Florida Financial Advisors LLC Makes New $1.28 Million Investment in Ciena Corporation $CIEN

Florida Financial Advisors LLC bought a new position in Ciena Corporation (NYSE:CIEN) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 5,478 shares of the communications equipment provider’s stock, valued at approximately $1,279,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in CIEN. Jacobs Levy Equity Management Inc. purchased a new stake in shares of Ciena during the 1st quarter valued at about $395,000. Jones Financial Companies Lllp increased its position in shares of Ciena by 139.6% during the 1st quarter. Jones Financial Companies Lllp now owns 5,253 shares of the communications equipment provider’s stock valued at $317,000 after purchasing an additional 3,061 shares during the last quarter. Goldman Sachs Group Inc. increased its position in shares of Ciena by 1.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 222,054 shares of the communications equipment provider’s stock valued at $13,419,000 after purchasing an additional 3,117 shares during the last quarter. Focus Partners Wealth increased its position in shares of Ciena by 14.6% during the 1st quarter. Focus Partners Wealth now owns 5,762 shares of the communications equipment provider’s stock valued at $348,000 after purchasing an additional 733 shares during the last quarter. Finally, Franklin Resources Inc. purchased a new stake in shares of Ciena during the 2nd quarter valued at about $234,000. Hedge funds and other institutional investors own 91.99% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. JPMorgan Chase & Co. upped their price target on shares of Ciena from $380.00 to $550.00 and gave the company an “overweight” rating in a research report on Thursday, April 16th. TD Cowen upped their price target on shares of Ciena from $425.00 to $675.00 and gave the company a “buy” rating in a research report on Friday, May 15th. Raymond James Financial reaffirmed an “outperform” rating and set a $320.00 price target on shares of Ciena in a research report on Thursday, March 5th. Citigroup upped 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. Finally, Evercore set a $330.00 price target on shares of Ciena in a research report on Thursday, February 19th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $406.61.

Ciena Trading Up 0.1%

Shares of NYSE:CIEN opened at $580.59 on Monday. The stock has a 50 day moving average of $500.69 and a 200 day moving average of $342.67. The company has a market cap of $82.09 billion, a PE ratio of 369.80 and a beta of 1.24. The company has a current ratio of 2.81, a quick ratio of 2.14 and a debt-to-equity ratio of 0.55. Ciena Corporation has a 12-month low of $70.77 and a 12-month high of $605.61.

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

Insider Activity at Ciena

In related news, SVP Brodie Gage sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 24th. The stock was sold at an average price of $405.00, for a total transaction of $2,025,000.00. Following the completion of the transaction, the senior vice president directly owned 46,341 shares in the company, valued at approximately $18,768,105. The trade was a 9.74% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Gary B. Smith sold 2,952 shares of the business’s stock in a transaction that occurred on Wednesday, April 1st. The shares were 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 trade represents a 1.04% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 41,222 shares of company stock worth $17,831,763. 0.58% of the stock is owned by company insiders.

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.