Fifth Third Bancorp Has $90,000 Position in Ciena Corporation (NYSE:CIEN)

Fifth Third Bancorp increased its position in shares of Ciena Corporation (NYSE:CIEN) by 30.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,490 shares of the communications equipment provider’s stock after purchasing an additional 351 shares during the period. Fifth Third Bancorp’s holdings in Ciena were worth $90,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in CIEN. Annis Gardner Whiting Capital Advisors LLC increased its stake in Ciena by 108.6% during the 4th quarter. Annis Gardner Whiting Capital Advisors LLC now owns 290 shares of the communications equipment provider’s stock worth $25,000 after acquiring an additional 151 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Ciena by 328.2% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 364 shares of the communications equipment provider’s stock worth $30,000 after acquiring an additional 279 shares during the period. Bessemer Group Inc. increased its stake in Ciena by 73.7% during the 4th quarter. Bessemer Group Inc. now owns 356 shares of the communications equipment provider’s stock worth $30,000 after acquiring an additional 151 shares during the period. Atlas Capital Advisors Inc. increased its stake in Ciena by 77.2% during the 4th quarter. Atlas Capital Advisors Inc. now owns 420 shares of the communications equipment provider’s stock worth $36,000 after acquiring an additional 183 shares during the period. Finally, MassMutual Private Wealth & Trust FSB increased its stake in Ciena by 66.7% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 640 shares of the communications equipment provider’s stock worth $39,000 after acquiring an additional 256 shares during the period. 91.99% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Ciena news, SVP Jason Phipps sold 18,888 shares of the company’s stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $59.88, for a total value of $1,131,013.44. Following the sale, the senior vice president now owns 89,258 shares in the company, valued at approximately $5,344,769.04. The trade was a 17.47% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Brodie Gage sold 350 shares of the company’s stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $78.67, for a total value of $27,534.50. Following the completion of the sale, the senior vice president now owns 46,233 shares in the company, valued at $3,637,150.11. This trade represents a 0.75% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 52,138 shares of company stock worth $3,517,997 in the last 90 days. Insiders own 0.93% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Northland Capmk raised shares of Ciena from a “hold” rating to a “strong-buy” rating in a report on Wednesday, March 12th. Northland Securities set a $85.00 price target on shares of Ciena in a report on Friday, June 6th. UBS Group upped their price target on shares of Ciena from $73.00 to $78.00 and gave the stock a “neutral” rating in a report on Friday, June 6th. Barclays set a $100.00 price target on Ciena and gave the company an “overweight” rating in a research note on Wednesday, March 12th. Finally, Evercore ISI reiterated a “mixed” rating on shares of Ciena in a research note on Friday, June 6th. Six equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $83.15.

Ciena Trading Up 1.0%

Shares of CIEN opened at $74.56 on Friday. The firm has a market cap of $10.54 billion, a price-to-earnings ratio of 103.55, a PEG ratio of 1.62 and a beta of 1.12. Ciena Corporation has a 52-week low of $44.89 and a 52-week high of $101.44. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.57 and a current ratio of 3.40. The business’s fifty day moving average is $73.15 and its 200-day moving average is $76.11.

Ciena (NYSE:CIEN) last issued its quarterly earnings data on Thursday, June 5th. The communications equipment provider reported $0.42 earnings per share for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.08). The firm had revenue of $1.13 billion for the quarter, compared to the consensus estimate of $1.09 billion. Ciena had a return on equity of 5.08% and a net margin of 2.46%. The company’s revenue was up 23.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.27 EPS. Equities analysts anticipate that Ciena Corporation will post 1.6 EPS for the current fiscal year.

Ciena Profile

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, optical transport network switching, IP routing, and switching services.