Ciena Corporation $CIEN Shares Bought by Renaissance Technologies LLC

Renaissance Technologies LLC grew its stake in shares of Ciena Corporation (NYSE:CIEN) by 200.0% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 97,800 shares of the communications equipment provider’s stock after purchasing an additional 65,200 shares during the period. Renaissance Technologies LLC owned approximately 0.07% of Ciena worth $37,969,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Compound Planning Inc. lifted its stake in shares of Ciena by 31.5% in the first quarter. Compound Planning Inc. now owns 4,383 shares of the communications equipment provider’s stock valued at $1,702,000 after purchasing an additional 1,050 shares during the period. Bank of Nova Scotia grew its position in Ciena by 125.8% during the first quarter. Bank of Nova Scotia now owns 17,991 shares of the communications equipment provider’s stock worth $6,985,000 after buying an additional 10,023 shares during the period. Lido Advisors LLC increased its holdings in Ciena by 44.7% in the first quarter. Lido Advisors LLC now owns 7,225 shares of the communications equipment provider’s stock valued at $2,805,000 after buying an additional 2,231 shares in the last quarter. State of Wyoming increased its holdings in Ciena by 8.0% in the first quarter. State of Wyoming now owns 1,244 shares of the communications equipment provider’s stock valued at $483,000 after buying an additional 92 shares in the last quarter. Finally, NewEdge Wealth LLC acquired a new stake in shares of Ciena during the 1st quarter valued at approximately $312,000. 91.99% of the stock is owned by institutional investors and hedge funds.

Ciena Trading Down 3.8%

Shares of Ciena stock opened at $376.25 on Tuesday. Ciena Corporation has a 1 year low of $84.41 and a 1 year high of $637.51. 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 business has a 50 day moving average price of $474.20 and a 200 day moving average price of $411.40. The company has a market capitalization of $53.26 billion, a P/E ratio of 125.42 and a beta of 1.27.

Ciena (NYSE:CIEN) last announced its 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. The firm had revenue of $1.57 billion for the quarter, compared to analysts’ expectations of $1.50 billion. Ciena had a return on equity of 18.15% and a net margin of 7.87%.Ciena’s quarterly revenue was up 39.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.42 EPS. Sell-side analysts anticipate that Ciena Corporation will post 5.4 EPS for the current fiscal year.

Wall Street Analyst Weigh In

CIEN has been the topic of several research analyst reports. Argus set a $650.00 price target on Ciena in a research note on Friday, June 5th. Rosenblatt Securities lifted their price objective on Ciena from $350.00 to $720.00 and gave the stock a “buy” rating in a report on Friday, June 5th. Weiss Ratings downgraded Ciena from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday. Citigroup upped their target price on Ciena from $345.00 to $658.00 and gave the company a “buy” rating in a report on Monday, May 18th. Finally, Northland Securities set a $450.00 price target on Ciena in a research report on Friday, June 5th. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $530.56.

Insider Buying and Selling at Ciena

In other Ciena news, CEO Gary B. Smith sold 2,952 shares of the company’s stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $468.83, for a total value of $1,383,986.16. Following the transaction, the chief executive officer directly owned 254,886 shares in the company, valued at approximately $119,498,203.38. This represents a 1.14% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Joseph Cumello sold 1,586 shares of the firm’s stock in a transaction dated Friday, June 26th. The stock was sold at an average price of $466.33, for a total transaction of $739,599.38. Following the sale, the senior vice president directly owned 42,872 shares in the company, valued at $19,992,499.76. This represents a 3.57% 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 quarter, insiders have sold 21,627 shares of company stock valued at $10,974,985. 0.58% of the stock is owned by company insiders.

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.