NewEdge Advisors LLC Acquires 6,132 Shares of Ciena Corporation $CIEN

NewEdge Advisors LLC raised its holdings in Ciena Corporation (NYSE:CIEN) by 80.0% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 13,795 shares of the communications equipment provider’s stock after acquiring an additional 6,132 shares during the period. NewEdge Advisors LLC’s holdings in Ciena were worth $5,356,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Asset Dedication LLC lifted its holdings in shares of Ciena by 2,100.0% during the 1st quarter. Asset Dedication LLC now owns 88 shares of the communications equipment provider’s stock worth $34,000 after acquiring an additional 84 shares during the last quarter. Bogart Wealth LLC increased its stake in Ciena by 635.7% in the first quarter. Bogart Wealth LLC now owns 103 shares of the communications equipment provider’s stock valued at $40,000 after acquiring an additional 89 shares during the last quarter. Transamerica Financial Advisors LLC raised its position in Ciena by 71.0% during the fourth 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 in the last quarter. Western Wealth Management LLC purchased a new stake in Ciena during the first quarter valued at about $49,000. Finally, Whittier Trust Co. of Nevada Inc. lifted its stake in Ciena by 85.5% during the first quarter. Whittier Trust Co. of Nevada Inc. now owns 141 shares of the communications equipment provider’s stock worth $55,000 after purchasing an additional 65 shares during the last quarter. Institutional investors own 91.99% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently issued reports on CIEN. Citigroup upped their price objective on Ciena from $345.00 to $658.00 and gave the stock a “buy” rating in a report on Monday, May 18th. UBS Group restated a “buy” rating on shares of Ciena in a research report on Tuesday, July 28th. Bank of America upped their target price on Ciena from $550.00 to $660.00 and gave the stock a “buy” rating in a research note on Tuesday, May 26th. Stifel Nicolaus set a $615.00 price target on shares of Ciena in a research report on Friday, May 29th. Finally, Weiss Ratings downgraded shares of Ciena from a “hold (c+)” rating to a “hold (c)” rating in a research note on Friday, July 24th. Thirteen research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat.com, Ciena has an average rating of “Moderate Buy” and a consensus target price of $530.56.

Insider Activity at Ciena

In other news, CEO Gary B. Smith sold 2,952 shares of the business’s stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $379.81, for a total value of $1,121,199.12. Following the sale, the chief executive officer directly owned 248,982 shares of the company’s stock, valued at $94,565,853.42. The trade was a 1.17% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Marc D. Graff sold 126 shares of the firm’s stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $466.20, for a total value of $58,741.20. Following the transaction, the chief financial officer directly owned 126,955 shares of the company’s stock, valued at approximately $59,186,421. This trade represents a 0.10% 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. Insiders sold a total of 21,627 shares of company stock valued at $10,508,776 over the last ninety days. Insiders own 0.58% of the company’s stock.

Ciena Stock Performance

Shares of NYSE:CIEN opened at $387.40 on Wednesday. The company has a current ratio of 2.73, a quick ratio of 2.11 and a debt-to-equity ratio of 0.53. The company has a market cap of $54.84 billion, a price-to-earnings ratio of 129.13 and a beta of 1.30. Ciena Corporation has a 12 month low of $84.41 and a 12 month high of $637.51. The company has a 50-day moving average price of $431.24 and a 200-day moving average price of $422.62.

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

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.