Ciena Corporation $CIEN Shares Acquired by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. grew its stake in shares of Ciena Corporation (NYSE:CIEN) by 32.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 17,826 shares of the communications equipment provider’s stock after buying an additional 4,337 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Ciena were worth $6,921,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently made changes to their positions in CIEN. Oslo Pensjonsforsikring AS acquired a new position in shares of Ciena during the first quarter valued at approximately $243,000. Baader Bank Aktiengesellschaft boosted its stake in Ciena by 15.7% during the 1st quarter. Baader Bank Aktiengesellschaft now owns 13,582 shares of the communications equipment provider’s stock valued at $5,259,000 after purchasing an additional 1,844 shares in the last quarter. Andra AP fonden bought a new position in Ciena during the 1st quarter valued at $3,975,000. Commerzbank Aktiengesellschaft FI acquired a new position in shares of Ciena during the 1st quarter valued at $245,000. Finally, Florida Financial Advisors LLC increased its position in shares of Ciena by 23.2% during the 1st quarter. Florida Financial Advisors LLC now owns 6,749 shares of the communications equipment provider’s stock valued at $2,620,000 after purchasing an additional 1,271 shares during the period. 91.99% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Ciena

In other Ciena news, CFO Marc D. Graff sold 126 shares of Ciena stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $466.20, for a total transaction of $58,741.20. Following the transaction, the chief financial officer directly owned 126,955 shares in the company, valued at approximately $59,186,421. The trade was a 0.10% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Jason Phipps sold 2,629 shares of the business’s stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $466.20, for a total transaction of $1,225,639.80. Following the sale, the senior vice president directly owned 62,382 shares in the company, valued at approximately $29,082,488.40. This trade represents a 4.04% 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. Insiders have sold 21,627 shares of company stock valued at $10,974,985 over the last three months. 0.58% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on CIEN shares. B. Riley Financial upped their price objective on Ciena from $283.00 to $531.00 and gave the company a “neutral” rating in a report on Tuesday, June 2nd. TD Cowen boosted their price target on shares of Ciena from $425.00 to $675.00 and gave the stock a “buy” rating in a research report on Friday, May 15th. Zacks Research raised shares of Ciena from a “hold” rating to a “strong-buy” rating in a report on Thursday, July 2nd. Weiss Ratings lowered shares of Ciena from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday. Finally, Citigroup lifted their price objective on shares of Ciena from $345.00 to $658.00 and gave the stock a “buy” rating in a research note on Monday, May 18th. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and seven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $530.56.

Ciena Trading Down 0.3%

Shares of NYSE CIEN opened at $389.93 on Monday. The company has a quick ratio of 2.11, a current ratio of 2.73 and a debt-to-equity ratio of 0.53. Ciena Corporation has a 12 month low of $84.41 and a 12 month high of $637.51. The company has a market cap of $55.19 billion, a price-to-earnings ratio of 129.98 and a beta of 1.27. The business has a fifty day simple moving average of $477.15 and a 200-day simple moving average of $410.54.

Ciena (NYSE:CIEN) last posted its quarterly earnings data 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 during the quarter, compared to analyst estimates of $1.50 billion. During the same period in the prior year, the firm earned $0.42 earnings per share. The business’s quarterly revenue was up 39.5% on a year-over-year basis. Sell-side analysts predict that Ciena Corporation will post 5.4 EPS for the current year.

Ciena 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.