Moors & Cabot Inc. Sells 1,287 Shares of Ciena Corporation $CIEN

Moors & Cabot Inc. cut its stake in shares of Ciena Corporation (NYSE:CIEN) by 29.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,025 shares of the communications equipment provider’s stock after selling 1,287 shares during the quarter. Moors & Cabot Inc.’s holdings in Ciena were worth $707,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of the stock. MassMutual Private Wealth & Trust FSB lifted its position in Ciena by 9.7% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 710 shares of the communications equipment provider’s stock valued at $166,000 after purchasing an additional 63 shares during the last quarter. Assetmark Inc. lifted its position in Ciena by 50.4% during the third quarter. Assetmark Inc. now owns 200 shares of the communications equipment provider’s stock valued at $29,000 after purchasing an additional 67 shares during the last quarter. IFP Advisors Inc lifted its position in Ciena by 6.9% during the fourth quarter. IFP Advisors Inc now owns 1,055 shares of the communications equipment provider’s stock valued at $247,000 after purchasing an additional 68 shares during the last quarter. Legacy Financial Advisors Inc. lifted its position in Ciena by 5.4% during the fourth quarter. Legacy Financial Advisors Inc. now owns 1,549 shares of the communications equipment provider’s stock valued at $362,000 after purchasing an additional 79 shares during the last quarter. Finally, Coldstream Capital Management Inc. lifted its position in Ciena by 1.7% during the third quarter. Coldstream Capital Management Inc. now owns 4,772 shares of the communications equipment provider’s stock valued at $695,000 after purchasing an additional 79 shares during the last quarter. 91.99% of the stock is currently owned by institutional investors.

Insider Activity at Ciena

In related news, SVP Brodie Gage sold 1,200 shares of the company’s stock in a transaction on Friday, May 15th. The shares were sold at an average price of $570.65, for a total transaction of $684,780.00. Following the completion of the sale, the senior vice president directly owned 43,941 shares in the company, valued at $25,074,931.65. This represents a 2.66% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Jason Phipps sold 22,014 shares of the company’s stock in a transaction on 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 sale, the senior vice president owned 68 shares of the company’s stock, valued at $27,866.40. This represents a 99.69% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 41,222 shares of company stock worth $17,831,763 in the last three months. 0.58% of the stock is owned by insiders.

Ciena Trading Up 0.1%

Shares of CIEN opened at $580.59 on Monday. The firm has a market cap of $82.09 billion, a price-to-earnings ratio of 369.80 and a beta of 1.24. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.14 and a current ratio of 2.81. Ciena Corporation has a fifty-two week low of $70.77 and a fifty-two week high of $605.61. The firm has a 50 day moving average price of $500.69 and a 200-day moving average price of $342.67.

Ciena (NYSE:CIEN) last posted its quarterly 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. Ciena had a net margin of 4.47% and a return on equity of 12.09%. The company had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.40 billion. During the same period in the prior year, the business posted $0.64 EPS. The firm’s revenue was up 33.1% compared to the same quarter last year. As a group, equities research analysts forecast that Ciena Corporation will post 5.12 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. Raymond James Financial reiterated an “outperform” rating and set a $320.00 target price on shares of Ciena in a research report on Thursday, March 5th. Evercore set a $330.00 price objective on shares of Ciena in a report on Thursday, February 19th. 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 price objective for the company. Morgan Stanley boosted their price objective on shares of Ciena from $286.00 to $405.00 and gave the stock an “equal weight” rating in a report on Monday, April 20th. Finally, Needham & Company LLC boosted their price objective on shares of Ciena from $280.00 to $370.00 and gave the stock a “buy” rating in a report on Thursday, March 5th. One investment 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 company’s stock. According to MarketBeat.com, Ciena currently has an average rating of “Moderate Buy” and an average target price of $406.61.

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.