Archer Investment Corp purchased a new stake in shares of Ciena Corporation (NYSE:CIEN – Free Report) in the first quarter, according to its most recent disclosure with the SEC. The firm purchased 1,360 shares of the communications equipment provider’s stock, valued at approximately $528,000.
A number of other institutional investors have also recently added to or reduced their stakes in the company. Elyxium Wealth LLC purchased a new position in Ciena in the 4th quarter valued at about $2,747,810,000. State Street Corp lifted its stake in shares of Ciena by 17.2% in the fourth quarter. State Street Corp now owns 5,102,409 shares of the communications equipment provider’s stock worth $1,193,300,000 after acquiring an additional 750,128 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of Ciena by 53.0% in the fourth 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 in the last quarter. Bank of America Corp DE boosted its holdings in Ciena by 10.4% in the second 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 purchasing an additional 329,821 shares during the last quarter. Finally, Corient Private Wealth LLC boosted its holdings in Ciena by 30,114.5% in the fourth quarter. Corient Private Wealth LLC now owns 2,870,677 shares of the communications equipment provider’s stock valued at $671,365,000 after purchasing an additional 2,861,176 shares during the last quarter. Institutional investors and hedge funds own 91.99% of the company’s stock.
Ciena Trading Down 3.4%
Shares of NYSE CIEN opened at $445.18 on Tuesday. Ciena Corporation has a 12-month low of $76.89 and a 12-month high of $637.51. The company has a market cap of $63.01 billion, a price-to-earnings ratio of 148.39 and a beta of 1.27. The company has a current ratio of 2.73, a quick ratio of 2.11 and a debt-to-equity ratio of 0.53. The stock’s 50 day simple moving average is $506.68 and its 200 day simple moving average is $400.21.
Wall Street Analyst Weigh In
A number of equities analysts have issued reports on CIEN shares. Citigroup upped their target price on Ciena from $345.00 to $658.00 and gave the company a “buy” rating in a research report on Monday, May 18th. Needham & Company LLC reissued a “buy” rating and issued a $600.00 target price on shares of Ciena in a research report on Tuesday, June 23rd. Rothschild & Co Redburn began coverage on shares of Ciena in a research note on Friday, May 1st. They issued a “neutral” rating and a $416.00 target price on the stock. JPMorgan Chase & Co. increased their price target on shares of Ciena from $380.00 to $550.00 and gave the stock an “overweight” rating in a research report on Thursday, April 16th. Finally, Zacks Research upgraded Ciena from a “hold” rating to a “strong-buy” rating in a research note on Thursday, July 2nd. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat.com, Ciena currently has an average rating of “Moderate Buy” and an average target price of $530.56.
Read Our Latest Stock Analysis on CIEN
Insider Activity
In related news, CEO Gary B. Smith sold 2,952 shares of Ciena stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $562.05, for a total value of $1,659,171.60. Following the sale, the chief executive officer directly owned 272,509 shares in the company, valued at $153,163,683.45. This trade represents a 1.07% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Brodie Gage sold 1,200 shares of the business’s stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $466.10, for a total transaction of $559,320.00. Following the transaction, the senior vice president directly owned 42,741 shares of the company’s stock, valued at $19,921,580.10. The trade was a 2.73% 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 three months, insiders sold 22,827 shares of company stock worth $11,541,133. 0.58% of the stock is owned by insiders.
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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