Maridea Wealth Management LLC Invests $810,000 in Ciena Corporation $CIEN

Maridea Wealth Management LLC purchased a new stake in Ciena Corporation (NYSE:CIEN) during the 1st quarter, Holdings Channel.com reports. The institutional investor purchased 2,087 shares of the communications equipment provider’s stock, valued at approximately $810,000.

Other hedge funds have also bought and sold shares of the company. Transamerica Financial Advisors LLC boosted its holdings in 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 period. Hilltop National Bank bought a new position in shares of Ciena during the fourth quarter worth approximately $35,000. Truvestments Capital LLC increased its holdings 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 purchasing an additional 48 shares during the period. Community Bank N.A. acquired a new stake in shares of Ciena in the third quarter valued at approximately $25,000. Finally, Acumen Wealth Advisors LLC acquired a new stake in shares of Ciena in the fourth quarter valued at approximately $40,000. 91.99% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. Northland Securities set a $450.00 price target on Ciena in a research report on Friday, June 5th. UBS Group upped their target price on Ciena from $285.00 to $508.00 and gave the company a “neutral” rating in a research report on Friday, June 5th. Raymond James Financial increased their target price on Ciena from $320.00 to $530.00 and gave the stock an “outperform” rating in a report on Thursday, June 4th. Bank of America increased their target price on Ciena from $550.00 to $660.00 and gave the stock a “buy” rating in a report on Tuesday, May 26th. Finally, Argus set a $650.00 price target on Ciena in a research note on Friday, June 5th. Thirteen analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $530.56.

Ciena Stock Performance

Shares of NYSE:CIEN opened at $481.36 on Friday. Ciena Corporation has a 1 year low of $76.89 and a 1 year high of $637.51. The stock has a market capitalization of $68.14 billion, a price-to-earnings ratio of 160.45 and a beta of 1.24. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.73 and a quick ratio of 2.11. The company’s 50 day simple moving average is $518.53 and its 200 day simple moving average is $381.48.

Ciena (NYSE:CIEN) last posted its quarterly earnings results on Thursday, June 4th. The communications equipment provider reported $1.64 EPS for the quarter, topping analysts’ consensus estimates of $1.46 by $0.18. Ciena had a return on equity of 18.15% and a net margin of 7.87%.The company had revenue of $1.57 billion during the quarter, compared to analysts’ expectations of $1.50 billion. During the same quarter in the previous year, the firm earned $0.42 EPS. Ciena’s revenue was up 39.5% on a year-over-year basis. As a group, research analysts predict that Ciena Corporation will post 5.4 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Marc D. Graff sold 126 shares of the firm’s stock in a transaction that occurred on Wednesday, June 24th. The shares were sold at an average price of $449.36, for a total value of $56,619.36. Following the sale, the chief financial officer directly owned 127,081 shares in the company, valued at approximately $57,105,118.16. This trade represents a 0.10% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Jason Phipps sold 22,014 shares of Ciena stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $409.80, for a total transaction of $9,021,337.20. Following the sale, the senior vice president directly owned 68 shares in the company, valued at $27,866.40. This trade represents a 99.69% 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. In the last three months, insiders have sold 40,500 shares of company stock worth $18,381,089. Insiders own 0.58% of the company’s stock.

Ciena Company 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.