Cary Street Partners Financial LLC Acquires New Holdings in Ciena Corporation $CIEN

Cary Street Partners Financial LLC acquired a new stake in shares of Ciena Corporation (NYSE:CIEN) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 1,522 shares of the communications equipment provider’s stock, valued at approximately $356,000.

A number of other institutional investors have also recently bought and sold shares of CIEN. Community Bank N.A. bought a new position in Ciena during the third quarter worth about $25,000. Assetmark Inc. lifted its holdings in Ciena by 50.4% during the third quarter. Assetmark Inc. now owns 200 shares of the communications equipment provider’s stock worth $29,000 after acquiring an additional 67 shares in the last quarter. Ameritas Advisory Services LLC lifted its holdings in Ciena by 104.0% during the third quarter. Ameritas Advisory Services LLC now owns 204 shares of the communications equipment provider’s stock worth $30,000 after acquiring an additional 104 shares in the last quarter. Hilltop National Bank bought a new position in Ciena during the fourth quarter worth about $35,000. Finally, Clearstead Advisors LLC lifted its holdings in Ciena by 42.5% during the third quarter. Clearstead Advisors LLC now owns 312 shares of the communications equipment provider’s stock worth $45,000 after acquiring an additional 93 shares in the last quarter. Institutional investors and hedge funds own 91.99% of the company’s stock.

Ciena Price Performance

CIEN stock opened at $580.59 on Friday. The stock has a 50-day moving average price of $500.69 and a two-hundred day moving average price of $341.74. The stock has a market cap of $82.09 billion, a PE ratio of 369.80, a price-to-earnings-growth ratio of 1.90 and a beta of 1.24. The company has a current ratio of 2.81, a quick ratio of 2.14 and a debt-to-equity ratio of 0.55. Ciena Corporation has a 1 year low of $70.77 and a 1 year high of $605.61.

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

Insiders Place Their Bets

In other Ciena news, SVP Jason Phipps sold 22,014 shares of the company’s stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $409.80, for a total transaction of $9,021,337.20. Following the completion of the transaction, the senior vice president owned 68 shares of the company’s stock, valued at $27,866.40. This represents a 99.69% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Brodie Gage sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 24th. The stock was sold at an average price of $405.00, for a total value of $2,025,000.00. Following the transaction, the senior vice president directly owned 46,341 shares of the company’s stock, valued at approximately $18,768,105. This trade represents a 9.74% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 44,174 shares of company stock valued at $18,878,661 in the last quarter. 0.58% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research firms have weighed in on CIEN. Needham & Company LLC lifted their target price on Ciena from $280.00 to $370.00 and gave the stock a “buy” rating in a report on Thursday, March 5th. Wolfe Research restated an “outperform” rating and set a $375.00 target price on shares of Ciena in a report on Thursday, March 5th. JPMorgan Chase & Co. raised their target price on shares of Ciena from $380.00 to $550.00 and gave the stock an “overweight” rating in a report on Thursday, April 16th. Citigroup raised their target price on shares of Ciena from $345.00 to $658.00 and gave the stock a “buy” rating in a report on Monday, May 18th. Finally, Rothschild & Co Redburn started coverage on shares of Ciena in a report on Friday, May 1st. They set a “neutral” rating and a $416.00 target price on the stock. 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 company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $406.61.

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.