Janney Montgomery Scott LLC Acquires 5,048 Shares of Ciena Corporation $CIEN

Janney Montgomery Scott LLC increased its holdings in shares of Ciena Corporation (NYSE:CIEN) by 54.3% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 14,348 shares of the communications equipment provider’s stock after buying an additional 5,048 shares during the period. Janney Montgomery Scott LLC’s holdings in Ciena were worth $5,570,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in CIEN. Pictet Asset Management Holding SA raised its stake in shares of Ciena by 6.0% during the first quarter. Pictet Asset Management Holding SA now owns 59,834 shares of the communications equipment provider’s stock valued at $23,223,000 after acquiring an additional 3,411 shares during the last quarter. Union Bancaire Privee UBP SA bought a new stake in shares of Ciena in the first quarter worth $5,670,000. WT Wealth Management bought a new stake in shares of Ciena in the first quarter worth $249,000. Maridea Wealth Management LLC acquired a new stake in Ciena in the first quarter valued at $810,000. Finally, Pinnacle Wealth Management Advisory Group LLC bought a new position in Ciena during the 1st quarter worth $263,000. 91.99% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, SVP Joseph Cumello sold 1,586 shares of the company’s stock in a transaction on Friday, June 26th. The stock was sold at an average price of $466.33, for a total transaction of $739,599.38. Following the completion of the sale, the senior vice president owned 42,872 shares in the company, valued at approximately $19,992,499.76. This represents a 3.57% decrease in their ownership of the stock. The sale was disclosed in a 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, CEO Gary B. Smith sold 2,952 shares of the stock in a transaction on Friday, May 15th. The shares were sold at an average price of $562.05, for a total value of $1,659,171.60. Following the completion of the sale, the chief executive officer directly owned 272,509 shares of the company’s stock, valued at $153,163,683.45. The trade was a 1.07% 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. Insiders have sold 17,120 shares of company stock worth $8,872,766 over the last three months. Company insiders own 0.58% of the company’s stock.

Ciena Trading Up 0.0%

NYSE:CIEN opened at $422.47 on Friday. 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 Corporation has a one year low of $76.89 and a one year high of $637.51. The company has a market cap of $59.80 billion, a PE ratio of 140.82 and a beta of 1.27. The firm has a 50-day moving average of $513.83 and a 200-day moving average of $389.62.

Ciena (NYSE:CIEN) last announced its quarterly earnings results on Thursday, June 4th. The communications equipment provider reported $1.64 earnings per share for the quarter, beating the consensus estimate of $1.46 by $0.18. The business had revenue of $1.57 billion for the quarter, compared to analysts’ expectations 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 EPS. As a group, equities research analysts expect that Ciena Corporation will post 5.4 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have commented on the company. Raymond James Financial lifted 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. Barclays raised their price target on shares of Ciena from $372.00 to $607.00 and gave the stock an “overweight” rating in a report on Friday, June 5th. UBS Group upped their price target on shares of Ciena from $285.00 to $508.00 and gave the company a “neutral” rating in a research report on Friday, June 5th. Stifel Nicolaus set a $615.00 target price on Ciena in a research note on Friday, May 29th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $600.00 target price on shares of Ciena in a report on Tuesday, June 23rd. Thirteen analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $530.56.

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.