Corient Private Wealth LLC Has $5.69 Million Holdings in Ciena Corporation $CIEN

Corient Private Wealth LLC lifted its stake in shares of Ciena Corporation (NYSE:CIEN) by 155.9% in the 4th quarter, Holdings Channel reports. The fund owned 24,313 shares of the communications equipment provider’s stock after acquiring an additional 14,812 shares during the quarter. Corient Private Wealth LLC’s holdings in Ciena were worth $5,686,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in CIEN. Community Bank N.A. bought a new stake in Ciena in the 3rd quarter valued at $25,000. Transamerica Financial Advisors LLC boosted its stake in Ciena by 71.0% in the 4th quarter. Transamerica Financial Advisors LLC now owns 106 shares of the communications equipment provider’s stock worth $25,000 after purchasing an additional 44 shares during the period. Assetmark Inc. increased its holdings in Ciena by 50.4% during the 3rd quarter. Assetmark Inc. now owns 200 shares of the communications equipment provider’s stock worth $29,000 after purchasing an additional 67 shares in the last quarter. Hilltop National Bank bought a new position in Ciena during the 4th quarter worth about $35,000. Finally, Truvestments Capital LLC raised 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 period. 91.99% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, SVP Brodie Gage sold 1,200 shares of the company’s stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $466.10, for a total transaction of $559,320.00. Following the sale, the senior vice president owned 42,741 shares in the company, valued at approximately $19,921,580.10. This represents a 2.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through 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 stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $457.02, for a total value of $1,349,123.04. Following the transaction, the chief executive officer directly owned 266,605 shares of the company’s stock, valued at $121,843,817.10. This trade represents a 1.10% 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. Over the last quarter, insiders have sold 40,374 shares of company stock worth $18,324,470. Corporate insiders own 0.58% of the company’s stock.

Ciena Stock Up 4.5%

Shares of CIEN stock opened at $484.29 on Friday. The firm’s fifty day moving average price is $518.44 and its two-hundred day moving average price is $380.77. The company has a current ratio of 2.73, a quick ratio of 2.11 and a debt-to-equity ratio of 0.53. Ciena Corporation has a 1 year low of $76.89 and a 1 year high of $637.51. The firm has a market capitalization of $68.55 billion, a P/E ratio of 161.43 and a beta of 1.24.

Ciena (NYSE:CIEN) last posted its quarterly earnings data 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. The company had revenue of $1.57 billion during the quarter, compared to the consensus estimate of $1.50 billion. Ciena had a net margin of 7.87% and a return on equity of 18.15%. The company’s quarterly revenue was up 39.5% on a year-over-year basis. During the same period in the prior year, the business posted $0.42 EPS. On average, equities analysts predict that Ciena Corporation will post 5.41 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on CIEN shares. Barclays boosted their price target on Ciena from $372.00 to $607.00 and gave the company an “overweight” rating in a report on Friday, June 5th. UBS Group lifted 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. Wolfe Research reissued an “outperform” rating and issued a $375.00 target price on shares of Ciena in a research report on Thursday, March 5th. Zacks Research cut Ciena from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, June 3rd. Finally, Morgan Stanley upped their price target on Ciena from $405.00 to $490.00 and gave the stock an “equal weight” rating in a research report on Friday, June 5th. Thirteen analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $530.56.

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.