24,300 Shares in Ciena Corporation $CIEN Bought by Broad Peak Investment Advisers Pte Ltd

Broad Peak Investment Advisers Pte Ltd bought a new position in shares of Ciena Corporation (NYSE:CIEN) during the 1st quarter, HoldingsChannel reports. The institutional investor bought 24,300 shares of the communications equipment provider’s stock, valued at approximately $9,434,000. Ciena comprises approximately 1.9% of Broad Peak Investment Advisers Pte Ltd’s investment portfolio, making the stock its 16th largest position.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Elyxium Wealth LLC bought a new position in shares of Ciena during the 4th quarter valued at about $2,747,810,000. Corient Private Wealth LLC grew its position in shares of Ciena by 30,114.5% in the 4th quarter. Corient Private Wealth LLC now owns 2,870,677 shares of the communications equipment provider’s stock valued at $671,365,000 after purchasing an additional 2,861,176 shares during the period. Lone Pine Capital LLC bought a new stake in Ciena during the 3rd quarter worth approximately $292,310,000. Price T Rowe Associates Inc. MD increased its stake in Ciena by 53.0% during the 4th 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. Finally, Atreides Management LP acquired a new stake in Ciena during the 2nd quarter worth approximately $102,705,000. 91.99% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Ciena

In other news, CFO Marc D. Graff sold 126 shares of the stock in a transaction dated Wednesday, June 24th. The shares were sold at an average price of $449.36, for a total transaction of $56,619.36. Following the completion of the transaction, the chief financial officer directly owned 127,081 shares in the company, valued at $57,105,118.16. This represents a 0.10% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Jason Phipps sold 22,014 shares of the firm’s stock in a transaction dated 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 completion of the transaction, the senior vice president owned 68 shares of the company’s stock, valued at $27,866.40. The trade was a 99.69% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 40,500 shares of company stock worth $18,381,089. Company insiders own 0.58% of the company’s stock.

Ciena Trading Down 0.4%

NYSE:CIEN opened at $477.74 on Tuesday. Ciena Corporation has a twelve month low of $76.89 and a twelve month high of $637.51. The company has a quick ratio of 2.11, a current ratio of 2.73 and a debt-to-equity ratio of 0.53. The business has a 50 day moving average price of $518.19 and a two-hundred day moving average price of $384.52. The company has a market cap of $67.63 billion, a P/E ratio of 159.25 and a beta of 1.24.

Ciena (NYSE:CIEN) last issued its quarterly earnings results on Thursday, June 4th. The communications equipment provider reported $1.64 earnings per share for the quarter, topping 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 company had revenue of $1.57 billion during the quarter, compared to analysts’ expectations of $1.50 billion. During the same period last year, the business earned $0.42 EPS. The business’s quarterly revenue was up 39.5% on a year-over-year basis. As a group, analysts expect that Ciena Corporation will post 5.4 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on CIEN. Northland Securities set a $450.00 price target on shares of Ciena in a report on Friday, June 5th. Morgan Stanley raised their price objective on shares of Ciena from $405.00 to $490.00 and gave the stock an “equal weight” rating in a report on Friday, June 5th. Rosenblatt Securities boosted their price objective on shares of Ciena from $350.00 to $720.00 and gave the company a “buy” rating in a research report on Friday, June 5th. JPMorgan Chase & Co. upped their target price 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. Finally, Barclays increased their target price on Ciena from $372.00 to $607.00 and gave the stock an “overweight” rating in a report on Friday, June 5th. Thirteen investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price 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.