10,319 Shares in Ciena Corporation $CIEN Bought by AIA Group Ltd

AIA Group Ltd bought a new position in shares of Ciena Corporation (NYSE:CIEN) during the 1st quarter, according to its most recent disclosure with the SEC. The fund bought 10,319 shares of the communications equipment provider’s stock, valued at approximately $4,006,000.

Other institutional investors have also recently made changes to their positions in the company. Jacobs Levy Equity Management Inc. bought a new stake in Ciena in the first quarter valued at approximately $395,000. Jones Financial Companies Lllp lifted its position in shares of Ciena by 139.6% in the 1st quarter. Jones Financial Companies Lllp now owns 5,253 shares of the communications equipment provider’s stock worth $317,000 after purchasing an additional 3,061 shares during the period. Goldman Sachs Group Inc. lifted its position in shares of Ciena by 1.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 222,054 shares of the communications equipment provider’s stock worth $13,419,000 after purchasing an additional 3,117 shares during the period. Focus Partners Wealth boosted its stake in shares of Ciena by 14.6% in the 1st quarter. Focus Partners Wealth now owns 5,762 shares of the communications equipment provider’s stock valued at $348,000 after purchasing an additional 733 shares during the last quarter. Finally, Franklin Resources Inc. bought a new stake in shares of Ciena in the 2nd quarter valued at $234,000. Institutional investors own 91.99% of the company’s stock.

Insider Buying and Selling at Ciena

In other news, SVP Jason Phipps sold 2,629 shares of Ciena stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $466.20, for a total transaction of $1,225,639.80. Following the completion of the transaction, the senior vice president directly owned 62,382 shares in the company, valued at $29,082,488.40. This trade represents a 4.04% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Joseph Cumello sold 1,586 shares of the business’s stock in a transaction dated Friday, June 26th. The stock was sold at an average price of $466.33, for a total transaction of $739,599.38. Following the sale, the senior vice president directly owned 42,872 shares of the company’s stock, valued at approximately $19,992,499.76. The trade was a 3.57% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 21,627 shares of company stock worth $10,974,985 in the last ninety days. 0.58% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

CIEN has been the subject of a number of analyst reports. Stifel Nicolaus set a $615.00 target price on shares of Ciena in a research note on Friday, May 29th. TD Cowen boosted their target price on shares of Ciena from $425.00 to $675.00 and gave the company a “buy” rating in a report on Friday, May 15th. Northland Securities set a $450.00 price target on shares of Ciena in a research report on Friday, June 5th. Bank of America increased their price target on Ciena from $550.00 to $660.00 and gave the stock a “buy” rating in a report on Tuesday, May 26th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $600.00 price objective on shares of Ciena in a research report on Tuesday, June 23rd. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $530.56.

Ciena Stock Performance

Shares of CIEN opened at $373.72 on Monday. Ciena Corporation has a one year low of $83.20 and a one year high of $637.51. The company has a market cap of $52.90 billion, a PE ratio of 124.57 and a beta of 1.27. The stock has a 50-day moving average of $495.15 and a 200-day moving average of $404.91. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.73 and a quick ratio of 2.11.

Ciena (NYSE:CIEN) last announced its quarterly earnings results on Thursday, June 4th. The communications equipment provider reported $1.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.46 by $0.18. The business had revenue of $1.57 billion for the quarter, compared to analyst estimates of $1.50 billion. Ciena had a return on equity of 18.15% and a net margin of 7.87%.The company’s quarterly revenue was up 39.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.42 earnings per share. On average, equities research analysts predict that Ciena Corporation will post 5.4 EPS for the current fiscal year.

Ciena 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.