Orange Investment Advisors Inc. Sells 11,996 Shares of Ciena Corporation $CIEN

Orange Investment Advisors Inc. lowered its stake in shares of Ciena Corporation (NYSE:CIEN) by 24.1% during the first quarter, HoldingsChannel reports. The institutional investor owned 37,872 shares of the communications equipment provider’s stock after selling 11,996 shares during the quarter. Ciena accounts for about 1.9% of Orange Investment Advisors Inc.’s investment portfolio, making the stock its 13th largest holding. Orange Investment Advisors Inc.’s holdings in Ciena were worth $14,703,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently added to or reduced their stakes in the company. SmartHarvest Portfolios LLC raised its holdings in Ciena by 1.8% in the 1st quarter. SmartHarvest Portfolios LLC now owns 1,142 shares of the communications equipment provider’s stock valued at $443,000 after acquiring an additional 20 shares in the last quarter. Parallel Advisors LLC grew its holdings in shares of Ciena by 0.8% during the 4th quarter. Parallel Advisors LLC now owns 5,107 shares of the communications equipment provider’s stock worth $1,194,000 after purchasing an additional 43 shares in the last quarter. Transamerica Financial Advisors LLC grew its holdings in shares of Ciena by 71.0% during the 4th quarter. Transamerica Financial Advisors LLC now owns 106 shares of the communications equipment provider’s stock worth $25,000 after purchasing an additional 44 shares in the last quarter. UMB Bank n.a. increased its position in shares of Ciena by 2.9% in the fourth quarter. UMB Bank n.a. now owns 1,629 shares of the communications equipment provider’s stock worth $381,000 after purchasing an additional 46 shares during the period. Finally, Truvestments Capital LLC increased its position in shares of 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 during the period. Institutional investors own 91.99% of the company’s stock.

Insider Buying and Selling at Ciena

In other news, SVP Brodie Gage sold 1,200 shares of Ciena stock in a transaction on Wednesday, April 15th. The shares were sold at an average price of $471.79, for a total transaction of $566,148.00. Following the transaction, the senior vice president owned 45,141 shares in the company, valued at approximately $21,297,072.39. The trade was a 2.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Marc D. Graff sold 126 shares of the business’s stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $449.36, for a total transaction of $56,619.36. Following the completion of the sale, the chief financial officer directly owned 127,081 shares in the company, valued at approximately $57,105,118.16. This represents a 0.10% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 40,500 shares of company stock worth $18,381,089 over the last ninety days. Insiders own 0.58% of the company’s stock.

Ciena Price Performance

Ciena stock opened at $481.36 on Monday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.11 and a current ratio of 2.73. Ciena Corporation has a 52 week low of $76.89 and a 52 week high of $637.51. The stock has a market capitalization of $68.14 billion, a P/E ratio of 160.45 and a beta of 1.24. The stock has a fifty day moving average of $518.53 and a 200-day moving average of $382.67.

Ciena (NYSE:CIEN) last issued its quarterly earnings data on Thursday, June 4th. The communications equipment provider reported $1.64 EPS for the quarter, beating the consensus estimate of $1.46 by $0.18. Ciena had a net margin of 7.87% and a return on equity of 18.15%. The business had revenue of $1.57 billion during the quarter, compared to the consensus estimate of $1.50 billion. During the same quarter in the prior year, the firm earned $0.42 EPS. The firm’s revenue was up 39.5% compared to the same quarter last year. On average, sell-side analysts expect that Ciena Corporation will post 5.4 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research firms recently weighed in on CIEN. Northland Securities set a $450.00 price objective on shares of Ciena in a research report on Friday, June 5th. TD Cowen raised their target price on shares of Ciena from $425.00 to $675.00 and gave the company a “buy” rating in a report on Friday, May 15th. Wolfe Research restated an “outperform” rating and issued a $375.00 target price on shares of Ciena in a research report on Thursday, March 5th. B. Riley Financial boosted their target price on shares of Ciena from $283.00 to $531.00 and gave the company a “neutral” rating in a research report on Tuesday, June 2nd. Finally, JPMorgan Chase & Co. upped their price target on shares of Ciena from $380.00 to $550.00 and gave the stock an “overweight” rating in a report on Thursday, April 16th. Thirteen analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target 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.