Perigon Wealth Management LLC Makes New Investment in Ciena Corporation $CIEN

Perigon Wealth Management LLC acquired a new stake in Ciena Corporation (NYSE:CIEN) during the third quarter, HoldingsChannel reports. The firm acquired 2,116 shares of the communications equipment provider’s stock, valued at approximately $308,000.

Other hedge funds have also made changes to their positions in the company. Connective Portfolio Management LLC increased its position in Ciena by 11.9% in the 3rd quarter. Connective Portfolio Management LLC now owns 8,952 shares of the communications equipment provider’s stock valued at $1,290,000 after acquiring an additional 952 shares during the period. Burney Co. grew its stake in shares of Ciena by 5.4% in the 3rd quarter. Burney Co. now owns 17,928 shares of the communications equipment provider’s stock valued at $2,612,000 after purchasing an additional 924 shares during the last quarter. CWM LLC increased its holdings in shares of Ciena by 76.7% in the third quarter. CWM LLC now owns 45,848 shares of the communications equipment provider’s stock valued at $6,679,000 after purchasing an additional 19,899 shares during the period. Pacer Advisors Inc. raised its stake in shares of Ciena by 828.8% during the third quarter. Pacer Advisors Inc. now owns 27,027 shares of the communications equipment provider’s stock worth $3,937,000 after purchasing an additional 24,117 shares during the last quarter. Finally, Vontobel Holding Ltd. acquired a new stake in shares of Ciena during the third quarter worth $319,000. Institutional investors and hedge funds own 91.99% of the company’s stock.

Ciena Stock Up 5.2%

Shares of NYSE CIEN opened at $246.15 on Friday. The company has a quick ratio of 2.09, a current ratio of 2.73 and a debt-to-equity ratio of 0.56. Ciena Corporation has a 52 week low of $49.21 and a 52 week high of $248.50. The firm has a 50-day moving average price of $207.91 and a 200 day moving average price of $144.98. The stock has a market capitalization of $34.67 billion, a price-to-earnings ratio of 289.59, a price-to-earnings-growth ratio of 1.41 and a beta of 1.13.

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

Insider Buying and Selling

In related news, Director Thomas Michael Nevens sold 8,554 shares of the firm’s stock in a transaction that occurred on Monday, December 15th. The stock was sold at an average price of $224.66, for a total value of $1,921,741.64. Following the completion of the transaction, the director directly owned 9,422 shares of the company’s stock, valued at $2,116,746.52. This trade represents a 47.59% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Brodie Gage sold 550 shares of Ciena stock in a transaction on Monday, December 15th. The stock was sold at an average price of $220.84, for a total value of $121,462.00. Following the transaction, the senior vice president directly owned 39,992 shares of the company’s stock, valued at approximately $8,831,833.28. This represents a 1.36% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 43,565 shares of company stock worth $8,897,954 in the last quarter. Company insiders own 0.93% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently weighed in on CIEN shares. Stifel Nicolaus set a $270.00 price objective on shares of Ciena in a research report on Thursday, December 11th. Morgan Stanley set a $213.00 target price on shares of Ciena in a report on Wednesday, December 17th. Bank of America boosted their price target on shares of Ciena from $200.00 to $260.00 and gave the stock a “buy” rating in a research note on Friday, December 12th. BNP Paribas Exane raised shares of Ciena from a “neutral” rating to an “outperform” rating and set a $185.00 price target for the company in a report on Monday, October 13th. Finally, B. Riley reaffirmed a “neutral” rating on shares of Ciena in a report on Friday, December 12th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and seven have given a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $237.50.

About Ciena

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.