Shell Asset Management Co. Has $581,000 Stock Position in Ciena Co. (NYSE:CIEN)

Posted by on May 5th, 2023

Shell Asset Management Co. reduced its stake in Ciena Co. (NYSE:CIEN – Get Rating) by 17.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 11,388 shares of the communications equipment provider’s stock after selling 2,460 shares during the quarter. Shell Asset Management Co.’s holdings in Ciena were worth $581,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in CIEN. Bank of Montreal Can boosted its stake in Ciena by 0.6% during the first quarter. Bank of Montreal Can now owns 36,296 shares of the communications equipment provider’s stock worth $2,227,000 after acquiring an additional 220 shares in the last quarter. Raymond James Financial Services Advisors Inc. boosted its position in shares of Ciena by 0.9% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 28,651 shares of the communications equipment provider’s stock worth $1,737,000 after purchasing an additional 252 shares in the last quarter. Oppenheimer & Co. Inc. grew its stake in shares of Ciena by 4.0% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 7,790 shares of the communications equipment provider’s stock valued at $315,000 after buying an additional 300 shares during the period. Rockefeller Capital Management L.P. increased its position in Ciena by 6.1% in the 3rd quarter. Rockefeller Capital Management L.P. now owns 5,458 shares of the communications equipment provider’s stock valued at $220,000 after buying an additional 313 shares in the last quarter. Finally, IFP Advisors Inc raised its stake in Ciena by 7.2% during the 3rd quarter. IFP Advisors Inc now owns 4,810 shares of the communications equipment provider’s stock worth $227,000 after buying an additional 321 shares during the period. 96.26% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have commented on CIEN. Needham & Company LLC reissued a “buy” rating and issued a $70.00 price objective on shares of Ciena in a research note on Tuesday, March 7th. Morgan Stanley downgraded shares of Ciena from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $59.00 to $57.00 in a report on Wednesday, March 29th. Rosenblatt Securities reissued a “buy” rating and set a $65.00 price objective on shares of Ciena in a report on Tuesday, February 28th. B. Riley raised their target price on Ciena from $69.00 to $72.00 and gave the stock a “buy” rating in a research report on Tuesday, March 7th. Finally, Barclays lifted their target price on shares of Ciena from $71.00 to $74.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 7th. Four investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $65.44.

Insider Buying and Selling at Ciena

In related news, CEO Gary B. Smith sold 3,541 shares of the company’s stock in a transaction on Monday, February 6th. The stock was sold at an average price of $49.49, for a total value of $175,244.09. Following the sale, the chief executive officer now directly owns 483,946 shares of the company’s stock, valued at $23,950,487.54. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Ciena news, SVP Scott Mcfeely sold 2,500 shares of the business’s stock in a transaction on Monday, April 17th. The stock was sold at an average price of $50.77, for a total value of $126,925.00. Following the sale, the senior vice president now directly owns 100,230 shares of the company’s stock, valued at $5,088,677.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Gary B. Smith sold 3,541 shares of the firm’s stock in a transaction on Monday, February 6th. The shares were sold at an average price of $49.49, for a total value of $175,244.09. Following the transaction, the chief executive officer now owns 483,946 shares of the company’s stock, valued at $23,950,487.54. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 25,664 shares of company stock valued at $1,274,224. 0.99% of the stock is currently owned by company insiders.

Ciena Price Performance

CIEN stock opened at $43.82 on Friday. The firm has a market cap of $6.54 billion, a P/E ratio of 35.92, a P/E/G ratio of 1.41 and a beta of 1.01. The firm’s fifty day moving average is $49.04 and its 200 day moving average is $48.20. Ciena Co. has a 52 week low of $38.33 and a 52 week high of $56.53. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.54 and a current ratio of 3.70.

Ciena (NYSE:CIEN – Get Rating) last announced its quarterly earnings data on Monday, March 6th. The communications equipment provider reported $0.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.36 by $0.28. The firm had revenue of $1.06 billion for the quarter, compared to analysts’ expectations of $959.04 million. Ciena had a return on equity of 8.22% and a net margin of 4.77%. The company’s revenue for the quarter was up 25.1% compared to the same quarter last year. During the same period last year, the firm earned $0.35 earnings per share. Research analysts predict that Ciena Co. will post 2.16 earnings per share for the current year.

Ciena Company Profile

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Ciena Corp. engages in the provision of network and communication infrastructure. It operates through the following segments: Networking Platforms, Platform Software and Services, Blue Planet Automation Software and Services, and Global Services. The Networking Platforms segment consists of Converged Packet Optical and Packet Networking portfolios.

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Institutional Ownership by Quarter for Ciena (NYSE:CIEN)

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