Bull Harbor Capital LLC Takes Position in Ciena Corporation $CIEN

Bull Harbor Capital LLC purchased a new stake in Ciena Corporation (NYSE:CIEN) in the first quarter, HoldingsChannel reports. The fund purchased 3,883 shares of the communications equipment provider’s stock, valued at approximately $1,507,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Bogart Wealth LLC increased its stake in Ciena by 635.7% during the first quarter. Bogart Wealth LLC now owns 103 shares of the communications equipment provider’s stock worth $40,000 after acquiring an additional 89 shares during the last quarter. Transamerica Financial Advisors LLC lifted its stake in shares of Ciena by 71.0% in 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 last quarter. Whittier Trust Co. of Nevada Inc. lifted its stake in shares of Ciena by 85.5% in the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 141 shares of the communications equipment provider’s stock valued at $55,000 after purchasing an additional 65 shares during the last quarter. Truvestments Capital LLC lifted its stake in shares of Ciena by 45.3% in the 4th quarter. Truvestments Capital LLC now owns 154 shares of the communications equipment provider’s stock valued at $36,000 after purchasing an additional 48 shares during the last quarter. Finally, Ascentis Independent Advisors purchased a new position in shares of Ciena in the 1st quarter worth approximately $65,000. Hedge funds and other institutional investors own 91.99% of the company’s stock.

Ciena Stock Performance

Shares of Ciena stock opened at $330.32 on Thursday. The company has a quick ratio of 2.11, a current ratio of 2.73 and a debt-to-equity ratio of 0.53. The stock’s fifty day moving average is $465.91 and its two-hundred day moving average is $412.78. Ciena Corporation has a 52 week low of $84.41 and a 52 week high of $637.51. The company has a market capitalization of $46.76 billion, a PE ratio of 110.11 and a beta of 1.27.

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, topping the consensus estimate of $1.46 by $0.18. The business 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 business’s revenue for the quarter was up 39.5% compared to the same quarter last year. During the same period last year, the company earned $0.42 earnings per share. As a group, analysts expect that Ciena Corporation will post 5.4 earnings per share for the current year.

Analyst Ratings Changes

Several equities analysts have recently weighed in on CIEN shares. Citigroup boosted 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. Weiss Ratings downgraded Ciena from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday, July 24th. TD Cowen lifted their price objective on shares of Ciena from $425.00 to $675.00 and gave the stock a “buy” rating in a research note on Friday, May 15th. Zacks Research upgraded shares of Ciena from a “hold” rating to a “strong-buy” rating in a research report on Thursday, July 2nd. Finally, Stifel Nicolaus set a $615.00 target price on shares of Ciena in a research note on Friday, May 29th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $530.56.

Insider Buying and Selling

In other Ciena news, SVP Joseph Cumello sold 1,586 shares of the business’s stock in a transaction dated Friday, June 26th. The shares were sold at an average price of $466.33, for a total value of $739,599.38. Following the completion of the sale, the senior vice president directly owned 42,872 shares of the company’s stock, valued at $19,992,499.76. The trade was a 3.57% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Gary B. Smith sold 2,952 shares of the business’s stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $562.05, for a total transaction of $1,659,171.60. Following the completion of the sale, the chief executive officer directly owned 272,509 shares of the company’s stock, valued at approximately $153,163,683.45. This trade represents a 1.07% decrease in their ownership of the stock. 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. Insiders have sold a total of 21,627 shares of company stock worth $10,974,985 over the last ninety days. 0.58% of the stock is owned by 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.