Ellevest Inc. Takes Position in Ciena Corporation $CIEN

Ellevest Inc. purchased a new stake in Ciena Corporation (NYSE:CIEN) in the 4th quarter, HoldingsChannel.com reports. The firm purchased 1,370 shares of the communications equipment provider’s stock, valued at approximately $320,000.

Several other large investors have also modified their holdings of the business. MassMutual Private Wealth & Trust FSB raised its holdings in shares of Ciena by 9.7% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 710 shares of the communications equipment provider’s stock valued at $166,000 after purchasing an additional 63 shares in the last quarter. Assetmark Inc. raised its holdings in shares of Ciena by 50.4% in the 3rd quarter. Assetmark Inc. now owns 200 shares of the communications equipment provider’s stock valued at $29,000 after purchasing an additional 67 shares in the last quarter. IFP Advisors Inc raised its holdings in shares of Ciena by 6.9% in the 4th quarter. IFP Advisors Inc now owns 1,055 shares of the communications equipment provider’s stock valued at $247,000 after purchasing an additional 68 shares in the last quarter. Legacy Financial Advisors Inc. raised its holdings in shares of Ciena by 5.4% in the 4th quarter. Legacy Financial Advisors Inc. now owns 1,549 shares of the communications equipment provider’s stock valued at $362,000 after purchasing an additional 79 shares in the last quarter. Finally, Coldstream Capital Management Inc. raised its holdings in shares of Ciena by 1.7% in the 3rd quarter. Coldstream Capital Management Inc. now owns 4,772 shares of the communications equipment provider’s stock valued at $695,000 after purchasing an additional 79 shares in the last quarter. Institutional investors own 91.99% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on CIEN. TD Cowen boosted their price target on shares of Ciena from $425.00 to $675.00 and gave the company a “buy” rating in a report on Friday, May 15th. Stifel Nicolaus set a $615.00 price objective on shares of Ciena in a research note on Friday. Raymond James Financial reiterated an “outperform” rating and set a $320.00 price objective on shares of Ciena in a research note on Thursday, March 5th. Morgan Stanley boosted their price objective on shares of Ciena from $286.00 to $405.00 and gave the stock an “equal weight” rating in a research note on Monday, April 20th. Finally, Needham & Company LLC boosted their price objective on shares of Ciena from $280.00 to $370.00 and gave the stock a “buy” rating in a research note on Thursday, March 5th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $420.39.

Ciena Stock Up 10.4%

NYSE:CIEN opened at $628.98 on Wednesday. The company has a market cap of $88.94 billion, a PE ratio of 400.63 and a beta of 1.24. Ciena Corporation has a twelve month low of $70.77 and a twelve month high of $629.61. The company has a current ratio of 2.81, a quick ratio of 2.14 and a debt-to-equity ratio of 0.55. The company’s 50 day moving average is $503.80 and its two-hundred day moving average is $345.22.

Ciena (NYSE:CIEN) last released its earnings results on Thursday, March 5th. The communications equipment provider reported $1.35 earnings per share for the quarter, topping the consensus estimate of $1.17 by $0.18. The company had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.40 billion. Ciena had a net margin of 4.47% and a return on equity of 12.09%. Ciena’s revenue was up 33.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.64 EPS. Analysts anticipate that Ciena Corporation will post 5.12 EPS for the current year.

Insiders Place Their Bets

In other Ciena news, SVP Brodie Gage sold 1,200 shares of the business’s stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $570.65, for a total transaction of $684,780.00. Following the sale, the senior vice president owned 43,941 shares of the company’s stock, valued at approximately $25,074,931.65. The trade was a 2.66% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Gary B. Smith sold 2,952 shares of the company’s stock in a transaction on Monday, June 1st. The shares were sold at an average price of $565.92, for a total transaction of $1,670,595.84. Following the completion of the sale, the chief executive officer directly owned 269,557 shares in the company, valued at $152,547,697.44. This trade represents a 1.08% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 44,174 shares of company stock valued at $19,502,359. Insiders own 0.58% of the company’s stock.

Ciena 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.