Patriot Financial Group Insurance Agency LLC Makes New Investment in Ciena Corporation $CIEN

Patriot Financial Group Insurance Agency LLC purchased a new stake in Ciena Corporation (NYSE:CIEN) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 1,470 shares of the communications equipment provider’s stock, valued at approximately $571,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Janney Montgomery Scott LLC grew its stake in shares of Ciena by 54.3% during the first quarter. Janney Montgomery Scott LLC now owns 14,348 shares of the communications equipment provider’s stock worth $5,570,000 after buying an additional 5,048 shares during the last quarter. Pictet Asset Management Holding SA boosted its holdings in shares of Ciena by 6.0% during the 1st quarter. Pictet Asset Management Holding SA now owns 59,834 shares of the communications equipment provider’s stock valued at $23,223,000 after acquiring an additional 3,411 shares in the last quarter. Union Bancaire Privee UBP SA bought a new stake in Ciena during the 1st quarter worth $5,670,000. WT Wealth Management bought a new position in Ciena in the first quarter valued at about $249,000. Finally, Maridea Wealth Management LLC bought a new position in Ciena in the first quarter valued at about $810,000. 91.99% of the stock is owned by institutional investors.

Analyst Ratings Changes

CIEN has been the subject of several recent research reports. Argus set a $650.00 price objective on Ciena in a research note on Friday, June 5th. Rosenblatt Securities upped their price target on shares of Ciena from $350.00 to $720.00 and gave the company a “buy” rating in a research report on Friday, June 5th. Needham & Company LLC reiterated a “buy” rating and set a $600.00 price target on shares of Ciena in a report on Tuesday, June 23rd. Citigroup boosted their price objective on shares of Ciena from $345.00 to $658.00 and gave the stock a “buy” rating in a research note on Monday, May 18th. Finally, Stifel Nicolaus set a $615.00 price objective on Ciena in a report on Friday, May 29th. Thirteen analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat.com, Ciena presently has an average rating of “Moderate Buy” and a consensus price target of $530.56.

Insiders Place Their Bets

In other Ciena news, SVP Joseph Cumello sold 1,586 shares of the business’s stock in a transaction that occurred on Friday, June 26th. The stock was sold at an average price of $466.33, for a total value of $739,599.38. Following the transaction, the senior vice president directly owned 42,872 shares of the company’s stock, valued at approximately $19,992,499.76. The trade was a 3.57% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Gary B. Smith sold 2,952 shares of the stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $457.02, for a total value of $1,349,123.04. Following the transaction, the chief executive officer owned 266,605 shares in the company, valued at $121,843,817.10. The trade was a 1.10% decrease in their ownership of the stock. 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 have sold 17,120 shares of company stock worth $8,872,766 in the last quarter. 0.58% of the stock is currently owned by company insiders.

Ciena Trading Up 2.4%

CIEN opened at $490.47 on Wednesday. Ciena Corporation has a twelve month low of $76.89 and a twelve month high of $637.51. The company has a fifty day moving average of $517.86 and a 200-day moving average of $386.41. The stock has a market cap of $69.43 billion, a PE ratio of 163.49 and a beta of 1.24. The company has a quick ratio of 2.11, a current ratio of 2.73 and a debt-to-equity ratio of 0.53.

Ciena (NYSE:CIEN) last issued its quarterly earnings results on Thursday, June 4th. The communications equipment provider reported $1.64 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 business had revenue of $1.57 billion for the quarter, compared to analysts’ expectations of $1.50 billion. During the same quarter in the prior year, the firm posted $0.42 earnings per share. The business’s quarterly revenue was up 39.5% compared to the same quarter last year. On average, sell-side analysts predict that Ciena Corporation will post 5.4 EPS for the current year.

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.