1,908 Shares in Ciena Corporation $CIEN Acquired by Journey Strategic Wealth LLC

Journey Strategic Wealth LLC acquired a new stake in Ciena Corporation (NYSE:CIEN) during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 1,908 shares of the communications equipment provider’s stock, valued at approximately $278,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Assetmark Inc. increased its stake in shares of Ciena by 50.4% in the third quarter. Assetmark Inc. now owns 200 shares of the communications equipment provider’s stock worth $29,000 after acquiring an additional 67 shares during the last quarter. Global Retirement Partners LLC grew its stake in Ciena by 11.1% in the third quarter. Global Retirement Partners LLC now owns 698 shares of the communications equipment provider’s stock valued at $102,000 after purchasing an additional 70 shares in the last quarter. Nisa Investment Advisors LLC grew its stake in Ciena by 1.3% in the third quarter. Nisa Investment Advisors LLC now owns 6,475 shares of the communications equipment provider’s stock valued at $943,000 after purchasing an additional 80 shares in the last quarter. GAMMA Investing LLC raised its stake in shares of Ciena by 2.3% during the 3rd quarter. GAMMA Investing LLC now owns 4,071 shares of the communications equipment provider’s stock worth $593,000 after purchasing an additional 92 shares in the last quarter. Finally, Clearstead Advisors LLC lifted its holdings in shares of Ciena by 42.5% during the 3rd quarter. Clearstead Advisors LLC now owns 312 shares of the communications equipment provider’s stock valued at $45,000 after buying an additional 93 shares during the last quarter. Hedge funds and other institutional investors own 91.99% of the company’s stock.

Ciena Price Performance

NYSE CIEN opened at $344.40 on Thursday. The stock has a 50-day simple moving average of $272.59 and a 200 day simple moving average of $203.00. Ciena Corporation has a twelve month low of $49.21 and a twelve month high of $365.90. The stock has a market capitalization of $48.72 billion, a PE ratio of 405.18, a P/E/G ratio of 1.85 and a beta of 1.08. The company has a debt-to-equity ratio of 0.56, a quick ratio of 2.09 and a current ratio of 2.73.

Ciena (NYSE:CIEN) last released its earnings results on Thursday, December 11th. The communications equipment provider reported $0.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.76 by $0.15. Ciena had a return on equity of 8.38% and a net margin of 2.59%.The firm had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.29 billion. During the same quarter last year, the firm posted $0.54 EPS. The company’s revenue was up 20.1% on a year-over-year basis. Research analysts anticipate that Ciena Corporation will post 1.6 EPS for the current year.

Insiders Place Their Bets

In other Ciena news, SVP Joseph Cumello sold 11,929 shares of the stock in a transaction on Monday, January 12th. The shares were sold at an average price of $229.82, for a total value of $2,741,522.78. Following the completion of the sale, the senior vice president directly owned 49,475 shares of the company’s stock, valued at $11,370,344.50. This represents a 19.43% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Jason Phipps sold 21,383 shares of the business’s stock in a transaction dated Thursday, January 15th. The stock was sold at an average price of $247.89, for a total transaction of $5,300,631.87. Following the transaction, the senior vice president owned 91,765 shares in the company, valued at approximately $22,747,625.85. The trade was a 18.90% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 156,235 shares of company stock valued at $36,941,890 in the last 90 days. 0.58% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research firms recently commented on CIEN. Rosenblatt Securities increased their price objective on Ciena from $175.00 to $305.00 and gave the stock a “buy” rating in a report on Friday, December 12th. UBS Group increased their price target on shares of Ciena from $120.00 to $230.00 and gave the stock a “neutral” rating in a research note on Friday, December 12th. Evercore set a $330.00 price objective on shares of Ciena in a report on Thursday, February 19th. Bank of America restated a “neutral” rating and set a $260.00 target price on shares of Ciena in a report on Tuesday, January 20th. Finally, B. Riley Financial reissued a “neutral” rating on shares of Ciena in a report on Friday, December 12th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and eight have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $260.80.

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.