Circle Wealth Management LLC Acquires 1,167 Shares of Ciena Corporation $CIEN

Circle Wealth Management LLC grew its holdings in Ciena Corporation (NYSE:CIEN) by 9.5% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 13,467 shares of the communications equipment provider’s stock after acquiring an additional 1,167 shares during the quarter. Circle Wealth Management LLC’s holdings in Ciena were worth $3,150,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. KBC Group NV increased its holdings in shares of Ciena by 11.3% in the fourth quarter. KBC Group NV now owns 31,161 shares of the communications equipment provider’s stock worth $7,288,000 after acquiring an additional 3,156 shares in the last quarter. FengHe Fund Management Pte. Ltd. increased its holdings in shares of Ciena by 164.0% in the fourth quarter. FengHe Fund Management Pte. Ltd. now owns 660,988 shares of the communications equipment provider’s stock worth $154,585,000 after acquiring an additional 410,588 shares in the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of Ciena by 53.8% in the fourth quarter. Goldman Sachs Group Inc. now owns 445,359 shares of the communications equipment provider’s stock worth $104,156,000 after acquiring an additional 155,712 shares in the last quarter. Peak Financial Advisors LLC increased its holdings in shares of Ciena by 222.7% in the fourth quarter. Peak Financial Advisors LLC now owns 11,596 shares of the communications equipment provider’s stock worth $2,712,000 after acquiring an additional 8,003 shares in the last quarter. Finally, DNB Asset Management AS increased its holdings in Ciena by 1,095.8% during the 4th quarter. DNB Asset Management AS now owns 27,527 shares of the communications equipment provider’s stock worth $6,438,000 after purchasing an additional 25,225 shares in the last quarter. 91.99% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, SVP Jason Phipps sold 22,014 shares of the business’s stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $409.80, for a total transaction of $9,021,337.20. Following the transaction, the senior vice president directly owned 68 shares in the company, 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 filing with the Securities & Exchange Commission, 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 Ciena stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $415.51, for a total transaction of $1,226,585.52. Following the completion of the transaction, the chief executive officer directly owned 281,365 shares of the company’s stock, valued at approximately $116,909,971.15. This trade represents a 1.04% decrease in their position. 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 three months, insiders have sold 44,174 shares of company stock worth $19,502,359. Insiders own 0.58% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on CIEN shares. Northland Securities set a $450.00 target price on Ciena in a report on Friday, June 5th. Raymond James Financial increased their target price on Ciena from $320.00 to $530.00 and gave the stock an “outperform” rating in a report on Thursday, June 4th. Needham & Company LLC increased their target price on Ciena from $470.00 to $600.00 and gave the stock a “buy” rating in a report on Thursday, June 4th. Zacks Research cut Ciena from a “strong-buy” rating to a “hold” rating in a report on Wednesday, June 3rd. Finally, Weiss Ratings upgraded Ciena from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, June 5th. Thirteen analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $530.56.

Ciena Stock Up 0.0%

Ciena stock opened at $445.32 on Friday. The company has a market cap of $63.04 billion, a P/E ratio of 148.44 and a beta of 1.24. Ciena Corporation has a 1-year low of $71.72 and a 1-year high of $637.51. The company has a fifty day simple moving average of $521.49 and a 200 day simple moving average of $363.71. 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 (NYSE:CIEN) last released its earnings results on Thursday, June 4th. The communications equipment provider reported $1.64 earnings per share for the quarter, beating analysts’ consensus estimates of $1.46 by $0.18. The business 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 firm’s revenue for the quarter was up 39.5% compared to the same quarter last year. During the same quarter last year, the firm earned $0.42 earnings per share. Research analysts anticipate that Ciena Corporation will post 5.41 earnings per share for the current fiscal year.

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.