Kestra Investment Management LLC Purchases 5,063 Shares of Ciena Corporation $CIEN

Kestra Investment Management LLC grew its position in Ciena Corporation (NYSE:CIEN) by 764.8% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 5,725 shares of the communications equipment provider’s stock after buying an additional 5,063 shares during the period. Kestra Investment Management LLC’s holdings in Ciena were worth $2,014,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Swiss National Bank grew its position in shares of Ciena by 7.0% during the 1st quarter. Swiss National Bank now owns 413,332 shares of the communications equipment provider’s stock worth $160,468,000 after buying an additional 26,900 shares during the period. Wealth High Governance Capital Ltda bought a new stake in shares of Ciena during the first quarter worth approximately $10,883,000. Fifth Third Bancorp raised its stake in shares of Ciena by 983.2% during the first quarter. Fifth Third Bancorp now owns 17,168 shares of the communications equipment provider’s stock worth $6,665,000 after buying an additional 15,583 shares during the last quarter. Plato Investment Management Ltd acquired a new position in Ciena in the second quarter valued at approximately $2,124,000. Finally, Mezzasalma Advisors LLC lifted its holdings in Ciena by 300.1% in the third quarter. Mezzasalma Advisors LLC now owns 5,682 shares of the communications equipment provider’s stock valued at $1,999,000 after buying an additional 4,262 shares during the period. Institutional investors own 91.99% of the company’s stock.

Ciena Price Performance

CIEN opened at $272.59 on Wednesday. The company has a quick ratio of 3.17, a current ratio of 3.80 and a debt-to-equity ratio of 1.06. Ciena Corporation has a 12 month low of $168.22 and a 12 month high of $637.51. The company has a fifty day simple moving average of $346.30 and a 200 day simple moving average of $402.93. The stock has a market cap of $38.66 billion, a P/E ratio of 60.85, a P/E/G ratio of 2.16 and a beta of 1.33.

Ciena (NYSE:CIEN) last posted its earnings results on Thursday, September 3rd. The communications equipment provider reported $2.11 earnings per share for the quarter, topping the consensus estimate of $1.73 by $0.38. Ciena had a return on equity of 25.33% and a net margin of 10.87%. The firm had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.64 billion. During the same period in the previous year, the company posted $0.35 earnings per share. The company’s revenue for the quarter was up 37.0% on a year-over-year basis. On average, research analysts expect that Ciena Corporation will post 6.00 EPS for the current year.

Insider Activity at Ciena

In related news, EVP Jason Phipps sold 2,629 shares of the business’s stock in a transaction that occurred on Thursday, October 1st. The stock was sold at an average price of $355.19, for a total value of $933,794.51. Following the completion of the transaction, the executive vice president directly owned 57,388 shares in the company, valued at approximately $20,383,643.72. The trade was a 4.38% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Joseph Cumello sold 1,586 shares of the stock in a transaction that occurred on Friday, September 25th. The stock was sold at an average price of $358.52, for a total value of $568,612.72. Following the sale, the executive vice president directly owned 39,570 shares of the company’s stock, valued at approximately $14,186,636.40. The trade was a 3.85% 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. Insiders have sold a total of 36,014 shares of company stock valued at $13,216,540 over the last 90 days. Insiders own 0.58% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on CIEN. TD Cowen reaffirmed a “buy” rating on shares of Ciena in a research note on Thursday, September 17th. Bank of America reiterated a “buy” rating and set a $550.00 target price (down from $660.00) on shares of Ciena in a research report on Thursday, August 20th. Rosenblatt Securities reissued a “buy” rating and issued a $525.00 price target on shares of Ciena in a research note on Thursday, September 17th. Needham & Company LLC reissued a “buy” rating and issued a $520.00 price target on shares of Ciena in a research note on Thursday, September 17th. Finally, Weiss Ratings lowered Ciena from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, August 25th. One analyst has rated the stock with a Strong Buy rating, fifteen 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 price target of $485.93.

Ciena Company Profile

Ciena is a communications networking company that develops equipment, software and services used to build and manage telecommunications networks. Its offerings support the movement of data across fiber-optic, subsea and other network infrastructure. The company’s products include optical transport systems, routing and switching equipment, and software for network automation and management. Ciena also provides consulting, implementation and support services to help customers plan, deploy and operate their networks.