Forty three Eighteen Advisors LLC Acquires New Shares in Ciena Corporation $CIEN

Forty three Eighteen Advisors LLC acquired a new position in shares of Ciena Corporation (NYSE:CIEN) in the 4th quarter, HoldingsChannel.com reports. The fund acquired 6,493 shares of the communications equipment provider’s stock, valued at approximately $1,519,000.

A number of other institutional investors also recently bought and sold shares of CIEN. Transamerica Financial Advisors LLC increased its position in shares of Ciena by 71.0% in the fourth quarter. Transamerica Financial Advisors LLC now owns 106 shares of the communications equipment provider’s stock valued at $25,000 after buying an additional 44 shares in the last quarter. Hilltop National Bank purchased a new stake in shares of Ciena in the 4th quarter worth about $35,000. Truvestments Capital LLC boosted its position in shares of Ciena by 45.3% in the 4th quarter. Truvestments Capital LLC now owns 154 shares of the communications equipment provider’s stock worth $36,000 after buying an additional 48 shares in the last quarter. Community Bank N.A. acquired a new stake in Ciena in the 3rd quarter valued at about $25,000. Finally, Acumen Wealth Advisors LLC acquired a new stake in Ciena in the 4th quarter valued at about $40,000. 91.99% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have weighed in on CIEN shares. B. Riley Financial raised their target price on shares of Ciena from $283.00 to $531.00 and gave the company a “neutral” rating in a report on Tuesday, June 2nd. Stifel Nicolaus set a $615.00 price target on shares of Ciena in a report on Friday, May 29th. Rosenblatt Securities raised their price objective on shares of Ciena from $350.00 to $720.00 and gave the stock a “buy” rating in a research note on Friday, June 5th. Raymond James Financial raised their price objective on shares of Ciena from $320.00 to $530.00 and gave the stock an “outperform” rating in a research note on Thursday, June 4th. Finally, Wolfe Research restated an “outperform” rating and set a $375.00 price objective on shares of Ciena in a research report on Thursday, March 5th. Thirteen analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $530.56.

Ciena Trading Down 0.0%

Shares of CIEN stock opened at $428.02 on Friday. The firm has a 50-day moving average price of $519.74 and a 200 day moving average price of $372.01. Ciena Corporation has a twelve month low of $73.55 and a twelve month high of $637.51. The company has a market capitalization of $60.59 billion, a price-to-earnings ratio of 142.67 and a beta of 1.24. 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 (NYSE:CIEN) last released its earnings results on Thursday, June 4th. The communications equipment provider reported $1.64 earnings per share (EPS) 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 company had revenue of $1.57 billion for the quarter, compared to analyst estimates of $1.50 billion. During the same period in the prior year, the firm earned $0.42 EPS. The firm’s quarterly revenue was up 39.5% on a year-over-year basis. Research analysts forecast that Ciena Corporation will post 5.4 earnings per share for the current fiscal year.

Insider Activity

In other Ciena news, SVP Brodie Gage sold 5,000 shares of Ciena stock in a transaction that occurred on Tuesday, March 24th. The shares were sold at an average price of $405.00, for a total value of $2,025,000.00. Following the completion of the sale, the senior vice president directly owned 46,341 shares of the company’s stock, valued at approximately $18,768,105. The trade was a 9.74% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Gary B. Smith sold 2,952 shares of the business’s stock in a transaction 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 completion of the transaction, the chief executive officer owned 281,365 shares of the company’s stock, valued at $116,909,971.15. This trade represents a 1.04% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 45,374 shares of company stock valued at $20,349,470 over the last 90 days. Insiders own 0.58% of the company’s stock.

About Ciena

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.