New Age Alpha Advisors LLC Sells 31,082 Shares of Ciena Corporation $CIEN

New Age Alpha Advisors LLC lessened its holdings in shares of Ciena Corporation (NYSE:CIEN) by 65.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,412 shares of the communications equipment provider’s stock after selling 31,082 shares during the period. New Age Alpha Advisors LLC’s holdings in Ciena were worth $3,838,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. KBC Group NV lifted its holdings in shares of Ciena by 11.3% during the 4th quarter. KBC Group NV now owns 31,161 shares of the communications equipment provider’s stock valued at $7,288,000 after purchasing an additional 3,156 shares in the last quarter. Convergence Investment Partners LLC acquired a new stake in Ciena in the 3rd quarter valued at approximately $1,726,000. FengHe Fund Management Pte. Ltd. raised its position in Ciena by 164.0% in the 4th quarter. FengHe Fund Management Pte. Ltd. now owns 660,988 shares of the communications equipment provider’s stock valued at $154,585,000 after buying an additional 410,588 shares during the last quarter. Peak Financial Advisors LLC raised its position in Ciena by 222.7% in the 4th quarter. Peak Financial Advisors LLC now owns 11,596 shares of the communications equipment provider’s stock valued at $2,712,000 after buying an additional 8,003 shares during the last quarter. Finally, DNB Asset Management AS raised its position in Ciena by 1,095.8% in the 4th quarter. DNB Asset Management AS now owns 27,527 shares of the communications equipment provider’s stock valued at $6,438,000 after buying an additional 25,225 shares during the last quarter. Institutional investors own 91.99% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. Bank of America lifted their target price on Ciena from $355.00 to $550.00 and gave the company a “buy” rating in a research report on Thursday, April 16th. Rosenblatt Securities lifted their target price on Ciena from $305.00 to $350.00 and gave the company a “buy” rating in a research report on Friday, March 6th. Rothschild & Co Redburn assumed coverage on Ciena in a research report on Friday, May 1st. They issued a “neutral” rating and a $416.00 target price on the stock. Morgan Stanley lifted their target price on Ciena from $286.00 to $405.00 and gave the company an “equal weight” rating in a research report on Monday, April 20th. Finally, Wolfe Research reissued an “outperform” rating and issued a $375.00 target price on shares of Ciena in a research report on Thursday, March 5th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $398.83.

Insiders Place Their Bets

In other Ciena news, CEO Gary B. Smith sold 2,952 shares of the business’s stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $415.51, for a total transaction of $1,226,585.52. Following the transaction, the chief executive officer owned 281,365 shares of the company’s stock, valued at $116,909,971.15. The trade was a 1.04% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Jason Phipps sold 22,014 shares of the business’s stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $409.80, for a total value of $9,021,337.20. Following the transaction, the senior vice president directly owned 68 shares in the company, valued at $27,866.40. This trade 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. Insiders have sold 44,174 shares of company stock valued at $18,878,661 in the last 90 days. 0.58% of the stock is currently owned by insiders.

Ciena Stock Down 0.0%

NYSE:CIEN opened at $583.65 on Tuesday. The firm has a market capitalization of $82.53 billion, a price-to-earnings ratio of 371.75, a price-to-earnings-growth ratio of 1.91 and a beta of 1.24. Ciena Corporation has a twelve month low of $70.77 and a twelve month high of $599.50. The stock’s 50 day moving average price is $483.20 and its two-hundred day moving average price is $331.92. The company has a quick ratio of 2.14, a current ratio of 2.81 and a debt-to-equity ratio of 0.55.

Ciena (NYSE:CIEN) last posted 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 analyst estimates of $1.40 billion. Ciena had a return on equity of 12.09% and a net margin of 4.47%.The business’s quarterly revenue was up 33.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.64 EPS. Equities research analysts expect that Ciena Corporation will post 5.12 earnings per share for the current fiscal year.

About Ciena

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.