Mitsubishi UFJ Asset Management Co. Ltd. Has $33.25 Million Holdings in Ciena Corporation $CIEN

Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in shares of Ciena Corporation (NYSE:CIEN) by 37,022.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 135,124 shares of the communications equipment provider’s stock after purchasing an additional 134,760 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Ciena were worth $33,249,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of CIEN. Lone Pine Capital LLC acquired a new position in shares of Ciena during the third quarter worth $292,310,000. Atreides Management LP acquired a new position in Ciena in the second quarter valued at $102,705,000. JPMorgan Chase & Co. lifted its holdings in Ciena by 23.3% in the third quarter. JPMorgan Chase & Co. now owns 6,462,840 shares of the communications equipment provider’s stock valued at $941,451,000 after buying an additional 1,219,787 shares during the period. Arrowstreet Capital Limited Partnership lifted its holdings in Ciena by 2,174.2% in the third quarter. Arrowstreet Capital Limited Partnership now owns 1,143,855 shares of the communications equipment provider’s stock valued at $166,625,000 after buying an additional 1,093,557 shares during the period. Finally, Balyasny Asset Management L.P. lifted its holdings in Ciena by 3,577.9% in the second quarter. Balyasny Asset Management L.P. now owns 1,032,393 shares of the communications equipment provider’s stock valued at $83,965,000 after buying an additional 1,004,323 shares during the period. Institutional investors and hedge funds own 91.99% of the company’s stock.

Insider Activity

In other news, CEO Gary B. Smith sold 2,952 shares of the company’s stock in a transaction dated Monday, March 16th. The shares were sold at an average price of $359.53, for a total transaction of $1,061,332.56. Following the transaction, the chief executive officer owned 293,084 shares in the company, valued at approximately $105,372,490.52. This represents a 1.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Jason Phipps sold 22,014 shares of the company’s stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $409.80, for a total transaction of $9,021,337.20. Following the transaction, the senior vice president owned 68 shares in the company, valued at $27,866.40. This represents a 99.69% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 42,974 shares of company stock worth $17,418,863. Company insiders own 0.58% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on CIEN. UBS Group boosted their target price on shares of Ciena from $230.00 to $285.00 and gave the company a “neutral” rating in a report on Friday, March 6th. Morgan Stanley boosted their target price on shares of Ciena from $286.00 to $405.00 and gave the company an “equal weight” rating in a report on Monday, April 20th. Bank of America boosted their target price on shares of Ciena from $355.00 to $550.00 and gave the company a “buy” rating in a report on Thursday, April 16th. Rothschild & Co Redburn began coverage on shares of Ciena in a report on Friday, May 1st. They issued a “neutral” rating and a $416.00 target price on the stock. Finally, Rosenblatt Securities boosted their target price on shares of Ciena from $305.00 to $350.00 and gave the company a “buy” rating in a report on Friday, March 6th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $367.56.

Ciena Price Performance

Shares of NYSE CIEN opened at $546.61 on Friday. The firm’s 50-day moving average price is $427.16 and its 200-day moving average price is $299.27. Ciena Corporation has a 1-year low of $70.77 and a 1-year high of $583.78. The firm has a market capitalization of $77.29 billion, a P/E ratio of 348.16, a P/E/G ratio of 1.79 and a beta of 1.24. The company has a current ratio of 2.81, a quick ratio of 2.14 and a debt-to-equity ratio of 0.55.

Ciena (NYSE:CIEN) last announced its quarterly earnings data on Thursday, March 5th. The communications equipment provider reported $1.35 earnings per share for the quarter, beating the consensus estimate of $1.17 by $0.18. Ciena had a net margin of 4.47% and a return on equity of 12.09%. The firm had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.40 billion. During the same quarter in the prior year, the business earned $0.64 earnings per share. The business’s quarterly revenue was up 33.1% compared to the same quarter last year. Equities research analysts anticipate that Ciena Corporation will post 5.12 earnings per share for the current fiscal year.

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.