Ciena Corporation $CIEN is Atika Capital Management LLC’s 10th Largest Position

Atika Capital Management LLC cut its holdings in Ciena Corporation (NYSE:CIEN) by 27.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 43,651 shares of the communications equipment provider’s stock after selling 16,349 shares during the quarter. Ciena accounts for 2.1% of Atika Capital Management LLC’s portfolio, making the stock its 10th biggest holding. Atika Capital Management LLC’s holdings in Ciena were worth $16,947,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of CIEN. Bogart Wealth LLC lifted its holdings in Ciena by 635.7% in the first quarter. Bogart Wealth LLC now owns 103 shares of the communications equipment provider’s stock valued at $40,000 after acquiring an additional 89 shares during the period. Transamerica Financial Advisors LLC boosted its stake in shares of Ciena by 71.0% during the 4th quarter. Transamerica Financial Advisors LLC now owns 106 shares of the communications equipment provider’s stock worth $25,000 after acquiring an additional 44 shares in the last quarter. Whittier Trust Co. of Nevada Inc. grew its holdings in shares of Ciena by 85.5% in the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 141 shares of the communications equipment provider’s stock worth $55,000 after acquiring an additional 65 shares during the period. Truvestments Capital LLC grew its holdings in shares of Ciena by 45.3% in the 4th quarter. Truvestments Capital LLC now owns 154 shares of the communications equipment provider’s stock worth $36,000 after acquiring an additional 48 shares during the period. Finally, Ascentis Independent Advisors purchased a new position in Ciena in the 1st quarter valued at approximately $65,000. Institutional investors and hedge funds own 91.99% of the company’s stock.

Wall Street Analysts Forecast Growth

CIEN has been the subject of several research reports. Barclays lifted their price objective on Ciena from $372.00 to $607.00 and gave the stock an “overweight” rating in a report on Friday, June 5th. Zacks Research upgraded shares of Ciena from a “hold” rating to a “strong-buy” rating in a research report on Thursday, July 2nd. Argus set a $650.00 target price on shares of Ciena in a report on Friday, June 5th. Weiss Ratings cut shares of Ciena from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday, July 7th. Finally, Citigroup increased their price target on shares of Ciena from $345.00 to $658.00 and gave the company a “buy” rating in a research report on Monday, May 18th. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and seven have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $530.56.

Ciena Stock Up 2.3%

Shares of NYSE:CIEN opened at $406.37 on Friday. The company has a current ratio of 2.73, a quick ratio of 2.11 and a debt-to-equity ratio of 0.53. The firm has a market cap of $57.52 billion, a price-to-earnings ratio of 135.46 and a beta of 1.27. The stock’s 50-day moving average price is $480.43 and its two-hundred day moving average price is $409.42. Ciena Corporation has a 12-month low of $84.41 and a 12-month high of $637.51.

Ciena (NYSE:CIEN) last posted its quarterly earnings data on Thursday, June 4th. The communications equipment provider reported $1.64 EPS for the quarter, beating analysts’ consensus estimates of $1.46 by $0.18. Ciena had a net margin of 7.87% and a return on equity of 18.15%. The company had revenue of $1.57 billion during the quarter, compared to the consensus estimate of $1.50 billion. During the same quarter in the prior year, the company posted $0.42 EPS. The company’s quarterly revenue was up 39.5% compared to the same quarter last year. On average, research analysts forecast that Ciena Corporation will post 5.4 EPS for the current year.

Insider Buying and Selling

In related news, CFO Marc D. Graff sold 126 shares of the stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $466.20, for a total value of $58,741.20. Following the transaction, the chief financial officer directly owned 126,955 shares of the company’s stock, valued at approximately $59,186,421. This trade represents a 0.10% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Joseph Cumello sold 1,586 shares of Ciena stock in a transaction on Friday, June 26th. The shares were sold at an average price of $466.33, for a total value of $739,599.38. Following the completion of the transaction, the senior vice president owned 42,872 shares in the company, valued at $19,992,499.76. The trade was a 3.57% 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. Insiders have sold 21,627 shares of company stock worth $10,974,985 over the last 90 days. Company insiders own 0.58% of the company’s stock.

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.