Ciena Corporation $CIEN Shares Newly Acquired by Pension & Wealth Management Advisors Inc.

Pension & Wealth Management Advisors Inc. bought a new stake in shares of Ciena Corporation (NYSE:CIEN) during the 3rd quarter, according to its most recent filing with the SEC. The fund bought 1,872 shares of the communications equipment provider’s stock, valued at approximately $659,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in CIEN. TKG Advisors LLC bought a new position in shares of Ciena during the 1st quarter worth approximately $3,244,000. Swiss National Bank raised its stake in Ciena by 7.0% during the first quarter. Swiss National Bank now owns 413,332 shares of the communications equipment provider’s stock worth $160,468,000 after acquiring an additional 26,900 shares in the last quarter. Wealth High Governance Capital Ltda bought a new position in shares of Ciena during the first quarter valued at $10,883,000. Fifth Third Bancorp boosted its stake in shares of Ciena by 983.2% in the 1st quarter. Fifth Third Bancorp now owns 17,168 shares of the communications equipment provider’s stock valued at $6,665,000 after purchasing an additional 15,583 shares in the last quarter. Finally, Rockefeller Capital Management L.P. grew its holdings in shares of Ciena by 126.0% in the 4th quarter. Rockefeller Capital Management L.P. now owns 8,413 shares of the communications equipment provider’s stock worth $1,968,000 after purchasing an additional 4,691 shares during the last quarter. Institutional investors own 91.99% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on CIEN shares. JPMorgan Chase & Co. reduced their price target on shares of Ciena from $635.00 to $605.00 and set an “overweight” rating on the stock in a research report on Friday, September 4th. Barclays increased their price target on Ciena from $475.00 to $548.00 and gave the stock an “overweight” rating in a research report on Thursday, September 17th. B. Riley Financial dropped their price target on Ciena from $516.00 to $413.00 and set a “neutral” rating for the company in a report on Monday, August 31st. Northland Securities set a $550.00 price target on Ciena in a report on Thursday, September 17th. Finally, UBS Group cut their price objective on Ciena from $508.00 to $394.00 and set a “neutral” rating for the company in a research report on Friday, September 4th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $506.11.

Ciena Trading Down 7.0%

Shares of Ciena stock traded down $24.79 during trading on Friday, reaching $331.73. 3,195,408 shares of the company were exchanged, compared to its average volume of 2,973,466. The company has a quick ratio of 3.17, a current ratio of 3.80 and a debt-to-equity ratio of 1.06. The firm has a market capitalization of $47.04 billion, a price-to-earnings ratio of 74.05, a P/E/G ratio of 4.95 and a beta of 1.28. The business has a 50-day moving average price of $376.08 and a 200-day moving average price of $440.27. Ciena Corporation has a twelve month low of $159.56 and a twelve month high of $637.51.

Ciena (NYSE:CIEN) last issued its earnings results on Thursday, September 3rd. The communications equipment provider reported $2.11 EPS for the quarter, beating the consensus estimate of $1.73 by $0.38. The firm had revenue of $1.67 billion during the quarter, compared to the consensus estimate of $1.64 billion. Ciena had a net margin of 10.87% and a return on equity of 25.33%. The business’s quarterly revenue was up 37.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.35 earnings per share. Sell-side analysts anticipate that Ciena Corporation will post 6.00 EPS for the current fiscal year.

Insider Buying and Selling at Ciena

In other news, CEO Gary Smith sold 2,952 shares of the company’s stock in a transaction that occurred on Thursday, October 1st. The shares were sold at an average price of $369.66, for a total value of $1,091,236.32. Following the completion of the transaction, the chief executive officer owned 228,407 shares in the company, valued at $84,432,931.62. This represents a 1.28% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Bruce Claflin sold 2,857 shares of the company’s stock in a transaction that occurred on Thursday, September 24th. The shares were sold at an average price of $355.91, for a total transaction of $1,016,834.87. Following the completion of the transaction, the director owned 8,279 shares of the company’s stock, valued at $2,946,578.89. This trade represents a 25.66% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 31,862 shares of company stock worth $12,017,320 in the last quarter. Company insiders own 0.58% of the company’s stock.

About Ciena

Ciena Corporation is a networking technology company that provides communications infrastructure, software and services for telecommunications providers, cloud operators, enterprises, governments and research institutions. Its solutions are designed to help organizations build, manage and automate high-capacity networks that support applications such as cloud computing, broadband connectivity, data center interconnection and 5G services.

The company’s portfolio includes optical networking systems and coherent optical technologies, routing and switching platforms, broadband access solutions, network management software and professional services.