Janus Henderson Group PLC Trims Position in Ciena Corporation $CIEN

Janus Henderson Group PLC decreased its holdings in shares of Ciena Corporation (NYSE:CIEN) by 43.6% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 249,204 shares of the communications equipment provider’s stock after selling 192,433 shares during the quarter. Janus Henderson Group PLC’s holdings in Ciena were worth $96,750,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Elyxium Wealth LLC acquired a new position in Ciena in the fourth quarter valued at $2,747,810,000. State Street Corp grew its holdings in Ciena by 17.2% in the 4th quarter. State Street Corp now owns 5,102,409 shares of the communications equipment provider’s stock valued at $1,193,300,000 after buying an additional 750,128 shares during the period. Price T Rowe Associates Inc. MD increased its stake in shares of Ciena by 53.0% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 4,051,625 shares of the communications equipment provider’s stock valued at $947,554,000 after acquiring an additional 1,404,132 shares during the last quarter. Bank of America Corp DE increased its stake in shares of Ciena by 10.4% during the 2nd quarter. Bank of America Corp DE now owns 3,495,795 shares of the communications equipment provider’s stock valued at $284,313,000 after acquiring an additional 329,821 shares during the last quarter. Finally, Corient Private Wealth LLC lifted its holdings in shares of Ciena by 30,114.5% during the 4th quarter. Corient Private Wealth LLC now owns 2,870,677 shares of the communications equipment provider’s stock worth $671,365,000 after acquiring an additional 2,861,176 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, SVP Brodie Gage sold 1,200 shares of Ciena stock in a transaction on Monday, June 15th. The shares were sold at an average price of $466.10, for a total transaction of $559,320.00. Following the transaction, the senior vice president owned 42,741 shares in the company, valued at approximately $19,921,580.10. The trade was a 2.73% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Gary B. Smith sold 2,952 shares of the company’s stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $468.83, for a total transaction of $1,383,986.16. Following the sale, the chief executive officer directly owned 254,886 shares of the company’s stock, valued at approximately $119,498,203.38. This trade represents a 1.14% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 18,675 shares of company stock valued at $9,387,576 over the last quarter. Company insiders own 0.58% of the company’s stock.

Ciena Stock Performance

NYSE CIEN opened at $377.33 on Friday. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.73 and a quick ratio of 2.11. Ciena Corporation has a 1-year low of $84.41 and a 1-year high of $637.51. The firm has a market capitalization of $53.41 billion, a P/E ratio of 125.78 and a beta of 1.27. The business’s 50-day simple moving average is $457.45 and its 200-day simple moving average is $413.52.

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

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on CIEN shares. Barclays raised their target price on shares of Ciena from $372.00 to $607.00 and gave the stock an “overweight” rating in a research report on Friday, June 5th. Morgan Stanley increased their price target on shares of Ciena from $405.00 to $490.00 and gave the stock an “equal weight” rating in a research note on Friday, June 5th. TD Cowen lifted their price target on shares of Ciena from $425.00 to $675.00 and gave the company a “buy” rating in a report on Friday, May 15th. Rosenblatt Securities boosted their price objective on shares of Ciena from $350.00 to $720.00 and gave the company a “buy” rating in a research note on Friday, June 5th. Finally, B. Riley Financial boosted their price objective on shares of Ciena from $283.00 to $531.00 and gave the company a “neutral” rating in a research note on Tuesday, June 2nd. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, Ciena currently 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.