Ciena Corporation $CIEN is Amitell Capital Pte Ltd’s 5th Largest Position

Amitell Capital Pte Ltd decreased its holdings in Ciena Corporation (NYSE:CIEN) by 49.0% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 38,904 shares of the communications equipment provider’s stock after selling 37,410 shares during the quarter. Ciena makes up approximately 3.5% of Amitell Capital Pte Ltd’s holdings, making the stock its 5th largest holding. Amitell Capital Pte Ltd’s holdings in Ciena were worth $5,667,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently bought and sold shares of CIEN. Mather Group LLC. acquired a new stake in Ciena during the 3rd quarter valued at approximately $28,000. Assetmark Inc. boosted its position in Ciena by 50.4% during the 3rd quarter. Assetmark Inc. now owns 200 shares of the communications equipment provider’s stock valued at $29,000 after purchasing an additional 67 shares during the period. Ameritas Advisory Services LLC grew its position in shares of Ciena by 104.0% during the third quarter. Ameritas Advisory Services LLC now owns 204 shares of the communications equipment provider’s stock worth $30,000 after acquiring an additional 104 shares during the last quarter. Salomon & Ludwin LLC bought a new position in Ciena in the 3rd quarter worth about $31,000. Finally, Quent Capital LLC bought a new position in Ciena in the 3rd quarter worth approximately $39,000. Hedge funds and other institutional investors own 91.99% of the company’s stock.

Insider Activity

In related news, Director Thomas Michael Nevens sold 8,554 shares of Ciena stock in a transaction that occurred 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 transaction, the director directly owned 9,422 shares in the company, valued at approximately $2,116,746.52. The trade was a 47.59% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Patrick Gallagher sold 11,618 shares of the firm’s stock in a transaction on Monday, January 12th. The shares were sold at an average price of $227.45, for a total transaction of $2,642,514.10. Following the completion of the transaction, the director directly owned 50,184 shares of the company’s stock, valued at approximately $11,414,350.80. The trade was a 18.80% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 160,083 shares of company stock valued at $37,204,740. Corporate insiders own 0.58% of the company’s stock.

Ciena Price Performance

Shares of CIEN opened at $353.00 on Thursday. The firm has a market capitalization of $49.94 billion, a PE ratio of 415.30, a PEG ratio of 1.92 and a beta of 1.13. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.73 and a quick ratio of 2.09. Ciena Corporation has a fifty-two week low of $49.21 and a fifty-two week high of $365.90. The company’s 50-day moving average is $261.32 and its 200-day moving average is $194.23.

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 analysts’ consensus estimates of $0.76 by $0.15. Ciena had a return on equity of 8.38% and a net margin of 2.59%.The firm had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $1.29 billion. During the same period in the prior year, the company posted $0.54 EPS. The company’s revenue was up 20.1% compared to the same quarter last year. Equities analysts forecast that Ciena Corporation will post 1.6 EPS for the current year.

Analyst Upgrades and Downgrades

CIEN has been the subject of several research reports. Stifel Nicolaus raised their price objective on shares of Ciena to $280.00 and gave the company a “buy” rating in a research report on Thursday, January 22nd. Rosenblatt Securities lifted their target price on shares of Ciena from $175.00 to $305.00 and gave the company a “buy” rating in a research note on Friday, December 12th. Wall Street Zen lowered shares of Ciena from a “strong-buy” rating to a “buy” rating in a research report on Sunday, December 21st. Barclays lifted their price objective on Ciena from $138.00 to $279.00 and gave the stock an “overweight” rating in a report on Friday, December 12th. Finally, Bank of America reiterated a “neutral” rating and issued a $260.00 price objective on shares of Ciena in a research note on Tuesday, January 20th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and eight have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $252.13.

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.