CIBC Asset Management Inc Has $1.53 Million Stock Holdings in Ciena Corporation $CIEN

by · The Cerbat Gem

CIBC Asset Management Inc boosted its stake in Ciena Corporation (NYSE:CIEN – Free Report) by 43.2% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 6,532 shares of the communications equipment provider’s stock after buying an additional 1,969 shares during the quarter. CIBC Asset Management Inc’s holdings in Ciena were worth $1,528,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of CIEN. Bank of New York Mellon Corp grew its holdings in shares of Ciena by 5.4% during the 4th quarter. Bank of New York Mellon Corp now owns 1,118,142 shares of the communications equipment provider’s stock valued at $261,500,000 after acquiring an additional 57,218 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in Ciena by 53.8% during the fourth quarter. Goldman Sachs Group Inc. now owns 445,359 shares of the communications equipment provider’s stock valued at $104,156,000 after purchasing an additional 155,712 shares during the last quarter. Westpac Banking Corp purchased a new position in Ciena in the fourth quarter valued at about $1,606,000. Ellevest Inc. purchased a new position in Ciena in the fourth quarter valued at about $320,000. Finally, Florida Financial Advisors LLC acquired a new position in Ciena in the 4th quarter worth about $1,279,000. Institutional investors and hedge funds own 91.99% of the company’s stock.

Insider Activity at Ciena

In related news, SVP Jason Phipps sold 22,014 shares of Ciena stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $409.80, for a total value of $9,021,337.20. Following the transaction, the senior vice president owned 68 shares in the company, valued at $27,866.40. This trade represents a 99.69% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Gary B. Smith sold 2,952 shares of the business’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 transaction, the chief executive officer directly owned 281,365 shares of the company’s stock, valued at approximately $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 three months, insiders have sold 44,174 shares of company stock worth $19,502,359. 0.58% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on CIEN shares. Citigroup raised their price target on Ciena from $345.00 to $658.00 and gave the stock a “buy” rating in a research note on Monday, May 18th. Raymond James Financial boosted their price target on Ciena from $320.00 to $530.00 and gave the company an “outperform” rating in a research note on Thursday. Rosenblatt Securities increased their price objective on Ciena from $350.00 to $720.00 and gave the stock a “buy” rating in a report on Friday. Weiss Ratings raised shares of Ciena from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday. Finally, Argus set a $650.00 target price on shares of Ciena in a research report on Friday. Thirteen equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $530.56.

View Our Latest Analysis on Ciena

Ciena Stock Down 4.7%

Shares of Ciena stock opened at $465.50 on Tuesday. Ciena Corporation has a 12-month low of $70.85 and a 12-month high of $637.51. The company has a quick ratio of 2.11, a current ratio of 2.73 and a debt-to-equity ratio of 0.53. The stock has a 50 day moving average price of $517.66 and a two-hundred day moving average price of $357.67. The stock has a market capitalization of $65.89 billion, a P/E ratio of 155.17 and a beta of 1.24.

Ciena (NYSE:CIEN – Get Free Report) last released its quarterly earnings results on Thursday, June 4th. The communications equipment provider reported $1.64 EPS for the quarter, beating analysts’ consensus estimates of $1.46 by $0.18. Ciena had a net margin of 7.87% and a return on equity of 18.15%. The company had revenue of $1.57 billion for the quarter, compared to analyst estimates of $1.50 billion. During the same quarter last year, the firm posted $0.42 earnings per share. The company’s quarterly revenue was up 39.5% compared to the same quarter last year. Equities analysts expect that Ciena Corporation will post 5.14 earnings per share for the current year.

Ciena Company Profile

(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.

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