Ciena Corporation $CIEN Shares Sold by California Public Employees Retirement System

California Public Employees Retirement System cut its position in Ciena Corporation (NYSE:CIEN) by 1.3% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 237,900 shares of the communications equipment provider’s stock after selling 3,067 shares during the quarter. California Public Employees Retirement System owned about 0.17% of Ciena worth $92,360,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Elyxium Wealth LLC purchased a new position in Ciena during the 4th quarter valued at about $2,747,810,000. Corient Private Wealth LLC lifted its holdings in Ciena by 30,114.5% in the 4th quarter. Corient Private Wealth LLC now owns 2,870,677 shares of the communications equipment provider’s stock worth $671,365,000 after purchasing an additional 2,861,176 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in Ciena by 53.0% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 4,051,625 shares of the communications equipment provider’s stock worth $947,554,000 after acquiring an additional 1,404,132 shares during the last quarter. Atreides Management LP bought a new stake in Ciena during the 2nd quarter valued at approximately $102,705,000. Finally, Arrowstreet Capital Limited Partnership lifted its holdings in shares of Ciena by 2,174.2% during the third quarter. Arrowstreet Capital Limited Partnership now owns 1,143,855 shares of the communications equipment provider’s stock worth $166,625,000 after buying an additional 1,093,557 shares during the last quarter. Institutional investors own 91.99% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. Argus set a $650.00 target price on Ciena in a research report on Friday, June 5th. Citigroup lifted their price target on Ciena from $345.00 to $658.00 and gave the company a “buy” rating in a report on Monday, May 18th. JPMorgan Chase & Co. lifted their target price on Ciena from $380.00 to $550.00 and gave the company an “overweight” rating in a research note on Thursday, April 16th. Barclays increased their target price on Ciena from $372.00 to $607.00 and gave the company an “overweight” rating in a research note on Friday, June 5th. Finally, Rosenblatt Securities increased their price objective on Ciena from $350.00 to $720.00 and gave the stock a “buy” rating in a report on Friday, June 5th. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and seven have given a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $530.56.

Ciena Stock Down 0.2%

NYSE:CIEN opened at $373.72 on Monday. The firm’s 50 day simple moving average is $495.15 and its 200 day simple moving average is $404.91. 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 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 issued its earnings results on Thursday, June 4th. The communications equipment provider reported $1.64 earnings per share for the quarter, topping analysts’ consensus estimates of $1.46 by $0.18. Ciena had a return on equity of 18.15% and a net margin of 7.87%.The business had revenue of $1.57 billion during the quarter, compared to the consensus estimate of $1.50 billion. During the same period in the previous year, the company posted $0.42 earnings per share. The firm’s revenue for the quarter was up 39.5% on a year-over-year basis. On average, research analysts anticipate that Ciena Corporation will post 5.4 earnings per share for the current year.

Insider Transactions at Ciena

In other Ciena news, SVP Brodie Gage sold 1,200 shares of the business’s stock in a transaction on Monday, June 15th. The stock was sold at an average price of $466.10, for a total value of $559,320.00. Following the transaction, the senior vice president owned 42,741 shares of the company’s stock, valued at approximately $19,921,580.10. The trade was a 2.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Gary B. Smith sold 2,952 shares of the company’s stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $468.83, for a total value of $1,383,986.16. Following the completion of the transaction, the chief executive officer owned 254,886 shares in the company, valued at approximately $119,498,203.38. The trade was a 1.14% decrease in their position. 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. In the last 90 days, insiders have sold 21,627 shares of company stock worth $10,974,985. Company insiders own 0.58% of the company’s stock.

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.