P. now owns 1,983,000 shares of the communications equipment provider’s stock valued at $288,864,000 after buying an additional 648,000 shares in the last quarter. Institutional investors own 91.99% of the company’s stock.

Ciena Stock Down 0.0%

CIEN opened at $583.65 on Tuesday. Ciena Corporation has a 1-year low of $70.77 and a 1-year high of $599.50. The company has a current ratio of 2.81, a quick ratio of 2.14 and a debt-to-equity ratio of 0.55. The stock has a market capitalization of $82.53 billion, a price-to-earnings ratio of 371.75, a P/E/G ratio of 1.91 and a beta of 1.24. The business has a 50 day moving average of $483.20 and a 200-day moving average of $331.92.

Ciena (NYSE:CIEN) last posted its quarterly earnings data on Thursday, March 5th. The communications equipment provider reported $1.35 earnings per share for the quarter, beating the consensus estimate of $1.17 by $0.18. Ciena had a return on equity of 12.09% and a net margin of 4.47%.The company had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.40 billion. During the same period in the prior year, the business earned $0.64 earnings per share. Ciena’s revenue for the quarter was up 33.1% compared to the same quarter last year. As a group, sell-side analysts anticipate that Ciena Corporation will post 5.12 earnings per share for the current year.

Wall Street Analysts Forecast Growth

CIEN has been the subject of several recent research reports. UBS Group boosted their price target on Ciena from $230.00 to $285.00 and gave the company a “neutral” rating in a research note on Friday, March 6th. Zacks Research raised Ciena from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 13th. Evercore set a $330.00 price target on Ciena in a research note on Thursday, February 19th. Needham & Company LLC boosted their price target on Ciena from $280.00 to $370.00 and gave the company a “buy” rating in a research note on Thursday, March 5th. Finally, Bank of America boosted their price target on Ciena from $355.00 to $550.00 and gave the company a “buy” rating in a research note on Thursday, April 16th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $398.83.

Insider Activity

In other news, CEO Gary B. Smith sold 2,952 shares of the stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of $562.05, for a total value of $1,659,171.60. Following the completion of 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. The transaction was disclosed in a legal 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, 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 value of $684,780.00. Following the completion of the sale, the senior vice president directly owned 43,941 shares of the company’s stock, valued at $25,074,931.65. This represents a 2.66% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 44,174 shares of company stock valued at $18,878,661. 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.