6,264 Shares in Ciena Corporation $CIEN Acquired by Parkway Wealth Management Group LLC

Parkway Wealth Management Group LLC bought a new position in shares of Ciena Corporation (NYSE:CIEN) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 6,264 shares of the communications equipment provider’s stock, valued at approximately $2,432,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Community Bank N.A. purchased a new position in shares of Ciena in the 3rd quarter valued at $25,000. Transamerica Financial Advisors LLC boosted 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 purchasing an additional 44 shares in the last quarter. Assetmark Inc. grew its stake in Ciena by 50.4% in the third quarter. Assetmark Inc. now owns 200 shares of the communications equipment provider’s stock valued at $29,000 after purchasing an additional 67 shares during the last quarter. Hilltop National Bank bought a new position in Ciena in the fourth quarter worth about $35,000. Finally, Truvestments Capital LLC raised its holdings in Ciena by 45.3% in 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. Institutional investors own 91.99% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on CIEN shares. B. Riley Financial raised their price target on shares of Ciena from $283.00 to $531.00 and gave the company a “neutral” rating in a report on Tuesday, June 2nd. TD Cowen increased their target price on shares of Ciena from $425.00 to $675.00 and gave the company a “buy” rating in a research report on Friday, May 15th. Bank of America raised their target price on shares of Ciena from $550.00 to $660.00 and gave the company a “buy” rating in a research note on Tuesday, May 26th. Weiss Ratings lowered shares of Ciena from a “buy (b)” rating to a “buy (b-)” rating in a report on Tuesday. Finally, Barclays raised their price objective on Ciena from $372.00 to $607.00 and gave the stock an “overweight” rating in a research report on Friday, June 5th. Thirteen equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $530.56.

Ciena Stock Up 4.5%

NYSE:CIEN opened at $484.29 on Friday. The company has a current ratio of 2.73, a quick ratio of 2.11 and a debt-to-equity ratio of 0.53. Ciena Corporation has a twelve month low of $76.89 and a twelve month high of $637.51. The company has a market cap of $68.55 billion, a PE ratio of 161.43 and a beta of 1.24. The company’s 50 day moving average is $518.44 and its two-hundred day moving average is $380.77.

Ciena (NYSE:CIEN) last posted its quarterly earnings data on Thursday, June 4th. The communications equipment provider reported $1.64 EPS for the quarter, topping the consensus estimate of $1.46 by $0.18. The business had revenue of $1.57 billion during the quarter, compared to the consensus estimate of $1.50 billion. Ciena had a net margin of 7.87% and a return on equity of 18.15%. The business’s revenue for the quarter was up 39.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.42 earnings per share. Analysts anticipate that Ciena Corporation will post 5.41 EPS for the current year.

Insiders Place Their Bets

In other news, SVP Brodie Gage sold 1,200 shares of the firm’s stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $466.10, for a total value of $559,320.00. Following the completion of the transaction, the senior vice president directly owned 42,741 shares in the company, valued at $19,921,580.10. This trade represents a 2.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Jason Phipps sold 22,014 shares of Ciena stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $409.80, for a total value of $9,021,337.20. Following the sale, the senior vice president directly owned 68 shares of the company’s stock, valued at $27,866.40. This trade represents a 99.69% 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 sold 40,374 shares of company stock valued at $18,324,470. 0.58% of the stock is owned by company insiders.

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.