IRON Financial LLC Acquires New Position in Ciena Corporation $CIEN

IRON Financial LLC bought a new stake in Ciena Corporation (NYSE:CIEN) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 2,617 shares of the communications equipment provider’s stock, valued at approximately $1,016,000.

Other institutional investors also recently made changes to their positions in the company. Transamerica Financial Advisors LLC grew its stake in Ciena by 71.0% during the 4th quarter. Transamerica Financial Advisors LLC now owns 106 shares of the communications equipment provider’s stock worth $25,000 after buying an additional 44 shares during the last quarter. Hilltop National Bank acquired a new position in shares of Ciena during the fourth quarter valued at $35,000. Truvestments Capital LLC grew its position in shares of Ciena by 45.3% during the fourth quarter. Truvestments Capital LLC now owns 154 shares of the communications equipment provider’s stock worth $36,000 after acquiring an additional 48 shares during the last quarter. SJS Investment Consulting Inc. grew its position in shares of Ciena by 53.6% during the first quarter. SJS Investment Consulting Inc. now owns 169 shares of the communications equipment provider’s stock worth $66,000 after acquiring an additional 59 shares during the last quarter. Finally, Community Bank N.A. acquired a new stake in shares of Ciena in the 3rd quarter worth about $25,000. 91.99% of the stock is owned by institutional investors.

Ciena Stock Up 0.0%

NYSE CIEN opened at $422.47 on Friday. The company has a market capitalization of $59.80 billion, a P/E ratio of 140.82 and a beta of 1.27. Ciena Corporation has a 12 month low of $76.89 and a 12 month high of $637.51. The company’s 50 day simple moving average is $513.83 and its 200 day simple moving average is $389.62. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.73 and a quick ratio of 2.11.

Ciena (NYSE:CIEN) last announced its quarterly earnings data on Thursday, June 4th. The communications equipment provider reported $1.64 EPS for the quarter, beating 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 during the quarter, compared to the consensus estimate of $1.50 billion. During the same quarter in the prior year, the firm earned $0.42 EPS. The company’s quarterly revenue was up 39.5% compared to the same quarter last year. Equities research analysts expect that Ciena Corporation will post 5.4 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts have commented on the stock. Zacks Research cut shares of Ciena from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, June 3rd. Rosenblatt Securities boosted their price objective on Ciena from $350.00 to $720.00 and gave the stock a “buy” rating in a research report on Friday, June 5th. Argus set a $650.00 price objective on Ciena in a research report on Friday, June 5th. Northland Securities set a $450.00 price objective on Ciena in a report on Friday, June 5th. Finally, TD Cowen raised their target price on Ciena from $425.00 to $675.00 and gave the company a “buy” rating in a research report on Friday, May 15th. Thirteen analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $530.56.

Insider Activity

In related news, SVP Brodie Gage sold 1,200 shares of the company’s stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $570.65, for a total value of $684,780.00. Following the completion of the sale, the senior vice president owned 43,941 shares in the company, valued at approximately $25,074,931.65. This represents a 2.66% decrease in their position. The sale 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, CFO Marc D. Graff sold 126 shares of the company’s stock in a transaction on Wednesday, June 24th. The shares were sold at an average price of $449.36, for a total value of $56,619.36. Following the transaction, the chief financial officer directly owned 127,081 shares in the company, valued at $57,105,118.16. The trade was a 0.10% 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. In the last ninety days, insiders sold 17,120 shares of company stock valued at $8,872,766. 0.58% of the stock is currently owned by insiders.

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.