Independent Financial Group LLC Makes New $3.02 Million Investment in Ciena Corporation $CIEN

Independent Financial Group LLC purchased a new position in Ciena Corporation (NYSE:CIEN) in the 1st quarter, HoldingsChannel.com reports. The firm purchased 7,777 shares of the communications equipment provider’s stock, valued at approximately $3,019,000.

A number of other large investors also recently modified their holdings of CIEN. Transamerica Financial Advisors LLC raised its stake in shares of Ciena by 71.0% during the fourth quarter. Transamerica Financial Advisors LLC now owns 106 shares of the communications equipment provider’s stock valued at $25,000 after purchasing an additional 44 shares in the last quarter. Hilltop National Bank bought a new position in Ciena in the 4th quarter valued at about $35,000. Truvestments Capital LLC grew its position in Ciena by 45.3% in the 4th quarter. Truvestments Capital LLC now owns 154 shares of the communications equipment provider’s stock valued at $36,000 after buying an additional 48 shares in the last quarter. Bogart Wealth LLC increased its stake in Ciena by 635.7% during the 1st quarter. Bogart Wealth LLC now owns 103 shares of the communications equipment provider’s stock valued at $40,000 after buying an additional 89 shares during the period. Finally, Acumen Wealth Advisors LLC acquired a new position in Ciena during the 4th quarter valued at about $40,000. 91.99% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CIEN has been the subject of a number of research analyst reports. TD Cowen upped their price target on shares of Ciena from $425.00 to $675.00 and gave the stock a “buy” rating in a research note on Friday, May 15th. Bank of America raised their price objective on shares of Ciena from $550.00 to $660.00 and gave the company a “buy” rating in a research note on Tuesday, May 26th. UBS Group boosted their target price on Ciena from $285.00 to $508.00 and gave the stock a “neutral” rating in a report on Friday, June 5th. Raymond James Financial upped their target price on Ciena from $320.00 to $530.00 and gave the stock an “outperform” rating in a research report on Thursday, June 4th. Finally, Rosenblatt Securities increased their price target on Ciena from $350.00 to $720.00 and gave the company a “buy” rating in a research note on Friday, June 5th. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and seven have issued a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $530.56.

Ciena Stock Performance

NYSE:CIEN opened at $373.72 on Friday. Ciena Corporation has a twelve month low of $83.20 and a twelve month high of $637.51. The company has a current ratio of 2.73, a quick ratio of 2.11 and a debt-to-equity ratio of 0.53. The company has a 50-day moving average of $495.15 and a 200-day moving average of $403.75. The firm has a market cap of $52.90 billion, a price-to-earnings ratio of 124.57 and a beta of 1.27.

Ciena (NYSE:CIEN) last released its earnings results on Thursday, June 4th. The communications equipment provider reported $1.64 EPS for the quarter, topping 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 the consensus estimate of $1.50 billion. During the same period in the previous year, the firm earned $0.42 EPS. The business’s revenue for the quarter was up 39.5% on a year-over-year basis. Analysts forecast that Ciena Corporation will post 5.4 earnings per share for the current fiscal year.

Insider Activity

In other Ciena news, SVP Brodie Gage sold 1,200 shares of Ciena stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $466.10, for a total value of $559,320.00. Following the transaction, the senior vice president owned 42,741 shares in the company, valued at approximately $19,921,580.10. The trade was a 2.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Marc D. Graff sold 126 shares of the company’s stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $466.20, for a total value of $58,741.20. Following the completion of the transaction, the chief financial officer directly owned 126,955 shares in the company, valued at $59,186,421. This represents a 0.10% decrease in their position. 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 sold a total of 21,627 shares of company stock valued at $10,974,985 in the last ninety days. 0.58% of the stock is owned by company insiders.

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.