Patriot Financial Group Insurance Agency LLC bought a new stake in Ciena Corporation (NYSE:CIEN – Free Report) in the first quarter, Holdings Channel.com reports. The institutional investor bought 1,470 shares of the communications equipment provider’s stock, valued at approximately $571,000.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Elyxium Wealth LLC acquired a new position in Ciena during the 4th quarter worth approximately $2,747,810,000. Corient Private Wealth LLC raised its position in shares of Ciena by 30,114.5% during the fourth quarter. Corient Private Wealth LLC now owns 2,870,677 shares of the communications equipment provider’s stock worth $671,365,000 after purchasing an additional 2,861,176 shares during the period. Lone Pine Capital LLC acquired a new position in shares of Ciena during the third quarter worth approximately $292,310,000. Price T Rowe Associates Inc. MD lifted its holdings in shares of 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 purchasing an additional 1,404,132 shares in the last quarter. Finally, Atreides Management LP bought a new position in shares of Ciena in the 2nd quarter worth $102,705,000. 91.99% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In
A number of analysts have commented on the stock. 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. Rothschild & Co Redburn initiated coverage on shares of Ciena in a research note on Friday, May 1st. They issued a “neutral” rating and a $416.00 price objective on the stock. Wolfe Research reiterated an “outperform” rating and set a $375.00 price objective on shares of Ciena in a report on Thursday, March 5th. Citigroup boosted their target price on shares of Ciena from $345.00 to $658.00 and gave the stock a “buy” rating in a research report on Monday, May 18th. Finally, B. Riley Financial upped their target price on shares of Ciena from $283.00 to $531.00 and gave the stock a “neutral” rating in a report on Tuesday, June 2nd. Thirteen analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. According to data from MarketBeat, Ciena has a consensus rating of “Moderate Buy” and a consensus price target of $530.56.
Insider Activity
In other Ciena news, SVP Joseph Cumello sold 1,586 shares of Ciena stock in a transaction that occurred on Friday, June 26th. The shares were sold at an average price of $466.33, for a total transaction of $739,599.38. Following the transaction, the senior vice president owned 42,872 shares of the company’s stock, valued at $19,992,499.76. This trade represents a 3.57% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Gary B. Smith sold 2,952 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the chief executive officer owned 266,605 shares in the company, valued at $121,843,817.10. The trade was 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. Over the last quarter, insiders sold 17,120 shares of company stock valued at $8,872,766. 0.58% of the stock is currently owned by company insiders.
Ciena Price Performance
CIEN opened at $490.47 on Wednesday. Ciena Corporation has a 1 year low of $76.89 and a 1 year high of $637.51. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.73 and a quick ratio of 2.11. The company has a market capitalization of $69.43 billion, a price-to-earnings ratio of 163.49 and a beta of 1.24. The firm’s fifty day moving average price is $517.86 and its two-hundred day moving average price is $386.41.
Ciena (NYSE:CIEN – Get Free Report) last announced its earnings results on Thursday, June 4th. The communications equipment provider reported $1.64 EPS for the quarter, beating the consensus estimate of $1.46 by $0.18. Ciena had a net margin of 7.87% and a return on equity of 18.15%. The company had revenue of $1.57 billion during the quarter, compared to the consensus estimate of $1.50 billion. During the same quarter in the prior year, the company posted $0.42 earnings per share. The firm’s revenue for the quarter was up 39.5% on a year-over-year basis. As a group, analysts anticipate that Ciena Corporation will post 5.4 earnings per share for the current fiscal year.
About Ciena
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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