Titan Global Capital Management USA LLC Has $39.19 Million Position in Ciena Corporation $CIEN

by · The Cerbat Gem

Titan Global Capital Management USA LLC lowered its position in shares of Ciena Corporation (NYSE:CIEN – Free Report) by 17.0% in the 4th quarter, Holdings Channel.com reports. The fund owned 167,569 shares of the communications equipment provider’s stock after selling 34,387 shares during the quarter. Ciena comprises approximately 5.6% of Titan Global Capital Management USA LLC’s investment portfolio, making the stock its 2nd largest position. Titan Global Capital Management USA LLC’s holdings in Ciena were worth $39,189,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Elyxium Wealth LLC bought a new stake in shares of Ciena during the fourth quarter valued at approximately $2,747,810,000. JPMorgan Chase & Co. increased its position in shares of Ciena by 23.3% during 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 acquiring an additional 1,219,787 shares in the last quarter. Bank of America Corp DE increased its position 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 in the last quarter. Geode Capital Management LLC increased its position in shares of Ciena by 5.7% during the fourth quarter. Geode Capital Management LLC now owns 2,687,437 shares of the communications equipment provider’s stock valued at $627,567,000 after acquiring an additional 145,948 shares in the last quarter. Finally, Lone Pine Capital LLC bought a new stake in shares of Ciena during the third quarter valued at approximately $292,310,000. Institutional investors own 91.99% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently weighed in on CIEN. Morgan Stanley raised their price target on shares of Ciena from $286.00 to $405.00 and gave the company an “equal weight” rating in a research report on Monday, April 20th. Citigroup raised their target price on shares of Ciena from $345.00 to $658.00 and gave the stock a “buy” rating in a report on Monday, May 18th. Wolfe Research restated an “outperform” rating and issued a $375.00 target price on shares of Ciena in a report on Thursday, March 5th. Bank of America raised their target price on shares of Ciena from $550.00 to $660.00 and gave the stock a “buy” rating in a report on Tuesday, May 26th. Finally, Zacks Research upgraded shares of Ciena from a “hold” rating to a “strong-buy” rating in a report on Friday, March 13th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $406.61.

Get Our Latest Stock Analysis on Ciena

Ciena Trading Up 1.8%

Shares of Ciena stock opened at $580.59 on Friday. The company has a market capitalization of $82.09 billion, a P/E ratio of 369.80, a P/E/G ratio of 1.90 and a beta of 1.24. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.14 and a current ratio of 2.81. The company has a fifty day moving average of $500.69 and a 200 day moving average of $341.74. Ciena Corporation has a fifty-two week low of $70.77 and a fifty-two week high of $605.61.

Ciena (NYSE:CIEN – Get Free Report) last issued its earnings results on Thursday, March 5th. The communications equipment provider reported $1.35 earnings per share for the quarter, topping the consensus estimate of $1.17 by $0.18. The company had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.40 billion. Ciena had a net margin of 4.47% and a return on equity of 12.09%. Ciena’s quarterly revenue was up 33.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.64 EPS. On average, sell-side analysts anticipate that Ciena Corporation will post 5.12 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, SVP Brodie Gage sold 5,000 shares of the company’s stock in a transaction on Tuesday, March 24th. The shares were sold at an average price of $405.00, for a total value of $2,025,000.00. Following the completion of the transaction, the senior vice president owned 46,341 shares of the company’s stock, valued at approximately $18,768,105. This represents a 9.74% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Gary B. Smith sold 2,952 shares of the company’s stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $415.51, for a total transaction of $1,226,585.52. Following the completion of the transaction, the chief executive officer directly owned 281,365 shares of the company’s stock, valued at $116,909,971.15. This represents a 1.04% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 44,174 shares of company stock valued at $18,878,661. Company insiders own 0.58% of the company’s stock.

About Ciena

(Free Report)

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.

See Also

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