KCM Investment Advisors LLC acquired a new stake in shares of Ciena Corporation (NYSE:CIEN – Free Report) in the 4th quarter, Holdings Channel.com reports. The institutional investor acquired 1,246 shares of the communications equipment provider’s stock, valued at approximately $291,000.
Several other institutional investors also recently made changes to their positions in the stock. Parallel Advisors LLC grew its stake in shares of Ciena by 0.8% during the 4th quarter. Parallel Advisors LLC now owns 5,107 shares of the communications equipment provider’s stock valued at $1,194,000 after buying an additional 43 shares during the period. Transamerica Financial Advisors LLC grew its stake in shares of Ciena by 71.0% during the 4th quarter. Transamerica Financial Advisors LLC now owns 106 shares of the communications equipment provider’s stock valued at $25,000 after buying an additional 44 shares during the period. UMB Bank n.a. grew its stake in shares of Ciena by 2.9% during the 4th quarter. UMB Bank n.a. now owns 1,629 shares of the communications equipment provider’s stock valued at $381,000 after buying an additional 46 shares during the period. MassMutual Private Wealth & Trust FSB grew its stake in shares of Ciena by 9.7% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 710 shares of the communications equipment provider’s stock valued at $166,000 after buying an additional 63 shares during the period. Finally, Assetmark Inc. grew its stake in shares of Ciena by 50.4% during the 3rd quarter. Assetmark Inc. now owns 200 shares of the communications equipment provider’s stock valued at $29,000 after buying an additional 67 shares during the period. 91.99% of the stock is owned by hedge funds and other institutional investors.
Analyst Ratings Changes
Several analysts have recently issued reports on CIEN shares. Weiss Ratings raised shares of Ciena from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, June 5th. Northland Securities set a $450.00 price target on shares of Ciena in a research report on Friday, June 5th. Barclays upped their price target on shares of Ciena from $372.00 to $607.00 and gave the stock an “overweight” rating in a research report on Friday, June 5th. Bank of America upped their price target on shares of Ciena from $550.00 to $660.00 and gave the stock a “buy” rating in a research report on Tuesday, May 26th. Finally, Evercore set a $330.00 price target on shares of Ciena in a research report on Thursday, February 19th. Thirteen research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $530.56.
Ciena Stock Performance
Shares of CIEN stock opened at $462.19 on Tuesday. Ciena Corporation has a 12 month low of $72.56 and a 12 month 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 firm has a market capitalization of $65.42 billion, a P/E ratio of 154.06 and a beta of 1.24. The company’s fifty day moving average price is $521.76 and its two-hundred day moving average price is $366.77.
Ciena (NYSE:CIEN – Get Free Report) last issued its earnings results on Thursday, June 4th. The communications equipment provider reported $1.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.46 by $0.18. The business had revenue of $1.57 billion for the quarter, compared to analyst estimates of $1.50 billion. Ciena had a net margin of 7.87% and a return on equity of 18.15%. The company’s revenue for the quarter was up 39.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.42 EPS. On average, research analysts anticipate that Ciena Corporation will post 5.4 earnings per share for the current fiscal year.
Insider Activity
In other news, SVP Jason Phipps sold 22,014 shares of the company’s stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $409.80, for a total value of $9,021,337.20. Following the sale, the senior vice president owned 68 shares in the company, valued at approximately $27,866.40. This represents a 99.69% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed 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 company’s stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $570.65, for a total transaction of $684,780.00. Following the completion of the sale, the senior vice president owned 43,941 shares in the company, valued at approximately $25,074,931.65. This trade represents a 2.66% 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. In the last 90 days, insiders have sold 41,222 shares of company stock worth $18,441,027. 0.58% of the stock is currently owned by corporate 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.
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