Allspring Global Investments Holdings LLC Purchases New Shares in Ciena Corporation $CIEN

Allspring Global Investments Holdings LLC purchased a new position in Ciena Corporation (NYSE:CIEN) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 16,690 shares of the communications equipment provider’s stock, valued at approximately $6,933,000.

A number of other large investors also recently added to or reduced their stakes in the stock. Transamerica Financial Advisors LLC lifted its holdings 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 purchasing an additional 44 shares in the last quarter. Truvestments Capital LLC increased its stake 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 purchasing an additional 48 shares in the last quarter. Bogart Wealth LLC increased its stake in shares of Ciena by 635.7% during the first quarter. Bogart Wealth LLC now owns 103 shares of the communications equipment provider’s stock worth $40,000 after purchasing an additional 89 shares in the last quarter. Acumen Wealth Advisors LLC acquired a new position in shares of Ciena during the 4th quarter worth about $40,000. Finally, Wolff Wiese Magana LLC acquired a new position in shares of Ciena during the 4th quarter worth about $47,000. 91.99% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, SVP Jason Phipps sold 2,629 shares of the stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $466.20, for a total value of $1,225,639.80. Following the completion of the sale, the senior vice president owned 62,382 shares of the company’s stock, valued at $29,082,488.40. This represents a 4.04% decrease in their position. The transaction was disclosed in a filing 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 firm’s stock in a transaction that occurred 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 sale, the chief financial officer owned 126,955 shares of the company’s stock, valued at $59,186,421. This represents a 0.10% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 21,627 shares of company stock worth $10,974,985 over the last ninety days. 0.58% of the stock is currently owned by insiders.

Ciena Stock Up 2.3%

NYSE CIEN opened at $406.37 on Friday. The business’s fifty day simple moving average is $480.43 and its 200-day simple moving average is $409.42. The company has a quick ratio of 2.11, a current ratio of 2.73 and a debt-to-equity ratio of 0.53. The firm has a market cap of $57.52 billion, a PE ratio of 135.46 and a beta of 1.27. Ciena Corporation has a 52 week low of $84.41 and a 52 week high of $637.51.

Ciena (NYSE:CIEN) last announced its quarterly earnings data on Thursday, June 4th. The communications equipment provider reported $1.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.46 by $0.18. Ciena had a net margin of 7.87% and a return on equity of 18.15%. The firm had revenue of $1.57 billion during the quarter, compared to analyst estimates of $1.50 billion. During the same quarter in the prior year, the firm posted $0.42 earnings per share. Ciena’s quarterly revenue was up 39.5% on a year-over-year basis. As a group, equities analysts anticipate that Ciena Corporation will post 5.4 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. Bank of America lifted their price objective on Ciena from $550.00 to $660.00 and gave the stock a “buy” rating in a report on Tuesday, May 26th. Argus set a $650.00 target price on Ciena in a report on Friday, June 5th. Northland Securities set a $450.00 target price on Ciena in a research report on Friday, June 5th. TD Cowen lifted their price target on Ciena from $425.00 to $675.00 and gave the stock a “buy” rating in a research note on Friday, May 15th. Finally, Barclays lifted their price target on Ciena from $372.00 to $607.00 and gave the stock an “overweight” rating in a research note on Friday, June 5th. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Ciena currently has a consensus rating of “Moderate Buy” and a consensus price target of $530.56.

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.