Pension & Wealth Management Advisors Inc. acquired a new position in shares of Ciena Corporation (NYSE:CIEN – Free Report) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,872 shares of the communications equipment provider’s stock, valued at approximately $659,000.
Other institutional investors and hedge funds also recently modified their holdings of the company. Corient Private Wealth LLC grew its holdings 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 buying an additional 2,861,176 shares in the last quarter. Bank of New York Mellon Corp bought a new stake in Ciena in the 2nd quarter valued at approximately $404,948,000. Amanah Holdings Trust bought a new stake in Ciena in the 4th quarter valued at approximately $46,774,000. Hsbc Holdings PLC lifted its stake in Ciena by 309.8% in the 1st quarter. Hsbc Holdings PLC now owns 223,203 shares of the communications equipment provider’s stock valued at $86,509,000 after acquiring an additional 168,736 shares in the last quarter. Finally, SG Americas Securities LLC boosted its position in Ciena by 147.3% during the 1st quarter. SG Americas Securities LLC now owns 190,949 shares of the communications equipment provider’s stock worth $74,132,000 after acquiring an additional 113,744 shares during the last quarter. 91.99% of the stock is owned by institutional investors and hedge funds.
Insider Activity
In related news, Director Bruce Claflin sold 2,857 shares of Ciena stock in a transaction dated Thursday, September 24th. The shares were sold at an average price of $355.91, for a total transaction of $1,016,834.87. Following the completion of the sale, the director owned 8,279 shares of the company’s stock, valued at approximately $2,946,578.89. The trade was a 25.66% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Thomas Nevens sold 3,738 shares of the company’s stock in a transaction dated Wednesday, September 23rd. The shares were sold at an average price of $359.04, for a total transaction of $1,342,091.52. Following the completion of the transaction, the director owned 6,289 shares in the company, valued at approximately $2,258,002.56. This trade represents a 37.28% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 31,862 shares of company stock valued at $12,017,320. 0.58% of the stock is owned by company insiders.
Analyst Ratings Changes
Several brokerages have recently weighed in on CIEN. Citigroup reaffirmed a “buy” rating on shares of Ciena in a research note on Friday, September 4th. Morgan Stanley reissued a “positive” rating on shares of Ciena in a research report on Thursday, September 17th. Northland Securities set a $550.00 target price on shares of Ciena in a report on Thursday, September 17th. Bank of America reaffirmed a “buy” rating on shares of Ciena in a research report on Thursday, August 20th. Finally, Evercore upgraded shares of Ciena from an “in-line” rating to an “outperform” rating and set a $550.00 price target on the stock in a research note on Monday, September 21st. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, Ciena has an average rating of “Moderate Buy” and a consensus target price of $506.11.
Get Our Latest Stock Report on CIEN
Ciena Stock Down 7.0%
Shares of NYSE:CIEN traded down $24.79 during trading on Friday, hitting $331.73. 3,195,408 shares of the company were exchanged, compared to its average volume of 2,973,466. Ciena Corporation has a fifty-two week low of $159.56 and a fifty-two week high of $637.51. The stock has a market cap of $47.04 billion, a price-to-earnings ratio of 74.05, a P/E/G ratio of 4.95 and a beta of 1.28. The company has a current ratio of 3.80, a quick ratio of 3.17 and a debt-to-equity ratio of 1.06. The firm has a fifty day moving average price of $376.08 and a two-hundred day moving average price of $440.27.
Ciena (NYSE:CIEN – Get Free Report) last announced its quarterly earnings data on Thursday, September 3rd. The communications equipment provider reported $2.11 EPS for the quarter, beating analysts’ consensus estimates of $1.73 by $0.38. The company had revenue of $1.67 billion during the quarter, compared to the consensus estimate of $1.64 billion. Ciena had a net margin of 10.87% and a return on equity of 25.33%. The company’s quarterly revenue was up 37.0% on a year-over-year basis. During the same quarter last year, the firm posted $0.35 EPS. As a group, research analysts anticipate that Ciena Corporation will post 6.00 earnings per share for the current fiscal year.
Ciena Profile
Ciena Corporation is a networking technology company that provides communications infrastructure, software and services for telecommunications providers, cloud operators, enterprises, governments and research institutions. Its solutions are designed to help organizations build, manage and automate high-capacity networks that support applications such as cloud computing, broadband connectivity, data center interconnection and 5G services.
The company’s portfolio includes optical networking systems and coherent optical technologies, routing and switching platforms, broadband access solutions, network management software and professional services.
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