ABN Amro Investment Solutions Lowers Position in Ciena Corporation $CIEN

ABN Amro Investment Solutions trimmed its stake in shares of Ciena Corporation (NYSE:CIEN) by 9.1% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 37,629 shares of the communications equipment provider’s stock after selling 3,752 shares during the period. ABN Amro Investment Solutions’ holdings in Ciena were worth $5,481,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Jacobs Levy Equity Management Inc. bought a new position in shares of Ciena during the 1st quarter valued at about $395,000. Jones Financial Companies Lllp lifted its position in shares of Ciena by 139.6% in the first quarter. Jones Financial Companies Lllp now owns 5,253 shares of the communications equipment provider’s stock worth $317,000 after buying an additional 3,061 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in shares of Ciena by 1.4% in the first quarter. Goldman Sachs Group Inc. now owns 222,054 shares of the communications equipment provider’s stock worth $13,419,000 after buying an additional 3,117 shares in the last quarter. Focus Partners Wealth boosted its stake in Ciena by 14.6% during the first quarter. Focus Partners Wealth now owns 5,762 shares of the communications equipment provider’s stock valued at $348,000 after buying an additional 733 shares during the last quarter. Finally, Concurrent Investment Advisors LLC bought a new position in Ciena during the second quarter valued at approximately $232,000. 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 completion of the sale, the director owned 9,422 shares in the company, valued at $2,116,746.52. This represents a 47.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Joseph Cumello sold 11,929 shares of the stock in a transaction on Monday, January 12th. The shares were sold at an average price of $229.82, for a total value of $2,741,522.78. Following the sale, the senior vice president directly owned 49,475 shares in the company, valued at $11,370,344.50. This trade represents a 19.43% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 157,131 shares of company stock worth $36,320,587. Insiders own 0.58% of the company’s stock.

Wall Street Analysts Forecast Growth

CIEN has been the topic of a number of research reports. Argus lifted their price objective on Ciena from $135.00 to $280.00 and gave the stock a “buy” rating in a research note on Friday, December 12th. Stifel Nicolaus raised their target price on shares of Ciena to $280.00 and gave the company a “buy” rating in a report on Thursday, January 22nd. Bank of America restated a “neutral” rating and issued a $260.00 price target on shares of Ciena in a research report on Tuesday, January 20th. UBS Group increased their price objective on shares of Ciena from $120.00 to $230.00 and gave the company a “neutral” rating in a research report on Friday, December 12th. Finally, Morgan Stanley set a $213.00 price objective on shares of Ciena in a research note on Wednesday, December 17th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and eight have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $241.67.

Ciena Price Performance

Shares of CIEN stock opened at $303.85 on Monday. Ciena Corporation has a twelve month low of $49.21 and a twelve month high of $308.81. The company has a current ratio of 2.73, a quick ratio of 2.09 and a debt-to-equity ratio of 0.56. The stock has a fifty day simple moving average of $243.93 and a two-hundred day simple moving average of $181.80. The stock has a market capitalization of $42.98 billion, a price-to-earnings ratio of 357.48, a P/E/G ratio of 1.71 and a beta of 1.13.

Ciena (NYSE:CIEN) last announced its quarterly earnings results on Thursday, December 11th. The communications equipment provider reported $0.91 EPS for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $1.29 billion. During the same quarter last year, the firm posted $0.54 earnings per share. The business’s revenue for the quarter was up 20.1% on a year-over-year basis. On average, analysts predict 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.