Ellevest Inc. Takes $320,000 Position in Ciena Corporation $CIEN

Ellevest Inc. acquired a new stake in shares of Ciena Corporation (NYSE:CIEN) during the 4th quarter, according to its most recent 13F filing with the SEC. The firm acquired 1,370 shares of the communications equipment provider’s stock, valued at approximately $320,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Community Bank N.A. purchased a new position in Ciena during the third quarter valued at $25,000. Assetmark Inc. grew its stake in Ciena by 50.4% during the third quarter. Assetmark Inc. now owns 200 shares of the communications equipment provider’s stock valued at $29,000 after acquiring an additional 67 shares in the last quarter. Ameritas Advisory Services LLC grew its stake in Ciena by 104.0% during the third quarter. Ameritas Advisory Services LLC now owns 204 shares of the communications equipment provider’s stock valued at $30,000 after acquiring an additional 104 shares in the last quarter. Hilltop National Bank purchased a new position in Ciena during the fourth quarter valued at $35,000. Finally, Clearstead Advisors LLC grew its stake in Ciena by 42.5% during the third quarter. Clearstead Advisors LLC now owns 312 shares of the communications equipment provider’s stock valued at $45,000 after acquiring an additional 93 shares in the last quarter. 91.99% of the stock is currently owned by institutional investors.

Insider Activity at Ciena

In related news, CEO Gary B. Smith sold 2,952 shares of Ciena stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $565.92, for a total transaction of $1,670,595.84. Following the completion of the sale, the chief executive officer owned 269,557 shares in the company, valued at $152,547,697.44. This trade represents a 1.08% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Jason Phipps sold 22,014 shares of Ciena stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $409.80, for a total transaction of $9,021,337.20. Following the sale, the senior vice president owned 68 shares of the company’s stock, valued at $27,866.40. The trade was a 99.69% 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 44,174 shares of company stock worth $19,502,359 in the last 90 days. 0.58% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

CIEN has been the subject of a number of recent research reports. Raymond James Financial reissued an “outperform” rating and issued a $320.00 price objective on shares of Ciena in a research note on Thursday, March 5th. Barclays lifted their price objective on shares of Ciena from $279.00 to $372.00 and gave the stock an “overweight” rating in a research note on Friday, March 6th. Evercore set a $330.00 price objective on shares of Ciena in a research note on Thursday, February 19th. Rosenblatt Securities lifted their price objective on shares of Ciena from $305.00 to $350.00 and gave the stock a “buy” rating in a research note on Friday, March 6th. Finally, Zacks Research raised shares of Ciena from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 13th. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $420.39.

Ciena Price Performance

CIEN stock opened at $628.98 on Wednesday. Ciena Corporation has a 12 month low of $70.77 and a 12 month high of $629.61. The company has a current ratio of 2.81, a quick ratio of 2.14 and a debt-to-equity ratio of 0.55. The company has a 50-day moving average price of $503.80 and a 200 day moving average price of $345.22. The stock has a market cap of $88.94 billion, a PE ratio of 400.63 and a beta of 1.24.

Ciena (NYSE:CIEN) last released its quarterly earnings results on Thursday, March 5th. The communications equipment provider reported $1.35 EPS for the quarter, topping analysts’ consensus estimates of $1.17 by $0.18. Ciena had a net margin of 4.47% and a return on equity of 12.09%. The firm had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.40 billion. During the same period in the previous year, the company earned $0.64 EPS. The firm’s revenue for the quarter was up 33.1% compared to the same quarter last year. Equities research analysts anticipate that Ciena Corporation will post 5.12 earnings per share 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.