Union Bancaire Privee UBP SA Acquires New Stake in Ciena Corporation $CIEN

Union Bancaire Privee UBP SA acquired a new stake in shares of Ciena Corporation (NYSE:CIEN) in the 1st quarter, HoldingsChannel reports. The institutional investor acquired 14,605 shares of the communications equipment provider’s stock, valued at approximately $5,670,000.

Other large investors have also bought and sold shares of the company. Elyxium Wealth LLC purchased a new position in shares of Ciena during the 4th quarter valued at $2,747,810,000. Corient Private Wealth LLC grew its stake 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. Lone Pine Capital LLC purchased a new stake in Ciena in the 3rd quarter worth about $292,310,000. Price T Rowe Associates Inc. MD increased its holdings in Ciena by 53.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 4,051,625 shares of the communications equipment provider’s stock worth $947,554,000 after acquiring an additional 1,404,132 shares during the last quarter. Finally, Atreides Management LP bought a new stake in Ciena in the 2nd quarter valued at about $102,705,000. 91.99% of the stock is owned by hedge funds and other institutional investors.

Ciena Stock Down 0.7%

CIEN opened at $481.36 on Friday. The firm has a market capitalization of $68.14 billion, a P/E ratio of 160.45 and a beta of 1.24. Ciena Corporation has a one year low of $76.89 and a one year high of $637.51. The company has a fifty day moving average price of $518.53 and a 200-day moving average price of $381.48. 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 (NYSE:CIEN) last issued 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. The company had revenue of $1.57 billion for the quarter, compared to the consensus estimate of $1.50 billion. Ciena had a return on equity of 18.15% and a net margin of 7.87%.The firm’s revenue was up 39.5% compared to the same quarter last year. During the same quarter last year, the business posted $0.42 earnings per share. Equities research analysts expect that Ciena Corporation will post 5.4 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have commented on CIEN shares. Northland Securities set a $450.00 price objective on shares of Ciena in a report on Friday, June 5th. Zacks Research lowered shares of Ciena from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, June 3rd. Needham & Company LLC restated a “buy” rating and set a $600.00 price target on shares of Ciena in a research note on Tuesday, June 23rd. Citigroup raised their price objective on shares of Ciena from $345.00 to $658.00 and gave the stock a “buy” rating in a report on Monday, May 18th. Finally, B. Riley Financial lifted 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. Thirteen investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. According to MarketBeat, Ciena has a consensus rating of “Moderate Buy” and a consensus target price of $530.56.

Insiders Place Their Bets

In other news, CEO Gary B. Smith sold 2,952 shares of Ciena stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $457.02, for a total transaction of $1,349,123.04. Following the completion of the sale, the chief executive officer owned 266,605 shares in the company, valued at approximately $121,843,817.10. This trade represents a 1.10% decrease in their position. The sale 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, CFO Marc D. Graff sold 126 shares of the company’s stock in a transaction that occurred on Wednesday, June 24th. The stock was sold at an average price of $449.36, for a total transaction of $56,619.36. Following the completion of the transaction, the chief financial officer owned 127,081 shares in the company, valued at approximately $57,105,118.16. This trade represents a 0.10% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 40,500 shares of company stock worth $18,381,089. 0.58% of the stock is currently owned by insiders.

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.