EverSource Wealth Advisors LLC Has $5.64 Million Stake in Ciena Corporation $CIEN

EverSource Wealth Advisors LLC trimmed its position in shares of Ciena Corporation (NYSE:CIEN) by 6.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 24,113 shares of the communications equipment provider’s stock after selling 1,638 shares during the period. EverSource Wealth Advisors LLC’s holdings in Ciena were worth $5,639,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in CIEN. Jacobs Levy Equity Management Inc. acquired a new position in Ciena during the first quarter worth $395,000. Jones Financial Companies Lllp increased its holdings in Ciena by 139.6% during the first quarter. Jones Financial Companies Lllp now owns 5,253 shares of the communications equipment provider’s stock worth $317,000 after buying an additional 3,061 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of Ciena by 1.4% in the first quarter. Goldman Sachs Group Inc. now owns 222,054 shares of the communications equipment provider’s stock valued at $13,419,000 after purchasing an additional 3,117 shares during the last quarter. Focus Partners Wealth increased its holdings in shares of Ciena by 14.6% in the first quarter. Focus Partners Wealth now owns 5,762 shares of the communications equipment provider’s stock valued at $348,000 after purchasing an additional 733 shares during the last quarter. Finally, Franklin Resources Inc. acquired a new position in shares of Ciena in the second quarter valued at $234,000. 91.99% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CIEN has been the topic of several research reports. Bank of America upped their price objective on shares of Ciena from $355.00 to $550.00 and gave the company a “buy” rating in a report on Thursday, April 16th. Rosenblatt Securities upped their price objective on shares of Ciena from $305.00 to $350.00 and gave the company a “buy” rating in a report on Friday, March 6th. Barclays upped their price objective on shares of Ciena from $279.00 to $372.00 and gave the company an “overweight” rating in a report on Friday, March 6th. Weiss Ratings upgraded shares of Ciena from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, April 27th. Finally, Stifel Nicolaus upped their price objective on shares of Ciena from $430.00 to $585.00 and gave the company a “buy” rating in a report on Tuesday, May 5th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $398.83.

Insider Activity

In other news, SVP Jason Phipps sold 22,014 shares of the business’s stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $409.80, for a total value of $9,021,337.20. Following the completion of the sale, the senior vice president owned 68 shares of the company’s stock, valued at approximately $27,866.40. The trade was a 99.69% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Brodie Gage sold 1,200 shares of the business’s stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $570.65, for a total transaction of $684,780.00. Following the completion of the sale, the senior vice president directly owned 43,941 shares of the company’s stock, valued at approximately $25,074,931.65. The trade was a 2.66% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 44,174 shares of company stock valued at $18,878,661. 0.58% of the stock is owned by company insiders.

Ciena Trading Down 0.6%

Shares of Ciena stock opened at $583.65 on Friday. The firm has a 50-day moving average of $478.27 and a 200-day moving average of $328.12. The stock has a market cap of $82.53 billion, a PE ratio of 371.75, a PEG ratio of 1.92 and a beta of 1.24. Ciena Corporation has a 52-week low of $70.77 and a 52-week high of $599.50. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.14 and a current ratio of 2.81.

Ciena (NYSE:CIEN) last announced its earnings results on Thursday, March 5th. The communications equipment provider reported $1.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.17 by $0.18. The company had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.40 billion. Ciena had a net margin of 4.47% and a return on equity of 12.09%. Ciena’s quarterly revenue was up 33.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.64 earnings per share. As a group, sell-side analysts forecast that Ciena Corporation will post 5.12 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.