Ciena Co. (NYSE:CIEN) Shares Acquired by Greenleaf Trust

Greenleaf Trust lifted its holdings in Ciena Co. (NYSE:CIEN) by 2.8% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,978 shares of the communications equipment provider’s stock after purchasing an additional 136 shares during the quarter. Greenleaf Trust’s holdings in Ciena were worth $422,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the business. Marshall Wace LLP purchased a new stake in Ciena during the 2nd quarter worth approximately $202,000. Millennium Management LLC grew its holdings in shares of Ciena by 640.7% during the second quarter. Millennium Management LLC now owns 64,466 shares of the communications equipment provider’s stock valued at $3,106,000 after buying an additional 55,763 shares during the last quarter. Creative Planning increased its position in shares of Ciena by 13.7% in the 2nd quarter. Creative Planning now owns 8,799 shares of the communications equipment provider’s stock valued at $424,000 after acquiring an additional 1,062 shares during the period. Truist Financial Corp raised its stake in Ciena by 10.4% in the 2nd quarter. Truist Financial Corp now owns 29,614 shares of the communications equipment provider’s stock worth $1,427,000 after acquiring an additional 2,800 shares during the last quarter. Finally, Sanctuary Advisors LLC acquired a new stake in Ciena during the 2nd quarter worth about $221,000. Institutional investors and hedge funds own 91.99% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on CIEN. Rosenblatt Securities increased their price objective on Ciena from $75.00 to $94.00 and gave the company a “neutral” rating in a report on Friday, December 13th. Bank of America raised shares of Ciena from a “neutral” rating to a “buy” rating and raised their price target for the stock from $70.00 to $95.00 in a research report on Friday, December 13th. JPMorgan Chase & Co. raised shares of Ciena from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $84.00 to $88.00 in a report on Tuesday, January 28th. Northland Securities raised their target price on shares of Ciena from $46.00 to $60.00 and gave the stock a “market perform” rating in a report on Friday, December 13th. Finally, Citigroup upped their price target on shares of Ciena from $84.00 to $98.00 and gave the company a “buy” rating in a report on Friday, December 13th. Six investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $78.77.

Insider Buying and Selling at Ciena

In related news, SVP Joseph Cumello sold 1,289 shares of the stock in a transaction on Friday, November 15th. The stock was sold at an average price of $68.99, for a total value of $88,928.11. Following the completion of the transaction, the senior vice president now directly owns 39,486 shares of the company’s stock, valued at approximately $2,724,139.14. This represents a 3.16 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP David M. Rothenstein sold 3,500 shares of Ciena stock in a transaction on Monday, December 16th. The stock was sold at an average price of $89.09, for a total transaction of $311,815.00. Following the sale, the senior vice president now directly owns 192,997 shares in the company, valued at approximately $17,194,102.73. This trade represents a 1.78 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 57,581 shares of company stock valued at $4,875,548 over the last ninety days. Corporate insiders own 0.83% of the company’s stock.

Ciena Price Performance

Shares of Ciena stock opened at $92.15 on Thursday. The firm has a market cap of $13.10 billion, a PE ratio of 161.67, a P/E/G ratio of 1.55 and a beta of 0.88. Ciena Co. has a twelve month low of $43.30 and a twelve month high of $101.44. The company has a quick ratio of 2.72, a current ratio of 3.55 and a debt-to-equity ratio of 0.54. The business has a 50-day moving average price of $83.16 and a 200 day moving average price of $68.01.

Ciena (NYSE:CIEN) last posted its quarterly earnings data on Thursday, December 12th. The communications equipment provider reported $0.54 EPS for the quarter, missing analysts’ consensus estimates of $0.66 by ($0.12). Ciena had a net margin of 2.09% and a return on equity of 4.72%. The business had revenue of $1.12 billion during the quarter, compared to analysts’ expectations of $1.10 billion. During the same quarter last year, the firm earned $0.56 earnings per share. The firm’s quarterly revenue was down .5% compared to the same quarter last year. Sell-side analysts predict that Ciena Co. will post 1.6 earnings per share for the current fiscal year.

Ciena Profile

Ciena Corporation provides hardware and software services for delivery of video, data, and voice traffic metro, aggregation, and access communications network worldwide. The company’s Networking Platforms segment offers convergence of coherent optical transport, open optical networking, optical transport network switching, IP routing, and switching services.