Cary Street Partners Financial LLC Makes New Investment in Ciena Corporation $CIEN

Cary Street Partners Financial LLC purchased a new position in shares of Ciena Corporation (NYSE:CIEN) during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 1,522 shares of the communications equipment provider’s stock, valued at approximately $356,000.

Other institutional investors have also recently made changes to their positions in the company. KBC Group NV increased its position in shares of Ciena by 11.3% during the 4th quarter. KBC Group NV now owns 31,161 shares of the communications equipment provider’s stock worth $7,288,000 after purchasing an additional 3,156 shares during the last quarter. Convergence Investment Partners LLC bought a new position in shares of Ciena in the 3rd quarter valued at about $1,726,000. FengHe Fund Management Pte. Ltd. grew its position in shares of Ciena by 164.0% in the 4th quarter. FengHe Fund Management Pte. Ltd. now owns 660,988 shares of the communications equipment provider’s stock valued at $154,585,000 after acquiring an additional 410,588 shares during the period. Peak Financial Advisors LLC grew its position in shares of Ciena by 222.7% in the 4th quarter. Peak Financial Advisors LLC now owns 11,596 shares of the communications equipment provider’s stock valued at $2,712,000 after acquiring an additional 8,003 shares during the period. Finally, DNB Asset Management AS grew its position in shares of Ciena by 1,095.8% in the 4th quarter. DNB Asset Management AS now owns 27,527 shares of the communications equipment provider’s stock valued at $6,438,000 after acquiring an additional 25,225 shares during the period. Institutional investors and hedge funds own 91.99% of the company’s stock.

Wall Street Analysts Forecast Growth

CIEN has been the subject of a number of analyst reports. Citigroup lifted their price objective on shares of Ciena from $345.00 to $658.00 and gave the company a “buy” rating in a research report on Monday, May 18th. Evercore set a $330.00 price objective on shares of Ciena in a research report on Thursday, February 19th. Rothschild & Co Redburn began coverage on Ciena in a research report on Friday, May 1st. They issued a “neutral” rating and a $416.00 price objective for the company. Rosenblatt Securities raised their price objective on Ciena from $305.00 to $350.00 and gave the company a “buy” rating in a research report on Friday, March 6th. Finally, TD Cowen raised their price objective on Ciena from $425.00 to $675.00 and gave the company a “buy” rating in a research report on Friday, May 15th. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, Ciena currently has an average rating of “Moderate Buy” and an average price target of $406.61.

Insider Activity

In other news, CEO Gary B. Smith sold 2,952 shares of the company’s stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $415.51, for a total value of $1,226,585.52. Following the transaction, the chief executive officer owned 281,365 shares of the company’s stock, valued at approximately $116,909,971.15. This represents a 1.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Jason Phipps sold 22,014 shares of the company’s stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $409.80, for a total value of $9,021,337.20. Following the completion of the transaction, the senior vice president directly owned 68 shares in the company, valued at $27,866.40. The trade was a 99.69% 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. Over the last quarter, insiders have sold 44,174 shares of company stock valued at $18,878,661. 0.58% of the stock is owned by insiders.

Ciena Price Performance

Shares of CIEN opened at $580.59 on Friday. The firm has a market capitalization of $82.09 billion, a PE ratio of 369.80, a PEG ratio of 1.90 and a beta of 1.24. The company’s 50-day moving average is $500.69 and its 200-day moving average is $341.74. Ciena Corporation has a fifty-two week low of $70.77 and a fifty-two week high of $605.61. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.81 and a quick ratio of 2.14.

Ciena (NYSE:CIEN) last issued its quarterly earnings data on Thursday, March 5th. The communications equipment provider reported $1.35 earnings per share for the quarter, beating the consensus estimate of $1.17 by $0.18. Ciena had a net margin of 4.47% and a return on equity of 12.09%. The company had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.40 billion. During the same period in the prior year, the firm earned $0.64 earnings per share. The company’s revenue was up 33.1% on a year-over-year basis. Equities analysts forecast that Ciena Corporation will post 5.12 EPS for the current year.

Ciena Company 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.