Coyle Financial Counsel LLC Cuts Stock Holdings in Ciena Corporation $CIEN

Coyle Financial Counsel LLC lessened its position in Ciena Corporation (NYSE:CIEN) by 55.0% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 10,878 shares of the communications equipment provider’s stock after selling 13,279 shares during the quarter. Coyle Financial Counsel LLC’s holdings in Ciena were worth $1,585,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in CIEN. Vanguard Group Inc. lifted its holdings in Ciena by 0.7% in the 2nd quarter. Vanguard Group Inc. now owns 15,088,445 shares of the communications equipment provider’s stock valued at $1,227,143,000 after purchasing an additional 103,199 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of Ciena by 23.3% in the third quarter. JPMorgan Chase & Co. now owns 6,462,840 shares of the communications equipment provider’s stock valued at $941,451,000 after buying an additional 1,219,787 shares during the last quarter. Bank of America Corp DE raised its position in shares of Ciena by 10.4% in 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 buying an additional 329,821 shares during the last quarter. Senvest Management LLC lifted its stake in shares of Ciena by 12.4% in the second quarter. Senvest Management LLC now owns 1,655,012 shares of the communications equipment provider’s stock worth $134,602,000 after buying an additional 182,900 shares in the last quarter. Finally, Atreides Management LP acquired a new position in Ciena during the second quarter worth about $102,705,000. 91.99% of the stock is owned by institutional investors and hedge funds.

Ciena Stock Performance

Shares of Ciena stock opened at $334.77 on Friday. The firm has a market cap of $47.36 billion, a PE ratio of 393.86, a price-to-earnings-growth ratio of 1.79 and a beta of 1.13. The company has a quick ratio of 2.09, a current ratio of 2.73 and a debt-to-equity ratio of 0.56. Ciena Corporation has a 52 week low of $49.21 and a 52 week high of $340.27. The business’s fifty day simple moving average is $253.11 and its 200-day simple moving average is $188.27.

Ciena (NYSE:CIEN) last issued its quarterly earnings data on Thursday, December 11th. The communications equipment provider reported $0.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $1.29 billion. During the same period last year, the company earned $0.54 EPS. The company’s quarterly revenue was up 20.1% on a year-over-year basis. Equities analysts forecast that Ciena Corporation will post 1.6 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts have commented on CIEN shares. B. Riley Financial reiterated a “neutral” rating on shares of Ciena in a report on Friday, December 12th. Weiss Ratings restated a “hold (c)” rating on shares of Ciena in a report on Wednesday, January 21st. Zacks Research cut Ciena from a “strong-buy” rating to a “hold” rating in a report on Monday, February 9th. Evercore set a $330.00 price objective on Ciena in a research report on Thursday. Finally, Wall Street Zen cut Ciena from a “strong-buy” rating to a “buy” rating in a report on Sunday, December 21st. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and eight have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $247.67.

Insider Transactions at Ciena

In other Ciena news, SVP Jason Phipps sold 21,383 shares of the company’s stock in a transaction on Thursday, January 15th. The stock was sold at an average price of $247.89, for a total transaction of $5,300,631.87. Following the transaction, the senior vice president directly owned 91,765 shares in the company, valued at $22,747,625.85. This represents a 18.90% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Joseph Cumello sold 11,929 shares of Ciena 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 completion of the sale, the senior vice president directly owned 49,475 shares of the company’s stock, valued at $11,370,344.50. The trade was a 19.43% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 160,083 shares of company stock worth $37,204,740. 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.