Truist Financial Corp Reduces Holdings in Ciena Co. (NYSE:CIEN)

Truist Financial Corp reduced its holdings in shares of Ciena Co. (NYSE:CIENGet Rating) by 6.4% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 39,595 shares of the communications equipment provider’s stock after selling 2,718 shares during the quarter. Truist Financial Corp’s holdings in Ciena were worth $1,600,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Raymond James Financial Services Advisors Inc. grew its holdings in shares of Ciena by 0.9% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 28,651 shares of the communications equipment provider’s stock worth $1,737,000 after buying an additional 252 shares in the last quarter. American Century Companies Inc. grew its holdings in shares of Ciena by 11.0% during the first quarter. American Century Companies Inc. now owns 17,204 shares of the communications equipment provider’s stock worth $1,043,000 after buying an additional 1,708 shares in the last quarter. Bank of Montreal Can grew its holdings in shares of Ciena by 0.6% during the first quarter. Bank of Montreal Can now owns 36,296 shares of the communications equipment provider’s stock worth $2,227,000 after buying an additional 220 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in Ciena by 2.4% in the first quarter. Dimensional Fund Advisors LP now owns 1,753,752 shares of the communications equipment provider’s stock valued at $106,335,000 after purchasing an additional 41,815 shares during the period. Finally, Vontobel Holding Ltd. grew its holdings in Ciena by 40.6% in the first quarter. Vontobel Holding Ltd. now owns 19,106 shares of the communications equipment provider’s stock valued at $1,172,000 after purchasing an additional 5,516 shares during the period. 96.26% of the stock is currently owned by hedge funds and other institutional investors.

Ciena Trading Up 0.0 %

NYSE CIEN opened at $51.11 on Wednesday. The stock has a market cap of $7.59 billion, a P/E ratio of 51.11, a PEG ratio of 1.67 and a beta of 0.93. The company’s fifty day simple moving average is $47.70 and its 200-day simple moving average is $46.99. The company has a current ratio of 3.25, a quick ratio of 2.34 and a debt-to-equity ratio of 0.39. Ciena Co. has a 52 week low of $38.33 and a 52 week high of $71.12.

Ciena (NYSE:CIENGet Rating) last posted its quarterly earnings results on Thursday, December 8th. The communications equipment provider reported $0.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.08 by $0.53. The firm had revenue of $971.00 million for the quarter, compared to analysts’ expectations of $847.83 million. Ciena had a net margin of 4.21% and a return on equity of 7.57%. The firm’s quarterly revenue was down 6.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.75 earnings per share. Equities research analysts predict that Ciena Co. will post 2.04 EPS for the current fiscal year.

Insider Activity at Ciena

In related news, SVP Stephen B. Alexander sold 2,000 shares of the company’s stock in a transaction on Tuesday, November 15th. The shares were sold at an average price of $45.00, for a total value of $90,000.00. Following the sale, the senior vice president now directly owns 21,470 shares of the company’s stock, valued at $966,150. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Ciena news, CEO Gary B. Smith sold 3,542 shares of the business’s stock in a transaction on Wednesday, November 2nd. The shares were sold at an average price of $47.05, for a total transaction of $166,651.10. Following the completion of the sale, the chief executive officer now owns 387,040 shares in the company, valued at $18,210,232. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP Stephen B. Alexander sold 2,000 shares of the business’s stock in a transaction on Tuesday, November 15th. The shares were sold at an average price of $45.00, for a total transaction of $90,000.00. Following the sale, the senior vice president now owns 21,470 shares of the company’s stock, valued at approximately $966,150. The disclosure for this sale can be found here. Insiders have sold 40,087 shares of company stock valued at $1,927,634 over the last ninety days. Corporate insiders own 0.94% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. Morgan Stanley lowered their target price on shares of Ciena from $60.00 to $49.00 and set an “overweight” rating for the company in a report on Tuesday, October 11th. Loop Capital lifted their price target on shares of Ciena from $68.00 to $69.00 in a research report on Friday, December 9th. Citigroup lifted their price target on shares of Ciena from $55.00 to $65.00 in a research report on Friday, December 9th. Cowen lifted their price target on shares of Ciena from $71.00 to $76.00 in a research report on Friday, December 9th. Finally, Evercore ISI lifted their price target on shares of Ciena to $55.00 in a research report on Monday, December 12th. Three equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, Ciena presently has a consensus rating of “Moderate Buy” and an average price target of $63.06.

Ciena Profile

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Ciena Corporation provides hardware and software services for delivery of video, data, and voice traffic metro, aggregation, and access communications network worldwide. The company's Networking Platforms segment offers convergence of coherent optical transport, open optical networking, IP routing, and switching services.

Further Reading

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Institutional Ownership by Quarter for Ciena (NYSE:CIEN)

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