Ciena Corporation $CIEN Shares Purchased by Hsbc Holdings PLC

Hsbc Holdings PLC raised its holdings in Ciena Corporation (NYSE:CIEN) by 337.9% during the fourth quarter, HoldingsChannel reports. The firm owned 54,467 shares of the communications equipment provider’s stock after buying an additional 42,030 shares during the period. Hsbc Holdings PLC’s holdings in Ciena were worth $12,799,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. Community Bank N.A. purchased a new stake in Ciena during the 3rd quarter valued at approximately $25,000. Transamerica Financial Advisors LLC grew its stake 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 during the last quarter. Assetmark Inc. grew its stake in shares of Ciena by 50.4% in the 3rd quarter. Assetmark Inc. now owns 200 shares of the communications equipment provider’s stock valued at $29,000 after purchasing an additional 67 shares during the last quarter. Hilltop National Bank acquired a new position in shares of Ciena in the fourth quarter valued at approximately $35,000. Finally, Truvestments Capital LLC increased its holdings in shares of Ciena by 45.3% in the fourth quarter. Truvestments Capital LLC now owns 154 shares of the communications equipment provider’s stock valued at $36,000 after purchasing an additional 48 shares during the period. 91.99% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, SVP Brodie Gage sold 1,200 shares of the company’s stock in a transaction on Monday, June 15th. The shares were sold at an average price of $466.10, for a total transaction of $559,320.00. Following the transaction, the senior vice president directly 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, SVP Jason Phipps sold 22,014 shares of the stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $409.80, for a total transaction of $9,021,337.20. Following the completion of the transaction, the senior vice president owned 68 shares of the company’s stock, valued at $27,866.40. This represents a 99.69% 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. In the last ninety days, insiders have sold 40,374 shares of company stock worth $18,324,470. Corporate insiders own 0.58% of the company’s stock.

Ciena Stock Up 4.5%

CIEN opened at $484.29 on Friday. 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 business has a 50 day simple moving average of $518.44 and a 200-day simple moving average of $380.77. The stock has a market capitalization of $68.55 billion, a P/E ratio of 161.43 and a beta of 1.24. Ciena Corporation has a 12 month low of $76.89 and a 12 month high of $637.51.

Ciena (NYSE:CIEN) last posted its quarterly earnings results on Thursday, June 4th. The communications equipment provider reported $1.64 earnings per share for the quarter, beating analysts’ consensus estimates of $1.46 by $0.18. Ciena had a return on equity of 18.15% and a net margin of 7.87%.The firm had revenue of $1.57 billion for the quarter, compared to the consensus estimate of $1.50 billion. During the same period in the previous year, the business earned $0.42 earnings per share. The company’s revenue for the quarter was up 39.5% compared to the same quarter last year. On average, equities analysts anticipate that Ciena Corporation will post 5.41 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

CIEN has been the subject of several recent research reports. Needham & Company LLC reaffirmed a “buy” rating and set a $600.00 price target on shares of Ciena in a report on Tuesday. Bank of America boosted their price objective on shares of Ciena from $550.00 to $660.00 and gave the company a “buy” rating in a research note on Tuesday, May 26th. Rothschild & Co Redburn initiated coverage on shares of Ciena in a research report on Friday, May 1st. They set a “neutral” rating and a $416.00 price objective for the company. Zacks Research cut shares of Ciena from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, June 3rd. Finally, Barclays lifted their target price on shares of Ciena from $372.00 to $607.00 and gave the company an “overweight” rating in a report on Friday, June 5th. Thirteen investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $530.56.

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.