Ciena Corporation $CIEN Shares Sold by Impax Asset Management Group plc

Impax Asset Management Group plc lowered its position in shares of Ciena Corporation (NYSE:CIEN) by 42.0% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 110,239 shares of the communications equipment provider’s stock after selling 79,675 shares during the period. Impax Asset Management Group plc owned 0.08% of Ciena worth $16,059,000 as of its most recent filing with the SEC.

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

Insider Transactions at Ciena

In other Ciena news, Director Thomas Michael Nevens sold 8,554 shares of the company’s 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 owned 9,422 shares of the company’s stock, valued at approximately $2,116,746.52. This represents a 47.59% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Patrick Gallagher sold 11,618 shares of the company’s stock in a transaction on Monday, January 12th. The shares were sold at an average price of $227.45, for a total value of $2,642,514.10. Following the transaction, the director directly owned 50,184 shares in the company, valued at $11,414,350.80. This trade represents a 18.80% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 157,242 shares of company stock worth $36,341,766 over the last ninety days. 0.93% of the stock is currently owned by insiders.

Analyst Ratings Changes

CIEN has been the topic of several research analyst reports. Needham & Company LLC boosted their price target on shares of Ciena to $280.00 and gave the company a “buy” rating in a report on Thursday, December 11th. Morgan Stanley set a $213.00 price target on Ciena in a report on Wednesday, December 17th. Rosenblatt Securities boosted their price objective on shares of Ciena from $175.00 to $305.00 and gave the stock a “buy” rating in a research note on Friday, December 12th. Argus upped their price objective on shares of Ciena from $135.00 to $280.00 and gave the stock a “buy” rating in a report on Friday, December 12th. Finally, B. Riley Financial reiterated a “neutral” rating on shares of Ciena in a report on Friday, December 12th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Ciena presently has a consensus rating of “Moderate Buy” and a consensus price target of $241.67.

Ciena Stock Down 0.4%

CIEN opened at $297.41 on Thursday. The firm has a market cap of $41.89 billion, a price-to-earnings ratio of 349.90, a PEG ratio of 1.68 and a beta of 1.13. The firm’s 50-day simple moving average is $239.91 and its 200-day simple moving average is $178.27. The company has a debt-to-equity ratio of 0.56, a quick ratio of 2.09 and a current ratio of 2.73. Ciena Corporation has a twelve month low of $49.21 and a twelve month high of $308.81.

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

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.