Public Employees Retirement System of Ohio Has $17.58 Million Position in Ciena Corporation $CIEN

Public Employees Retirement System of Ohio reduced its position in Ciena Corporation (NYSE:CIEN) by 4.1% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 45,282 shares of the communications equipment provider’s stock after selling 1,942 shares during the period. Public Employees Retirement System of Ohio’s holdings in Ciena were worth $17,580,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in CIEN. Compound Planning Inc. boosted its holdings in shares of Ciena by 31.5% during the 1st quarter. Compound Planning Inc. now owns 4,383 shares of the communications equipment provider’s stock worth $1,702,000 after buying an additional 1,050 shares during the period. Bank of Nova Scotia raised its holdings in Ciena by 125.8% in the 1st quarter. Bank of Nova Scotia now owns 17,991 shares of the communications equipment provider’s stock valued at $6,985,000 after acquiring an additional 10,023 shares in the last quarter. Lido Advisors LLC grew its stake in Ciena by 44.7% during the first quarter. Lido Advisors LLC now owns 7,225 shares of the communications equipment provider’s stock worth $2,805,000 after buying an additional 2,231 shares in the last quarter. State of Wyoming boosted its position in shares of Ciena by 8.0% during the 1st quarter. State of Wyoming now owns 1,244 shares of the communications equipment provider’s stock worth $483,000 after acquiring an additional 92 shares in the last quarter. Finally, NewEdge Wealth LLC bought a new position in shares of Ciena in the 1st quarter valued at $312,000. Institutional investors and hedge funds own 91.99% of the company’s stock.

Analyst Upgrades and Downgrades

CIEN has been the subject of a number of research analyst reports. JPMorgan Chase & Co. upped their price objective on shares of Ciena from $380.00 to $550.00 and gave the stock an “overweight” rating in a research report on Thursday, April 16th. B. Riley Financial lifted their price target on shares of Ciena from $283.00 to $531.00 and gave the stock a “neutral” rating in a report on Tuesday, June 2nd. UBS Group lifted their price objective on Ciena from $285.00 to $508.00 and gave the stock a “neutral” rating in a research note on Friday, June 5th. TD Cowen upped their price target on shares of Ciena from $425.00 to $675.00 and gave the company a “buy” rating in a research report on Friday, May 15th. Finally, Morgan Stanley increased their price target on Ciena from $405.00 to $490.00 and gave the stock an “equal weight” rating in a report on Friday, June 5th. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and seven have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Ciena currently has an average rating of “Moderate Buy” and an average target price of $530.56.

Ciena Trading Down 4.3%

NYSE:CIEN opened at $389.93 on Friday. The company has a current ratio of 2.73, a quick ratio of 2.11 and a debt-to-equity ratio of 0.53. The stock has a market capitalization of $55.19 billion, a price-to-earnings ratio of 129.98 and a beta of 1.27. The firm has a fifty day simple moving average of $477.15 and a two-hundred day simple moving average of $409.28. Ciena Corporation has a 12 month low of $84.41 and a 12 month high of $637.51.

Ciena (NYSE:CIEN) last released its quarterly earnings data 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 company had revenue of $1.57 billion for the quarter, compared to analysts’ expectations of $1.50 billion. During the same quarter in the prior year, the firm earned $0.42 EPS. The business’s revenue was up 39.5% on a year-over-year basis. Analysts expect that Ciena Corporation will post 5.4 EPS for the current fiscal year.

Insider Transactions at Ciena

In related news, CFO Marc D. Graff sold 126 shares of the stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $466.20, for a total value of $58,741.20. Following the transaction, the chief financial officer directly owned 126,955 shares in the company, valued at $59,186,421. This trade represents a 0.10% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 transaction, the chief executive officer owned 254,886 shares in the company, valued at approximately $119,498,203.38. The trade was a 1.14% decrease in their position. 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. In the last ninety days, insiders have sold 21,627 shares of company stock valued at $10,974,985. Company insiders own 0.58% of the company’s stock.

About Ciena

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.