Circle Wealth Management LLC Purchases 1,167 Shares of Ciena Corporation $CIEN

Circle Wealth Management LLC grew its position in Ciena Corporation (NYSE:CIEN) by 9.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 13,467 shares of the communications equipment provider’s stock after acquiring an additional 1,167 shares during the period. Circle Wealth Management LLC’s holdings in Ciena were worth $3,150,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Quadrant Capital Group LLC boosted its position in Ciena by 1.3% during the fourth quarter. Quadrant Capital Group LLC now owns 14,383 shares of the communications equipment provider’s stock worth $3,364,000 after purchasing an additional 186 shares during the period. Laurel Oak Wealth Management LLC bought a new position in Ciena during the fourth quarter worth $422,000. Hollencrest Capital Management bought a new position in Ciena during the fourth quarter worth $767,000. Federation des caisses Desjardins du Quebec boosted its position in Ciena by 6.0% during the fourth quarter. Federation des caisses Desjardins du Quebec now owns 11,223 shares of the communications equipment provider’s stock worth $2,623,000 after purchasing an additional 635 shares during the period. Finally, DRW Securities LLC bought a new position in Ciena during the fourth quarter worth $331,000. Institutional investors own 91.99% of the company’s stock.

Ciena Stock Performance

NYSE:CIEN opened at $445.32 on Friday. The stock has a fifty day moving average price of $521.49 and a 200-day moving average price of $363.71. The company has a market cap of $63.04 billion, a price-to-earnings ratio of 148.44 and a beta of 1.24. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.11 and a current ratio of 2.73. Ciena Corporation has a fifty-two week low of $71.72 and a fifty-two week high of $637.51.

Ciena (NYSE:CIEN) last released its earnings results on Thursday, June 4th. The communications equipment provider reported $1.64 earnings per share for the quarter, beating analysts’ consensus estimates of $1.46 by $0.18. The firm had revenue of $1.57 billion during the quarter, compared to the consensus estimate of $1.50 billion. Ciena had a return on equity of 18.15% and a net margin of 7.87%.The company’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. As a group, equities analysts anticipate that Ciena Corporation will post 5.41 EPS for the current fiscal year.

Insiders Place Their Bets

In other Ciena news, SVP Jason Phipps sold 22,014 shares of the company’s 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 completion of the sale, the senior vice president directly 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 document filed with the Securities & Exchange Commission, which is available at the SEC website. 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 on Friday, May 15th. The stock was sold at an average price of $570.65, for a total value of $684,780.00. Following the sale, the senior vice president owned 43,941 shares of the company’s stock, valued at $25,074,931.65. The trade was a 2.66% 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. Insiders sold 44,174 shares of company stock worth $19,502,359 over the last three months. Insiders own 0.58% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Bank of America lifted their price objective 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. Raymond James Financial upped their price objective on Ciena from $320.00 to $530.00 and gave the company an “outperform” rating in a report on Thursday, June 4th. TD Cowen upped their price objective on Ciena from $425.00 to $675.00 and gave the company a “buy” rating in a report on Friday, May 15th. UBS Group raised their target price on shares of Ciena from $285.00 to $508.00 and gave the stock a “neutral” rating in a report on Friday, June 5th. Finally, Argus set a $650.00 price target on shares of Ciena in a research report on Friday, June 5th. Thirteen equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $530.56.

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.