Walser Wealth Management Company A Ltd Liability Co bought a new position in shares of Ciena Corporation (NYSE:CIEN – Free Report) during the fourth quarter, according to its most recent filing with the SEC. The fund bought 5,197 shares of the communications equipment provider’s stock, valued at approximately $1,215,000. Ciena accounts for 0.6% of Walser Wealth Management Company A Ltd Liability Co’s investment portfolio, making the stock its 21st largest holding.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Elyxium Wealth LLC bought a new stake in Ciena in the fourth quarter worth about $2,747,810,000. State Street Corp boosted its stake in Ciena by 17.2% in the fourth quarter. State Street Corp now owns 5,102,409 shares of the communications equipment provider’s stock valued at $1,193,300,000 after acquiring an additional 750,128 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of Ciena by 53.0% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 4,051,625 shares of the communications equipment provider’s stock valued at $947,554,000 after acquiring an additional 1,404,132 shares during the period. Bank of America Corp DE grew its position in shares of Ciena by 10.4% during the 2nd quarter. Bank of America Corp DE now owns 3,495,795 shares of the communications equipment provider’s stock valued at $284,313,000 after acquiring an additional 329,821 shares during the period. Finally, Corient Private Wealth LLC grew its position 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 valued at $671,365,000 after acquiring an additional 2,861,176 shares during the period. 91.99% of the stock is owned by hedge funds and other institutional investors.
Insider Buying and Selling at Ciena
In other Ciena news, SVP Jason Phipps sold 22,014 shares of the stock in a transaction on Wednesday, April 1st. The stock was 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 in the company, valued at $27,866.40. This represents a 99.69% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Gary B. Smith sold 2,952 shares of the stock in a transaction on Monday, June 15th. The stock was sold at an average price of $457.02, for a total value of $1,349,123.04. Following the sale, the chief executive officer owned 266,605 shares in the company, valued at approximately $121,843,817.10. This represents a 1.10% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 45,374 shares of company stock valued at $20,349,470 in the last 90 days. 0.58% of the stock is currently owned by company insiders.
Ciena Price Performance
Ciena (NYSE:CIEN – Get Free Report) last announced its quarterly earnings results on Thursday, June 4th. The communications equipment provider reported $1.64 EPS for the quarter, beating analysts’ consensus estimates of $1.46 by $0.18. The company had revenue of $1.57 billion for the quarter, compared to analysts’ expectations of $1.50 billion. Ciena had a net margin of 7.87% and a return on equity of 18.15%. Ciena’s revenue was up 39.5% compared to the same quarter last year. During the same period in the prior year, the company posted $0.42 EPS. Equities analysts expect that Ciena Corporation will post 5.4 EPS for the current year.
Analyst Upgrades and Downgrades
CIEN has been the topic of a number of research reports. Northland Securities set a $450.00 price target on shares of Ciena in a report on Friday, June 5th. Barclays upped their price objective on Ciena from $372.00 to $607.00 and gave the company an “overweight” rating in a research note on Friday, June 5th. Wolfe Research reissued an “outperform” rating and set a $375.00 price objective on shares of Ciena in a report on Thursday, March 5th. Zacks Research downgraded Ciena from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, June 3rd. Finally, Evercore set a $330.00 target price on Ciena in a research note on Thursday, February 19th. Thirteen investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $530.56.
Check Out Our Latest Analysis on CIEN
Ciena Company 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.
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