Estate Counselors LLC Sells 11,236 Shares of Ciena Corporation $CIEN

Estate Counselors LLC reduced its position in Ciena Corporation (NYSE:CIEN) by 59.8% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 7,562 shares of the communications equipment provider’s stock after selling 11,236 shares during the quarter. Estate Counselors LLC’s holdings in Ciena were worth $2,936,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in the company. Elyxium Wealth LLC bought a new position in shares of Ciena during the 4th quarter worth $2,747,810,000. State Street Corp raised its stake in Ciena by 17.2% in the 4th quarter. State Street Corp now owns 5,102,409 shares of the communications equipment provider’s stock valued at $1,193,300,000 after acquiring an additional 750,128 shares during the period. Price T Rowe Associates Inc. MD raised 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 acquiring an additional 1,404,132 shares during the period. Bank of America Corp DE lifted its holdings in Ciena by 10.4% during the second quarter. Bank of America Corp DE now owns 3,495,795 shares of the communications equipment provider’s stock valued at $284,313,000 after purchasing an additional 329,821 shares during the last quarter. Finally, Corient Private Wealth LLC lifted its holdings in Ciena by 30,114.5% during the fourth quarter. Corient Private Wealth LLC now owns 2,870,677 shares of the communications equipment provider’s stock valued at $671,365,000 after purchasing an additional 2,861,176 shares during the last quarter. 91.99% of the stock is currently owned by institutional investors.

Ciena Stock Down 3.8%

Shares of NYSE CIEN opened at $376.25 on Tuesday. 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 business has a 50-day moving average of $474.20 and a 200-day moving average of $411.40. The firm has a market capitalization of $53.26 billion, a price-to-earnings ratio of 125.42 and a beta of 1.27. Ciena Corporation has a 12 month low of $84.41 and a 12 month high of $637.51.

Ciena (NYSE:CIEN) last announced its earnings results on Thursday, June 4th. The communications equipment provider reported $1.64 earnings per share for the quarter, beating 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 last year, the firm posted $0.42 earnings per share. Ciena’s quarterly revenue was up 39.5% on a year-over-year basis. Sell-side analysts expect that Ciena Corporation will post 5.4 earnings per share for the current fiscal year.

Insider Transactions at Ciena

In other news, SVP Joseph Cumello sold 1,586 shares of the firm’s stock in a transaction on Friday, June 26th. The shares were sold at an average price of $466.33, for a total transaction of $739,599.38. Following the sale, the senior vice president owned 42,872 shares in the company, valued at approximately $19,992,499.76. This trade represents a 3.57% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Brodie Gage sold 1,200 shares of Ciena stock in a transaction on Friday, May 15th. The stock was sold at an average price of $570.65, for a total transaction of $684,780.00. Following the sale, the senior vice president directly owned 43,941 shares of the company’s stock, valued at $25,074,931.65. This represents a 2.66% 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. Over the last ninety days, insiders have sold 21,627 shares of company stock worth $10,974,985. Company insiders own 0.58% of the company’s stock.

Analysts Set New Price Targets

CIEN has been the subject of several recent research reports. Bank of America lifted their target price on shares of Ciena from $550.00 to $660.00 and gave the stock a “buy” rating in a research note on Tuesday, May 26th. 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 note on Monday, May 18th. Argus set a $650.00 price objective on shares of Ciena in a report on Friday, June 5th. Barclays lifted their price objective 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, Northland Securities set a $450.00 target price on shares of Ciena in a report on Friday, June 5th. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $530.56.

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.