Pinnbrook Capital Management LP Invests $4.48 Million in Ciena Corporation $CIEN

by · The Cerbat Gem

Pinnbrook Capital Management LP purchased a new position in shares of Ciena Corporation (NYSE:CIEN – Free Report) during the 4th quarter, Holdings Channel.com reports. The institutional investor purchased 19,165 shares of the communications equipment provider’s stock, valued at approximately $4,482,000.

Several other hedge funds have also made changes to their positions in CIEN. Community Bank N.A. acquired a new stake in shares of Ciena during the third quarter worth about $25,000. Assetmark Inc. lifted its position in shares of Ciena by 50.4% during the third quarter. Assetmark Inc. now owns 200 shares of the communications equipment provider’s stock worth $29,000 after purchasing an additional 67 shares in the last quarter. Ameritas Advisory Services LLC lifted its position in shares of Ciena by 104.0% during the third quarter. Ameritas Advisory Services LLC now owns 204 shares of the communications equipment provider’s stock worth $30,000 after purchasing an additional 104 shares in the last quarter. Hilltop National Bank acquired a new stake in shares of Ciena during the fourth quarter worth about $35,000. Finally, Root Financial Partners LLC acquired a new stake in shares of Ciena during the third quarter worth about $45,000. Institutional investors and hedge funds own 91.99% of the company’s stock.

Ciena Stock Up 5.9%

CIEN stock opened at $587.69 on Friday. The company has a current ratio of 2.81, a quick ratio of 2.14 and a debt-to-equity ratio of 0.55. Ciena Corporation has a twelve month low of $70.77 and a twelve month high of $598.84. The company’s 50 day moving average is $473.40 and its two-hundred day moving average is $326.32. The stock has a market cap of $83.10 billion, a P/E ratio of 374.33, a PEG ratio of 1.82 and a beta of 1.24.

Ciena (NYSE:CIEN – Get Free Report) last released its quarterly earnings data on Thursday, March 5th. The communications equipment provider reported $1.35 earnings per share for the quarter, topping analysts’ consensus estimates of $1.17 by $0.18. Ciena had a net margin of 4.47% and a return on equity of 12.09%. The company had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.40 billion. During the same quarter last year, the company earned $0.64 earnings per share. The firm’s revenue for the quarter was up 33.1% on a year-over-year basis. Research analysts expect that Ciena Corporation will post 5.12 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts have recently issued reports on CIEN shares. Rosenblatt Securities increased their price target on shares of Ciena from $305.00 to $350.00 and gave the stock a “buy” rating in a research report on Friday, March 6th. Morgan Stanley raised their target price on shares of Ciena from $286.00 to $405.00 and gave the company an “equal weight” rating in a report on Monday, April 20th. JPMorgan Chase & Co. raised their target price on shares of Ciena from $380.00 to $550.00 and gave the company an “overweight” rating in a report on Thursday, April 16th. Weiss Ratings raised shares of Ciena from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, April 27th. Finally, Bank of America raised their target price on shares of Ciena from $355.00 to $550.00 and gave the company a “buy” rating in a report on Thursday, April 16th. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $398.83.

Read Our Latest Research Report on Ciena

Insiders Place Their Bets

In other news, SVP Brodie Gage sold 1,200 shares of the firm’s stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $570.65, for a total transaction of $684,780.00. Following the transaction, the senior vice president directly owned 43,941 shares in the company, valued at approximately $25,074,931.65. This trade represents a 2.66% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible 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 firm’s stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of $562.05, for a total transaction of $1,659,171.60. Following the transaction, the chief executive officer owned 272,509 shares in the company, valued at approximately $153,163,683.45. This trade represents a 1.07% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 44,174 shares of company stock valued at $18,878,661. 0.58% of the stock is owned by corporate insiders.

Ciena 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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