Penserra Capital Management LLC Sells 55,919 Shares of Ciena Corporation $CIEN

Penserra Capital Management LLC lessened its holdings in Ciena Corporation (NYSE:CIEN) by 33.2% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 112,292 shares of the communications equipment provider’s stock after selling 55,919 shares during the period. Penserra Capital Management LLC owned approximately 0.08% of Ciena worth $16,357,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the business. Mather Group LLC. bought a new position in Ciena during the third quarter valued at about $28,000. Salomon & Ludwin LLC purchased a new stake in Ciena in the third quarter worth $31,000. Quent Capital LLC bought a new stake in shares of Ciena in the third quarter valued at $39,000. Root Financial Partners LLC purchased a new stake in shares of Ciena during the 3rd quarter valued at approximately $45,000. Finally, Cloud Capital Management LLC bought a new stake in shares of Ciena during the 3rd quarter valued at $55,000. 91.99% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, Director Thomas Michael Nevens sold 8,554 shares of the stock in a transaction on Monday, December 15th. The shares were sold at an average price of $224.66, for a total value of $1,921,741.64. Following the completion of the sale, the director directly owned 9,422 shares of the company’s stock, valued at $2,116,746.52. This represents a 47.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Gary B. Smith sold 83,552 shares of the company’s stock in a transaction dated Monday, January 5th. The stock was sold at an average price of $229.44, for a total value of $19,170,170.88. Following the completion of the transaction, the chief executive officer directly owned 307,885 shares of the company’s stock, valued at approximately $70,641,134.40. This trade represents a 21.34% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 164,042 shares of company stock valued at $37,766,026. Insiders own 0.93% of the company’s stock.

Ciena Price Performance

Shares of NYSE:CIEN opened at $253.75 on Thursday. The company has a debt-to-equity ratio of 0.56, a quick ratio of 2.09 and a current ratio of 2.73. The business has a 50-day simple moving average of $231.79 and a two-hundred day simple moving average of $171.44. Ciena Corporation has a fifty-two week low of $49.21 and a fifty-two week high of $285.97. The firm has a market cap of $35.74 billion, a price-to-earnings ratio of 298.53, a price-to-earnings-growth ratio of 1.55 and a beta of 1.13.

Ciena (NYSE:CIEN) last issued its quarterly earnings data on Thursday, December 11th. The communications equipment provider reported $0.91 EPS for the quarter, topping the consensus estimate of $0.76 by $0.15. Ciena had a return on equity of 8.38% and a net margin of 2.59%.The company had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.29 billion. During the same quarter in the previous year, the company posted $0.54 earnings per share. Ciena’s revenue was up 20.1% compared to the same quarter last year. On average, analysts expect that Ciena Corporation will post 1.6 earnings per share for the current year.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. Zacks Research raised shares of Ciena from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, December 23rd. Needham & Company LLC lifted their target price on shares of Ciena to $280.00 and gave the stock a “buy” rating in a research note on Thursday, December 11th. Weiss Ratings reiterated a “hold (c)” rating on shares of Ciena in a research report on Wednesday, January 21st. Barclays boosted their price objective on shares of Ciena from $138.00 to $279.00 and gave the company an “overweight” rating in a research report on Friday, December 12th. Finally, Bank of America reaffirmed a “neutral” rating and issued a $260.00 target price on shares of Ciena in a research report on Tuesday, January 20th. Two analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and seven have given a Hold rating to the company. According to MarketBeat.com, Ciena currently has a consensus rating of “Moderate Buy” and a consensus price target of $241.67.

Ciena Company 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.