Empirical Financial Services LLC d.b.a. Empirical Wealth Management Buys 1,660 Shares of Ciena Corporation $CIEN

Empirical Financial Services LLC d.b.a. Empirical Wealth Management grew its position in shares of Ciena Corporation (NYSE:CIEN) by 169.9% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,637 shares of the communications equipment provider’s stock after buying an additional 1,660 shares during the quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management’s holdings in Ciena were worth $1,024,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently modified their holdings of the company. Transamerica Financial Advisors LLC increased its position in Ciena by 71.0% during the fourth quarter. Transamerica Financial Advisors LLC now owns 106 shares of the communications equipment provider’s stock valued at $25,000 after acquiring an additional 44 shares during the last quarter. Hilltop National Bank purchased a new position in Ciena in the fourth quarter worth about $35,000. Truvestments Capital LLC grew its stake in shares of Ciena by 45.3% during the 4th quarter. Truvestments Capital LLC now owns 154 shares of the communications equipment provider’s stock valued at $36,000 after purchasing an additional 48 shares during the period. Acumen Wealth Advisors LLC bought a new stake in shares of Ciena during the 4th quarter valued at about $40,000. Finally, Bogart Wealth LLC increased its position in shares of Ciena by 635.7% during the 1st quarter. Bogart Wealth LLC now owns 103 shares of the communications equipment provider’s stock valued at $40,000 after purchasing an additional 89 shares during the last quarter. Institutional investors own 91.99% of the company’s stock.

Insider Activity at Ciena

In other news, SVP Joseph Cumello sold 1,586 shares of the stock in a transaction on Friday, June 26th. The shares were sold at an average price of $466.33, for a total value of $739,599.38. Following the completion of the sale, the senior vice president directly owned 42,872 shares of the company’s stock, valued at $19,992,499.76. This represents a 3.57% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Marc D. Graff sold 126 shares of the stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $466.20, for a total transaction of $58,741.20. Following the completion of the sale, the chief financial officer directly owned 126,955 shares of the company’s stock, valued at approximately $59,186,421. This trade represents 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. Insiders have sold 21,627 shares of company stock worth $10,974,985 in the last 90 days. Insiders own 0.58% of the company’s stock.

Ciena Stock Performance

Shares of CIEN opened at $418.13 on Thursday. The business has a 50-day simple moving average of $501.55 and a two-hundred day simple moving average of $402.93. The company has a quick ratio of 2.11, a current ratio of 2.73 and a debt-to-equity ratio of 0.53. Ciena Corporation has a 52 week low of $80.83 and a 52 week high of $637.51. The stock has a market cap of $59.19 billion, a price-to-earnings ratio of 139.38 and a beta of 1.27.

Ciena (NYSE:CIEN) last posted its quarterly earnings data 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 firm had revenue of $1.57 billion for the quarter, compared to analysts’ expectations of $1.50 billion. Ciena had a return on equity of 18.15% and a net margin of 7.87%.The business’s quarterly revenue was up 39.5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.42 EPS. On average, analysts expect that Ciena Corporation will post 5.4 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on CIEN shares. Northland Securities set a $450.00 price objective on shares of Ciena in a research note on Friday, June 5th. Stifel Nicolaus set a $615.00 target price on shares of Ciena in a research report on Friday, May 29th. Barclays upped their target price on shares of Ciena from $372.00 to $607.00 and gave the company an “overweight” rating in a report on Friday, June 5th. Zacks Research upgraded shares of Ciena from a “hold” rating to a “strong-buy” rating in a research report on Thursday, July 2nd. Finally, Argus set a $650.00 price target on shares of Ciena in a research note on Friday, June 5th. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $530.56.

About Ciena

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.