Kestra Private Wealth Services LLC Buys 2,082 Shares of Ciena Corporation $CIEN

Kestra Private Wealth Services LLC grew its position in Ciena Corporation (NYSE:CIEN) by 33.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 8,267 shares of the communications equipment provider’s stock after acquiring an additional 2,082 shares during the quarter. Kestra Private Wealth Services LLC’s holdings in Ciena were worth $3,209,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the company. Ritholtz Wealth Management lifted its stake in Ciena by 107.6% in the first quarter. Ritholtz Wealth Management now owns 10,583 shares of the communications equipment provider’s stock worth $4,109,000 after purchasing an additional 5,484 shares during the last quarter. Hilton Head Capital Partners LLC lifted its stake in shares of Ciena by 625.0% during the 1st quarter. Hilton Head Capital Partners LLC now owns 232 shares of the communications equipment provider’s stock worth $90,000 after acquiring an additional 200 shares during the last quarter. Trust Co. of Oklahoma purchased a new position in Ciena during the 1st quarter valued at $258,000. OP Asset Management Ltd bought a new position in Ciena in the 1st quarter valued at $9,565,000. Finally, Banque Cantonale Vaudoise increased its stake in Ciena by 43.1% in the first quarter. Banque Cantonale Vaudoise now owns 13,669 shares of the communications equipment provider’s stock worth $5,306,000 after purchasing an additional 4,117 shares during the period. 91.99% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Ciena news, CFO Marc D. Graff sold 126 shares of the business’s stock in a transaction dated Wednesday, June 24th. The shares were sold at an average price of $449.36, for a total value of $56,619.36. Following the completion of the transaction, the chief financial officer directly owned 127,081 shares in the company, valued at approximately $57,105,118.16. The trade was a 0.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Brodie Gage sold 1,200 shares of the stock in a transaction dated Wednesday, April 15th. The shares were sold at an average price of $471.79, for a total transaction of $566,148.00. Following the sale, the senior vice president directly owned 45,141 shares of the company’s stock, valued at approximately $21,297,072.39. The trade was a 2.59% 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 40,500 shares of company stock worth $18,381,089 over the last ninety days. 0.58% of the stock is currently owned by company insiders.

Ciena Stock Performance

Shares of NYSE:CIEN opened at $481.36 on Friday. The company has a market capitalization of $68.14 billion, a price-to-earnings ratio of 160.45 and a beta of 1.24. Ciena Corporation has a 52 week low of $76.89 and a 52 week high of $637.51. The company has a quick ratio of 2.11, a current ratio of 2.73 and a debt-to-equity ratio of 0.53. The firm has a 50 day moving average of $518.53 and a 200 day moving average of $381.48.

Ciena (NYSE:CIEN) last announced its earnings results on Thursday, June 4th. The communications equipment provider reported $1.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.46 by $0.18. The business had revenue of $1.57 billion for the quarter, compared to analysts’ expectations of $1.50 billion. Ciena had a return on equity of 18.15% and a net margin of 7.87%.The business’s revenue for the quarter was up 39.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.42 EPS. On average, sell-side analysts predict that Ciena Corporation will post 5.4 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have recently issued reports on CIEN shares. Morgan Stanley boosted their target price on shares of Ciena from $405.00 to $490.00 and gave the company an “equal weight” rating in a research note on Friday, June 5th. Rothschild & Co Redburn initiated coverage on shares of Ciena in a research report on Friday, May 1st. They issued a “neutral” rating and a $416.00 price objective for the company. Northland Securities set a $450.00 target price on shares of Ciena in a research report on Friday, June 5th. Barclays lifted their price target on shares of Ciena from $372.00 to $607.00 and gave the company an “overweight” rating in a research note on Friday, June 5th. Finally, Zacks Research lowered Ciena from a “strong-buy” rating to a “hold” rating in a report on Wednesday, June 3rd. Thirteen equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $530.56.

About Ciena

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.