Atria Investments Inc Sells 21,601 Shares of Ciena Corporation $CIEN

Atria Investments Inc trimmed its position in shares of Ciena Corporation (NYSE:CIEN) by 44.4% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 27,033 shares of the communications equipment provider’s stock after selling 21,601 shares during the period. Atria Investments Inc’s holdings in Ciena were worth $3,938,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Illinois Municipal Retirement Fund grew its position in Ciena by 14.6% during the third quarter. Illinois Municipal Retirement Fund now owns 51,075 shares of the communications equipment provider’s stock valued at $7,440,000 after acquiring an additional 6,520 shares during the last quarter. True Link Financial Advisors LLC bought a new stake in shares of Ciena in the 3rd quarter worth approximately $219,000. Savvy Advisors Inc. purchased a new stake in shares of Ciena in the 3rd quarter valued at $229,000. Krilogy Financial LLC purchased a new stake in shares of Ciena in the 3rd quarter valued at $655,000. Finally, Stratos Wealth Partners LTD. bought a new position in shares of Ciena during the 3rd quarter valued at $362,000. Institutional investors own 91.99% of the company’s stock.

Ciena Trading Up 3.7%

NYSE CIEN opened at $303.85 on Monday. The stock has a market cap of $42.98 billion, a P/E ratio of 357.48, a price-to-earnings-growth ratio of 1.71 and a beta of 1.13. Ciena Corporation has a fifty-two week low of $49.21 and a fifty-two week high of $308.81. The stock has a 50 day simple moving average of $243.93 and a two-hundred day simple moving average of $181.80. 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 (NYSE:CIEN) last announced its earnings results on Thursday, December 11th. The communications equipment provider reported $0.91 EPS for the quarter, beating analysts’ consensus estimates of $0.76 by $0.15. The company had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $1.29 billion. Ciena had a return on equity of 8.38% and a net margin of 2.59%.The firm’s revenue for the quarter was up 20.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.54 earnings per share. On average, analysts forecast that Ciena Corporation will post 1.6 earnings per share for the current year.

Analyst Ratings Changes

Several analysts have weighed in on CIEN shares. Citigroup boosted their price target on shares of Ciena to $280.00 and gave the stock a “buy” rating in a research note on Friday, December 12th. Barclays boosted their target price on Ciena from $138.00 to $279.00 and gave the company an “overweight” rating in a research note on Friday, December 12th. Rosenblatt Securities increased their target price on Ciena from $175.00 to $305.00 and gave the company a “buy” rating in a report on Friday, December 12th. Bank of America reaffirmed a “neutral” rating and issued a $260.00 price target on shares of Ciena in a research note on Tuesday, January 20th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Ciena in a research report on Wednesday, January 21st. One 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 company. According to data from MarketBeat.com, Ciena has a consensus rating of “Moderate Buy” and an average price target of $241.67.

Insider Activity

In related news, SVP Joseph Cumello sold 11,929 shares of the stock in a transaction dated 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 completion of the transaction, the senior vice president directly owned 49,475 shares of the company’s stock, valued at $11,370,344.50. This represents a 19.43% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Jason Phipps sold 21,383 shares of Ciena stock in a transaction that occurred on Thursday, January 15th. The shares were sold at an average price of $247.89, for a total value of $5,300,631.87. Following the sale, the senior vice president directly owned 91,765 shares in the company, valued at approximately $22,747,625.85. The trade was a 18.90% decrease in their ownership of the stock. 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. 0.58% of the stock is owned by company insiders.

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.