Keybank National Association OH Sells 2,937 Shares of Ciena Corporation $CIEN

Keybank National Association OH lowered its position in shares of Ciena Corporation (NYSE:CIEN) by 46.7% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 3,355 shares of the communications equipment provider’s stock after selling 2,937 shares during the quarter. Keybank National Association OH’s holdings in Ciena were worth $489,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. increased its position in shares of Ciena by 0.7% in the 2nd quarter. Vanguard Group Inc. now owns 15,088,445 shares of the communications equipment provider’s stock valued at $1,227,143,000 after buying an additional 103,199 shares in the last quarter. JPMorgan Chase & Co. grew its stake in Ciena by 7.4% in the second quarter. JPMorgan Chase & Co. now owns 5,243,053 shares of the communications equipment provider’s stock valued at $426,420,000 after acquiring an additional 359,579 shares during the period. Bank of America Corp DE increased its holdings in shares of Ciena by 10.4% in the second quarter. Bank of America Corp DE now owns 3,495,795 shares of the communications equipment provider’s stock worth $284,313,000 after acquiring an additional 329,821 shares in the last quarter. William Blair Investment Management LLC raised its position in shares of Ciena by 35.0% during the second quarter. William Blair Investment Management LLC now owns 2,708,540 shares of the communications equipment provider’s stock worth $220,286,000 after purchasing an additional 702,909 shares during the period. Finally, Senvest Management LLC raised its position in shares of Ciena by 12.4% during the second quarter. Senvest Management LLC now owns 1,655,012 shares of the communications equipment provider’s stock worth $134,602,000 after purchasing an additional 182,900 shares during the period. 91.99% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CIEN has been the subject of several research analyst reports. Morgan Stanley set a $213.00 price objective on Ciena in a research report on Wednesday, December 17th. Rosenblatt Securities boosted their price objective on shares of Ciena from $175.00 to $305.00 and gave the company a “buy” rating in a research report on Friday, December 12th. Zacks Research raised Ciena from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, December 23rd. JPMorgan Chase & Co. upped their price objective on Ciena from $215.00 to $250.00 and gave the stock an “overweight” rating in a research report on Friday, December 12th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Ciena in a research report on Wednesday, January 21st. Two investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat, Ciena presently has an average rating of “Moderate Buy” and an average target price of $241.67.

Ciena Stock Down 0.1%

CIEN stock opened at $253.23 on Friday. The company has a market cap of $35.67 billion, a price-to-earnings ratio of 297.92, a P/E/G ratio of 1.42 and a beta of 1.13. Ciena Corporation has a twelve month low of $49.21 and a twelve month high of $285.97. The business has a 50 day moving average price of $232.85 and a two-hundred day moving average price of $172.01. The company has a quick ratio of 2.09, a current ratio of 2.73 and a debt-to-equity ratio of 0.56.

Ciena (NYSE:CIEN) last released its earnings results on Thursday, December 11th. The communications equipment provider reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.76 by $0.15. The business had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $1.29 billion. Ciena had a net margin of 2.59% and a return on equity of 8.38%. The firm’s revenue was up 20.1% on a year-over-year basis. During the same period last year, the business earned $0.54 earnings per share. Analysts anticipate that Ciena Corporation will post 1.6 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Gary B. Smith sold 2,952 shares of the stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $265.60, for a total value of $784,051.20. Following the sale, the chief executive officer owned 301,940 shares in the company, valued at approximately $80,195,264. This represents a 0.97% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Thomas Michael Nevens sold 8,554 shares of Ciena stock in a transaction on Monday, December 15th. The stock was sold at an average price of $224.66, for a total transaction of $1,921,741.64. Following the transaction, the director directly owned 9,422 shares of the company’s stock, valued at approximately $2,116,746.52. This trade represents a 47.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 164,042 shares of company stock worth $37,766,026 in the last three months. Insiders own 0.93% of the company’s stock.

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.