Janney Montgomery Scott LLC Grows Holdings in Ciena Corporation $CIEN

Janney Montgomery Scott LLC boosted its position in Ciena Corporation (NYSE:CIEN) by 54.3% in the first quarter, HoldingsChannel reports. The firm owned 14,348 shares of the communications equipment provider’s stock after buying an additional 5,048 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Ciena were worth $5,570,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the company. Elyxium Wealth LLC bought a new position in shares of Ciena in the fourth quarter valued at approximately $2,747,810,000. Corient Private Wealth LLC boosted its position in Ciena by 30,114.5% in the fourth quarter. Corient Private Wealth LLC now owns 2,870,677 shares of the communications equipment provider’s stock worth $671,365,000 after purchasing an additional 2,861,176 shares during the last quarter. Lone Pine Capital LLC purchased a new position in Ciena in the third quarter worth $292,310,000. Price T Rowe Associates Inc. MD grew its stake in Ciena by 53.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 4,051,625 shares of the communications equipment provider’s stock valued at $947,554,000 after purchasing an additional 1,404,132 shares during the period. Finally, Atreides Management LP bought a new position in Ciena in the 2nd quarter valued at $102,705,000. Institutional investors own 91.99% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently commented on CIEN. Northland Securities set a $450.00 target price on Ciena in a research note on Friday, June 5th. Citigroup increased their price target 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. Stifel Nicolaus set a $615.00 price objective on shares of Ciena in a report on Friday, May 29th. Barclays lifted their price objective on shares of Ciena from $372.00 to $607.00 and gave the stock an “overweight” rating in a research report on Friday, June 5th. Finally, UBS Group boosted their target price on shares of Ciena from $285.00 to $508.00 and gave the company a “neutral” rating in a research note on Friday, June 5th. Thirteen equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Ciena presently has a consensus rating of “Moderate Buy” and an average price target of $530.56.

Insider Buying and Selling

In other Ciena news, SVP Brodie Gage sold 1,200 shares of the firm’s stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $466.10, for a total value of $559,320.00. Following the completion of the transaction, the senior vice president owned 42,741 shares in the company, valued at $19,921,580.10. This trade represents a 2.73% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Gary B. Smith sold 2,952 shares of Ciena stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $457.02, for a total value of $1,349,123.04. Following the transaction, the chief executive officer directly owned 266,605 shares of the company’s stock, valued at $121,843,817.10. The trade was a 1.10% 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. Over the last quarter, insiders sold 17,120 shares of company stock worth $8,872,766. Company insiders own 0.58% of the company’s stock.

Ciena Stock Up 0.0%

Ciena stock opened at $422.47 on Friday. The firm has a 50 day simple moving average of $513.83 and a 200 day simple moving average of $389.62. The company has a current ratio of 2.73, a quick ratio of 2.11 and a debt-to-equity ratio of 0.53. Ciena Corporation has a 1-year low of $76.89 and a 1-year high of $637.51. The firm has a market capitalization of $59.80 billion, a price-to-earnings ratio of 140.82 and a beta of 1.27.

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

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.