Truist Financial Corp Has $1.09 Million Stock Holdings in Ciena Corporation $CIEN

Truist Financial Corp decreased its holdings in Ciena Corporation (NYSE:CIEN) by 1.3% in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 13,350 shares of the communications equipment provider’s stock after selling 182 shares during the quarter. Truist Financial Corp’s holdings in Ciena were worth $1,086,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently made changes to their positions in CIEN. Ion Asset Management Ltd. increased its position in shares of Ciena by 6.3% during the 1st quarter. Ion Asset Management Ltd. now owns 1,356,752 shares of the communications equipment provider’s stock worth $81,989,000 after purchasing an additional 80,426 shares in the last quarter. Nuveen LLC acquired a new stake in shares of Ciena during the 1st quarter worth about $70,065,000. Analog Century Management LP increased its position in shares of Ciena by 33.0% during the 1st quarter. Analog Century Management LP now owns 841,311 shares of the communications equipment provider’s stock worth $50,840,000 after purchasing an additional 208,509 shares in the last quarter. Woodline Partners LP acquired a new stake in shares of Ciena during the 1st quarter worth about $49,221,000. Finally, Wealth Enhancement Advisory Services LLC increased its position in shares of Ciena by 0.4% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 813,979 shares of the communications equipment provider’s stock worth $66,242,000 after purchasing an additional 2,968 shares in the last quarter. Institutional investors and hedge funds own 91.99% of the company’s stock.

Ciena Stock Performance

Shares of CIEN opened at $156.04 on Monday. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.52 and a current ratio of 3.28. Ciena Corporation has a twelve month low of $49.21 and a twelve month high of $165.24. The firm’s 50 day moving average price is $118.21 and its two-hundred day moving average price is $89.74. The firm has a market cap of $22.01 billion, a P/E ratio of 160.87, a PEG ratio of 2.16 and a beta of 1.15.

Ciena (NYSE:CIEN) last announced its quarterly earnings data on Thursday, April 6th. The communications equipment provider reported $0.47 EPS for the quarter. The business had revenue of $844.44 million for the quarter. Ciena had a net margin of 3.10% and a return on equity of 6.62%. On average, analysts forecast that Ciena Corporation will post 1.6 EPS for the current fiscal year.

Insider Buying and Selling at Ciena

In other news, Director Bruce L. Claflin sold 8,461 shares of the business’s stock in a transaction on Wednesday, September 24th. The shares were sold at an average price of $140.12, for a total value of $1,185,555.32. Following the sale, the director owned 54,624 shares of the company’s stock, valued at $7,653,914.88. The trade was a 13.41% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Joseph Cumello sold 1,863 shares of the company’s stock in a transaction on Friday, September 26th. The stock was sold at an average price of $141.14, for a total transaction of $262,943.82. Following the sale, the senior vice president directly owned 43,531 shares in the company, valued at $6,143,965.34. This trade represents a 4.10% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 45,724 shares of company stock worth $5,336,431. Company insiders own 0.93% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have weighed in on the stock. Needham & Company LLC raised their price objective on shares of Ciena from $90.00 to $130.00 and gave the company a “buy” rating in a research report on Friday, September 5th. Stifel Nicolaus raised their price objective on shares of Ciena from $120.00 to $152.00 and gave the company a “buy” rating in a research report on Tuesday, September 23rd. Evercore ISI raised their price objective on shares of Ciena from $95.00 to $120.00 and gave the company an “in-line” rating in a research report on Thursday, September 4th. Argus raised their price objective on shares of Ciena from $100.00 to $135.00 and gave the company a “buy” rating in a research report on Friday, September 5th. Finally, Northland Securities set a $100.00 price target on shares of Ciena in a research note on Monday, June 30th. Three analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $130.23.

Ciena Profile

Ciena Corporation provides hardware and software services for delivery of video, data, and voice traffic metro, aggregation, and access communications network worldwide. The company’s Networking Platforms segment offers convergence of coherent optical transport, open optical networking, optical transport network switching, IP routing, and switching services.