WealthPlan Investment Management LLC Invests $249,000 in Ciena Corporation $CIEN

WealthPlan Investment Management LLC bought a new position in shares of Ciena Corporation (NYSE:CIEN) in the fourth quarter, HoldingsChannel reports. The firm bought 1,065 shares of the communications equipment provider’s stock, valued at approximately $249,000.

A number of other large investors have also modified their holdings of the business. AlphaCore Capital LLC purchased a new position in shares of Ciena during the 4th quarter worth approximately $286,000. DNB Asset Management AS raised its stake in shares of 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 buying an additional 25,225 shares in the last quarter. Convergence Investment Partners LLC increased its stake in Ciena by 90.1% in the 4th quarter. Convergence Investment Partners LLC now owns 22,523 shares of the communications equipment provider’s stock valued at $5,267,000 after purchasing an additional 10,677 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its stake in Ciena by 467.4% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 25,107 shares of the communications equipment provider’s stock valued at $5,872,000 after purchasing an additional 20,682 shares in the last quarter. Finally, Donoghue Forlines LLC purchased a new position in Ciena in the 4th quarter valued at approximately $2,416,000. 91.99% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Ciena

In other Ciena news, SVP Jason Phipps sold 22,014 shares of the stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $409.80, for a total transaction of $9,021,337.20. Following the sale, the senior vice president owned 68 shares in the company, valued at approximately $27,866.40. This represents a 99.69% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Brodie Gage sold 1,200 shares of the stock in a transaction on Wednesday, April 15th. The shares were sold at an average price of $471.79, for a total value of $566,148.00. Following the sale, the senior vice president owned 45,141 shares in the company, valued at approximately $21,297,072.39. This trade represents a 2.59% 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. In the last 90 days, insiders have sold 40,022 shares of company stock worth $16,534,709. 0.58% of the stock is owned by insiders.

Ciena Price Performance

Shares of NYSE:CIEN opened at $523.56 on Tuesday. The business’s fifty day moving average price is $458.74 and its two-hundred day moving average price is $318.47. The stock has a market cap of $74.03 billion, a PE ratio of 333.48, a price-to-earnings-growth ratio of 1.81 and a beta of 1.24. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.14 and a current ratio of 2.81. Ciena Corporation has a one year low of $70.77 and a one year high of $598.84.

Ciena (NYSE:CIEN) last announced its earnings results on Thursday, March 5th. The communications equipment provider reported $1.35 EPS for the quarter, beating analysts’ consensus estimates of $1.17 by $0.18. The firm had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.40 billion. Ciena had a return on equity of 12.09% and a net margin of 4.47%.Ciena’s quarterly revenue was up 33.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.64 EPS. On average, analysts forecast that Ciena Corporation will post 5.12 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms recently weighed in on CIEN. Stifel Nicolaus raised their price objective on Ciena from $430.00 to $585.00 and gave the company a “buy” rating in a research note on Tuesday, May 5th. Rothschild & Co Redburn began coverage on Ciena in a research note on Friday, May 1st. They issued a “neutral” rating and a $416.00 price objective for the company. Bank of America raised their price objective on Ciena from $355.00 to $550.00 and gave the company a “buy” rating in a research note on Thursday, April 16th. Needham & Company LLC raised their price objective on Ciena from $280.00 to $370.00 and gave the company a “buy” rating in a research note on Thursday, March 5th. Finally, Raymond James Financial reaffirmed an “outperform” rating and issued a $320.00 price objective on shares of Ciena in a research note on Thursday, March 5th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $398.83.

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.