Hohimer Wealth Management LLC Makes New $2.69 Million Investment in Ciena Corporation $CIEN

Hohimer Wealth Management LLC purchased a new stake in shares of Ciena Corporation (NYSE:CIEN) in the 3rd quarter, Holdings Channel reports. The fund purchased 7,639 shares of the communications equipment provider’s stock, valued at approximately $2,688,000.

Other hedge funds have also added to or reduced their stakes in the company. Swiss National Bank lifted its stake in shares of Ciena by 7.0% during the 1st quarter. Swiss National Bank now owns 413,332 shares of the communications equipment provider’s stock worth $160,468,000 after buying an additional 26,900 shares during the last quarter. Wealth High Governance Capital Ltda bought a new stake in shares of Ciena during the 1st quarter worth about $10,883,000. Fifth Third Bancorp grew its stake in 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 buying an additional 15,583 shares during the last quarter. Plato Investment Management Ltd acquired a new position in Ciena in the 2nd quarter valued at about $2,124,000. Finally, Groupe la Francaise acquired a new position in Ciena in the 2nd quarter valued at about $11,911,000. Institutional investors and hedge funds own 91.99% of the company’s stock.

Ciena Stock Performance

NYSE CIEN opened at $269.80 on Tuesday. 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 company has a market capitalization of $38.26 billion, a P/E ratio of 60.22, a P/E/G ratio of 2.18 and a beta of 1.33. Ciena Corporation has a 12-month low of $168.22 and a 12-month high of $637.51. The firm has a 50-day moving average price of $348.48 and a two-hundred day moving average price of $402.71.

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

Analyst Upgrades and Downgrades

Several research analysts have weighed in on CIEN shares. Morgan Stanley reissued a “positive” rating on shares of Ciena in a report on Thursday, September 17th. TD Cowen restated a “buy” rating on shares of Ciena in a report on Thursday, September 17th. UBS Group decreased their target price on Ciena from $508.00 to $394.00 and set a “neutral” rating on the stock in a research report on Friday, September 4th. JPMorgan Chase & Co. decreased their target price on Ciena from $635.00 to $605.00 and set an “overweight” rating on the stock in a research report on Friday, September 4th. Finally, Sanford C. Bernstein initiated coverage on Ciena in a research note on Wednesday, September 30th. They set an “outperform” rating and a $440.00 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $485.93.

Insider Buying and Selling at Ciena

In related news, CEO Gary B. Smith sold 2,952 shares of the company’s stock in a transaction dated Monday, November 2nd. The shares were sold at an average price of $298.16, for a total transaction of $880,168.32. Following the completion of the sale, the chief executive officer owned 222,503 shares of the company’s stock, valued at $66,341,494.48. This represents a 1.31% decrease in their ownership of the stock. The transaction 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, CFO Marc Graff sold 97 shares of the stock in a transaction dated Thursday, October 1st. The stock was sold at an average price of $355.19, for a total transaction of $34,453.43. Following the sale, the chief financial officer owned 107,136 shares in the company, valued at $38,053,635.84. The trade was a 0.09% decrease in their ownership of the stock. 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. Insiders have sold a total of 36,014 shares of company stock valued at $13,216,540 over the last three months. 0.58% of the stock is owned by insiders.

Ciena Company Profile

Ciena is a communications networking company that develops equipment, software and services used to build and manage telecommunications networks. Its offerings support the movement of data across fiber-optic, subsea and other network infrastructure.

The company’s products include optical transport systems, routing and switching equipment, and software for network automation and management. Ciena also provides consulting, implementation and support services to help customers plan, deploy and operate their networks.

Founded in 1992 and headquartered in Hanover, Maryland, Ciena serves communications service providers, governments, enterprises and other organizations around the world.