13,189 Shares in Ciena Corporation $CIEN Bought by Patton Fund Management Inc.

Patton Fund Management Inc. acquired a new stake in Ciena Corporation (NYSE:CIEN) during the first quarter, HoldingsChannel reports. The fund acquired 13,189 shares of the communications equipment provider’s stock, valued at approximately $5,120,000. Ciena makes up about 0.9% of Patton Fund Management Inc.’s holdings, making the stock its 16th largest holding.

Several other institutional investors also recently bought and sold shares of CIEN. Community Bank N.A. purchased a new stake in shares of Ciena in the third quarter valued at about $25,000. Transamerica Financial Advisors LLC increased its stake in shares of Ciena by 71.0% during the fourth quarter. Transamerica Financial Advisors LLC now owns 106 shares of the communications equipment provider’s stock worth $25,000 after acquiring an additional 44 shares during the period. Hilltop National Bank purchased a new position in Ciena during the fourth quarter worth about $35,000. Truvestments Capital LLC raised its holdings in Ciena by 45.3% during the fourth quarter. Truvestments Capital LLC now owns 154 shares of the communications equipment provider’s stock worth $36,000 after purchasing an additional 48 shares in the last quarter. Finally, Acumen Wealth Advisors LLC acquired a new stake in Ciena in the fourth quarter valued at about $40,000. 91.99% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

CIEN has been the topic of a number of analyst reports. Weiss Ratings lowered Ciena from a “buy (b)” rating to a “buy (b-)” rating in a report on Tuesday, June 23rd. Citigroup raised their price target on Ciena from $345.00 to $658.00 and gave the company a “buy” rating in a report on Monday, May 18th. Needham & Company LLC reissued a “buy” rating and issued a $600.00 price target on shares of Ciena in a report on Tuesday, June 23rd. Morgan Stanley lifted their price target on Ciena from $405.00 to $490.00 and gave the company an “equal weight” rating in a research note on Friday, June 5th. Finally, Bank of America upped their price objective on Ciena from $550.00 to $660.00 and gave the stock a “buy” rating in a report on Tuesday, May 26th. Thirteen investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $530.56.

Ciena Trading Up 0.4%

Shares of CIEN opened at $481.36 on Monday. The company has a current ratio of 2.73, a quick ratio of 2.11 and a debt-to-equity ratio of 0.53. The firm’s 50-day moving average is $518.53 and its two-hundred day moving average is $382.67. Ciena Corporation has a twelve month low of $76.89 and a twelve month high of $637.51. The firm has a market capitalization of $68.14 billion, a P/E ratio of 160.45 and a beta of 1.24.

Ciena (NYSE:CIEN) last posted its quarterly earnings results on Thursday, June 4th. The communications equipment provider reported $1.64 earnings per share (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 during the quarter, compared to the consensus estimate of $1.50 billion. During the same period last year, the firm earned $0.42 EPS. The company’s revenue for the quarter was up 39.5% on a year-over-year basis. On average, research analysts predict that Ciena Corporation will post 5.4 earnings per share for the current fiscal year.

Insider Transactions at Ciena

In related news, SVP Jason Phipps sold 22,014 shares of the firm’s stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $409.80, for a total value of $9,021,337.20. Following the completion of the transaction, the senior vice president directly owned 68 shares of the company’s stock, valued at $27,866.40. This trade represents a 99.69% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Brodie Gage sold 1,200 shares of Ciena stock in a transaction on Monday, June 15th. The stock was sold at an average price of $466.10, for a total value of $559,320.00. Following the transaction, the senior vice president directly owned 42,741 shares of the company’s stock, valued at approximately $19,921,580.10. This represents a 2.73% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 40,500 shares of company stock worth $18,381,089. 0.58% of the stock is currently owned by 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.