Bull Harbor Capital LLC Buys New Position in Ciena Corporation $CIEN

Bull Harbor Capital LLC bought a new stake in shares of Ciena Corporation (NYSE:CIEN) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 3,883 shares of the communications equipment provider’s stock, valued at approximately $1,507,000.

Several other institutional investors have also added to or reduced their stakes in the business. SmartHarvest Portfolios LLC boosted its stake in shares of Ciena by 1.8% during the 1st quarter. SmartHarvest Portfolios LLC now owns 1,142 shares of the communications equipment provider’s stock worth $443,000 after acquiring an additional 20 shares during the last quarter. Modera Wealth Management LLC grew its position in shares of Ciena by 1.8% during the 1st quarter. Modera Wealth Management LLC now owns 1,685 shares of the communications equipment provider’s stock valued at $654,000 after acquiring an additional 29 shares during the period. Whittier Trust Co. increased its stake in shares of Ciena by 9.5% in the 1st quarter. Whittier Trust Co. now owns 358 shares of the communications equipment provider’s stock worth $139,000 after purchasing an additional 31 shares in the last quarter. Parallel Advisors LLC increased its stake in shares of Ciena by 0.8% in the 4th quarter. Parallel Advisors LLC now owns 5,107 shares of the communications equipment provider’s stock worth $1,194,000 after purchasing an additional 43 shares in the last quarter. Finally, Transamerica Financial Advisors LLC raised 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 worth $25,000 after purchasing an additional 44 shares during the period. 91.99% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, CFO Marc D. Graff sold 126 shares of the stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $466.20, for a total transaction of $58,741.20. Following the completion of the transaction, the chief financial officer directly owned 126,955 shares in the company, valued at approximately $59,186,421. This represents a 0.10% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Gary B. Smith sold 2,952 shares of the firm’s stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $468.83, for a total transaction of $1,383,986.16. Following the completion of the transaction, the chief executive officer directly owned 254,886 shares of the company’s stock, valued at approximately $119,498,203.38. This trade represents a 1.14% 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. Over the last quarter, insiders have sold 21,627 shares of company stock worth $10,974,985. Insiders own 0.58% of the company’s stock.

Ciena Trading Down 5.8%

Shares of Ciena stock opened at $330.32 on Thursday. Ciena Corporation has a twelve month low of $84.41 and a twelve month high of $637.51. 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 business has a 50-day moving average price of $465.91 and a 200-day moving average price of $412.78. The firm has a market cap of $46.76 billion, a price-to-earnings ratio of 110.11 and a beta of 1.27.

Ciena (NYSE:CIEN) last posted its 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 for the quarter, compared to the consensus estimate of $1.50 billion. During the same period in the previous year, the business earned $0.42 earnings per share. The firm’s revenue for the quarter was up 39.5% on a year-over-year basis. Equities research analysts anticipate that Ciena Corporation will post 5.4 EPS for the current fiscal year.

Analyst Ratings Changes

CIEN has been the topic of several analyst reports. Barclays lifted their target price on Ciena from $372.00 to $607.00 and gave the company an “overweight” rating in a research report on Friday, June 5th. 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. Raymond James Financial raised their price objective on Ciena from $320.00 to $530.00 and gave the stock an “outperform” rating in a research note on Thursday, June 4th. Needham & Company LLC reaffirmed a “buy” rating on shares of Ciena in a research report on Tuesday. Finally, JPMorgan Chase & Co. boosted their price objective on Ciena from $380.00 to $550.00 and gave the company an “overweight” rating in a research note on Thursday, April 16th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, Ciena presently has a consensus rating of “Moderate Buy” and a consensus price target of $530.56.

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.