Ciena Corporation $CIEN Shares Acquired by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA lifted its position in shares of Ciena Corporation (NYSE:CIEN) by 6.0% during the 1st quarter, HoldingsChannel reports. The fund owned 59,834 shares of the communications equipment provider’s stock after purchasing an additional 3,411 shares during the period. Pictet Asset Management Holding SA’s holdings in Ciena were worth $23,223,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of CIEN. SmartHarvest Portfolios LLC raised its holdings in Ciena by 1.8% in the 1st quarter. SmartHarvest Portfolios LLC now owns 1,142 shares of the communications equipment provider’s stock worth $443,000 after purchasing an additional 20 shares during the period. Parallel Advisors LLC raised its stake in shares of Ciena by 0.8% during the 4th quarter. Parallel Advisors LLC now owns 5,107 shares of the communications equipment provider’s stock worth $1,194,000 after buying an additional 43 shares during the period. Transamerica Financial Advisors LLC lifted its position in shares of Ciena by 71.0% during the 4th quarter. Transamerica Financial Advisors LLC now owns 106 shares of the communications equipment provider’s stock valued at $25,000 after buying an additional 44 shares in the last quarter. UMB Bank n.a. grew its stake in Ciena by 2.9% in the 4th quarter. UMB Bank n.a. now owns 1,629 shares of the communications equipment provider’s stock valued at $381,000 after acquiring an additional 46 shares during the period. Finally, Truvestments Capital LLC increased its holdings in Ciena by 45.3% in the 4th quarter. Truvestments Capital LLC now owns 154 shares of the communications equipment provider’s stock worth $36,000 after acquiring an additional 48 shares in the last quarter. 91.99% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, SVP Joseph Cumello sold 1,586 shares of the company’s stock in a transaction on Friday, June 26th. The stock was sold at an average price of $466.33, for a total value of $739,599.38. Following the transaction, the senior vice president owned 42,872 shares of the company’s stock, valued at $19,992,499.76. This represents a 3.57% decrease in their position. The sale 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, CEO Gary B. Smith sold 2,952 shares of the stock in a transaction on Friday, May 15th. The stock was sold at an average price of $562.05, for a total value of $1,659,171.60. Following the transaction, the chief executive officer owned 272,509 shares of the company’s stock, valued at approximately $153,163,683.45. This represents a 1.07% 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. Over the last ninety days, insiders have sold 17,120 shares of company stock valued at $8,872,766. 0.58% of the stock is currently owned by insiders.

Ciena Stock Performance

NYSE:CIEN opened at $461.48 on Thursday. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.73 and a quick ratio of 2.11. The firm has a market capitalization of $65.32 billion, a price-to-earnings ratio of 153.83 and a beta of 1.27. The company’s 50-day moving average is $517.03 and its two-hundred day moving average is $387.95. Ciena Corporation has a 1-year low of $76.89 and a 1-year high of $637.51.

Ciena (NYSE:CIEN) last announced its quarterly earnings results on Thursday, June 4th. The communications equipment provider reported $1.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.46 by $0.18. The business had revenue of $1.57 billion during the quarter, compared to the consensus estimate of $1.50 billion. Ciena had a net margin of 7.87% and a return on equity of 18.15%. The business’s revenue was up 39.5% compared to the same quarter last year. During the same quarter last year, the firm earned $0.42 EPS. Analysts forecast that Ciena Corporation will post 5.4 EPS for the current year.

Analyst Ratings Changes

Several equities analysts have issued reports on CIEN shares. Zacks Research downgraded shares of Ciena from a “strong-buy” rating to a “hold” rating in a report on Wednesday, June 3rd. Stifel Nicolaus set a $615.00 target price on Ciena in a research report on Friday, May 29th. Morgan Stanley boosted their price target on shares of Ciena from $405.00 to $490.00 and gave the stock an “equal weight” rating in a research report on Friday, June 5th. Barclays boosted their target price on Ciena from $372.00 to $607.00 and gave the stock an “overweight” rating in a report on Friday, June 5th. Finally, B. Riley Financial lifted their price objective on Ciena from $283.00 to $531.00 and gave the stock a “neutral” rating in a research report on Tuesday, June 2nd. Thirteen equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $530.56.

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.