Atreides Management LP Has $204.05 Million Position in Ciena Corporation $CIEN

Atreides Management LP lifted its position in shares of Ciena Corporation (NYSE:CIEN) by 10.9% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,400,764 shares of the communications equipment provider’s stock after purchasing an additional 137,946 shares during the period. Ciena accounts for approximately 4.0% of Atreides Management LP’s portfolio, making the stock its 4th largest position. Atreides Management LP’s holdings in Ciena were worth $204,049,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of CIEN. Jacobs Levy Equity Management Inc. bought a new stake in shares of Ciena in the 1st quarter worth approximately $395,000. Jones Financial Companies Lllp raised its holdings in shares of Ciena by 139.6% during the first quarter. Jones Financial Companies Lllp now owns 5,253 shares of the communications equipment provider’s stock valued at $317,000 after acquiring an additional 3,061 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in Ciena by 1.4% in the first quarter. Goldman Sachs Group Inc. now owns 222,054 shares of the communications equipment provider’s stock worth $13,419,000 after acquiring an additional 3,117 shares during the period. Focus Partners Wealth lifted its stake in Ciena by 14.6% in the first quarter. Focus Partners Wealth now owns 5,762 shares of the communications equipment provider’s stock worth $348,000 after acquiring an additional 733 shares during the period. Finally, ProShare Advisors LLC lifted its stake in Ciena by 4.1% in the second quarter. ProShare Advisors LLC now owns 6,301 shares of the communications equipment provider’s stock worth $512,000 after acquiring an additional 247 shares during the period. Hedge funds and other institutional investors own 91.99% of the company’s stock.

Insider Activity at Ciena

In related news, CEO Gary B. Smith sold 83,552 shares of the business’s stock in a transaction dated Monday, January 5th. The shares were sold at an average price of $229.44, for a total transaction of $19,170,170.88. Following the sale, the chief executive officer owned 307,885 shares of the company’s stock, valued at $70,641,134.40. The trade was a 21.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Joseph Cumello sold 11,929 shares of the company’s stock in a transaction dated Monday, January 12th. The stock was sold at an average price of $229.82, for a total transaction of $2,741,522.78. Following the completion of the sale, the senior vice president owned 49,475 shares in the company, valued at approximately $11,370,344.50. This trade represents a 19.43% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 156,235 shares of company stock worth $36,941,890 over the last 90 days. 0.58% of the stock is currently owned by insiders.

Ciena Price Performance

CIEN opened at $337.50 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. The company has a market cap of $47.72 billion, a price-to-earnings ratio of 214.97, a price-to-earnings-growth ratio of 1.48 and a beta of 1.08. The stock has a fifty day simple moving average of $284.42 and a two-hundred day simple moving average of $214.44. Ciena Corporation has a 12-month low of $49.21 and a 12-month high of $365.90.

Ciena (NYSE:CIEN) last announced its earnings results on Thursday, March 5th. The communications equipment provider reported $1.35 EPS for the quarter, beating analysts’ consensus estimates of $1.17 by $0.18. The firm had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.40 billion. Ciena had a net margin of 4.47% and a return on equity of 12.09%. The company’s quarterly revenue was up 33.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.64 EPS. Research analysts predict that Ciena Corporation will post 1.6 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on CIEN shares. Evercore set a $330.00 price objective on shares of Ciena in a research report on Thursday, February 19th. UBS Group raised their target price on shares of Ciena from $230.00 to $285.00 and gave the stock a “neutral” rating in a research report on Friday, March 6th. B. Riley Financial lifted their target price on shares of Ciena from $222.00 to $283.00 and gave the company a “neutral” rating in a research note on Friday, March 6th. Wall Street Zen cut shares of Ciena from a “strong-buy” rating to a “buy” rating in a research report on Sunday, December 21st. Finally, Barclays increased their price target on shares of Ciena from $279.00 to $372.00 and gave the stock an “overweight” rating in a research note on Friday, March 6th. Twelve analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $320.65.

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.