Ciena Corporation $CIEN Shares Purchased by Corient Private Wealth LLC

Corient Private Wealth LLC raised its stake in Ciena Corporation (NYSE:CIEN) by 30,114.5% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 2,870,677 shares of the communications equipment provider’s stock after buying an additional 2,861,176 shares during the quarter. Corient Private Wealth LLC’s holdings in Ciena were worth $671,365,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently modified their holdings of CIEN. Transamerica Financial Advisors LLC boosted its stake in 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 purchasing an additional 44 shares during the period. Hilltop National Bank bought a new stake in shares of Ciena during the fourth quarter valued at approximately $35,000. Truvestments Capital LLC boosted its position in shares of Ciena by 45.3% during the fourth quarter. Truvestments Capital LLC now owns 154 shares of the communications equipment provider’s stock worth $36,000 after buying an additional 48 shares during the period. Community Bank N.A. acquired a new position in shares of Ciena during the third quarter worth approximately $25,000. Finally, Acumen Wealth Advisors LLC bought a new position in Ciena in the 4th quarter worth approximately $40,000. Institutional investors and hedge funds own 91.99% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on CIEN. JPMorgan Chase & Co. raised their target price on Ciena from $380.00 to $550.00 and gave the company an “overweight” rating in a research report on Thursday, April 16th. B. Riley Financial raised their price target on Ciena from $283.00 to $531.00 and gave the company a “neutral” rating in a report on Tuesday, June 2nd. Wolfe Research restated an “outperform” rating and set a $375.00 price objective on shares of Ciena in a research note on Thursday, March 5th. Stifel Nicolaus set a $615.00 price objective on shares of Ciena in a report on Friday, May 29th. Finally, Barclays increased their target price on shares of Ciena from $372.00 to $607.00 and gave the company an “overweight” rating in a research report on Friday, June 5th. Thirteen analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat.com, Ciena has a consensus rating of “Moderate Buy” and an average target price of $530.56.

Ciena Trading Down 2.0%

Shares of Ciena stock opened at $428.02 on Friday. The business has a fifty day simple moving average of $521.05 and a 200-day simple moving average of $371.61. Ciena Corporation has a fifty-two week low of $73.55 and a fifty-two week high of $637.51. The firm has a market cap of $60.59 billion, a price-to-earnings ratio of 142.67 and a beta of 1.24. The company has a quick ratio of 2.11, a current ratio of 2.73 and a debt-to-equity ratio of 0.53.

Ciena (NYSE:CIEN) last announced its quarterly earnings data on Thursday, June 4th. The communications equipment provider reported $1.64 earnings per share (EPS) for the quarter, topping 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 for the quarter, compared to analysts’ expectations of $1.50 billion. During the same quarter in the previous year, the company posted $0.42 EPS. The business’s revenue was up 39.5% compared to the same quarter last year. On average, equities analysts forecast that Ciena Corporation will post 5.4 EPS for the current fiscal year.

Insider Buying and Selling at Ciena

In other news, CEO Gary B. Smith sold 2,952 shares of the company’s stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $415.51, for a total transaction of $1,226,585.52. Following the completion of the sale, the chief executive officer directly owned 281,365 shares of the company’s stock, valued at $116,909,971.15. This represents a 1.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Jason Phipps sold 22,014 shares of the stock in a transaction on 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 completion of the transaction, the senior vice president owned 68 shares of the company’s stock, valued at $27,866.40. This trade represents a 99.69% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 45,374 shares of company stock valued at $20,349,470. Corporate insiders own 0.58% of the company’s stock.

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.