Ciena Corporation $CIEN Stake Raised by Wealthfront Advisers LLC

Wealthfront Advisers LLC boosted its holdings in Ciena Corporation (NYSE:CIEN) by 730.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 21,698 shares of the communications equipment provider’s stock after acquiring an additional 19,086 shares during the quarter. Wealthfront Advisers LLC’s holdings in Ciena were worth $8,424,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Elyxium Wealth LLC bought a new position in shares of Ciena during the 4th quarter valued at about $2,747,810,000. State Street Corp raised its holdings in shares of Ciena by 17.2% in the 4th quarter. State Street Corp now owns 5,102,409 shares of the communications equipment provider’s stock worth $1,193,300,000 after purchasing an additional 750,128 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in Ciena by 53.0% during the fourth 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 purchasing an additional 1,404,132 shares during the last quarter. Bank of America Corp DE lifted its stake 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 boosted 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 worth $671,365,000 after buying an additional 2,861,176 shares in the last quarter. 91.99% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have issued reports on the stock. Bank of America lifted their price target on shares of Ciena from $550.00 to $660.00 and gave the stock a “buy” rating in a research report on Tuesday, May 26th. Raymond James Financial increased their price objective on Ciena from $320.00 to $530.00 and gave the company an “outperform” rating in a research report on Thursday, June 4th. Weiss Ratings lowered Ciena from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday, July 7th. Northland Securities set a $450.00 target price on Ciena in a report on Friday, June 5th. Finally, Stifel Nicolaus set a $615.00 target price on Ciena in a research report on Friday, May 29th. One investment 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’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $530.56.

Ciena Stock Performance

Ciena stock opened at $373.72 on Friday. The firm’s 50 day simple moving average is $495.15 and its 200-day simple moving average is $403.75. The company has a market cap of $52.90 billion, a P/E ratio of 124.57 and a beta of 1.27. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.73 and a quick ratio of 2.11. Ciena Corporation has a fifty-two week low of $83.20 and a fifty-two week high of $637.51.

Ciena (NYSE:CIEN) last issued its quarterly earnings results on Thursday, June 4th. The communications equipment provider reported $1.64 EPS for the quarter, beating the consensus estimate of $1.46 by $0.18. The business had revenue of $1.57 billion during the quarter, compared to the consensus estimate of $1.50 billion. Ciena had a net margin of 7.87% and a return on equity of 18.15%. The firm’s quarterly revenue was up 39.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.42 EPS. As a group, equities research analysts predict that Ciena Corporation will post 5.4 EPS for the current year.

Insider Activity

In other Ciena news, CEO Gary B. Smith sold 2,952 shares of the business’s stock in a transaction on Friday, May 15th. The shares were sold at an average price of $562.05, for a total transaction of $1,659,171.60. Following the sale, the chief executive officer directly owned 272,509 shares of the company’s stock, valued at $153,163,683.45. The trade was a 1.07% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Marc D. Graff sold 126 shares of the stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $466.20, for a total value of $58,741.20. Following the completion of the sale, the chief financial officer owned 126,955 shares of the company’s stock, valued at $59,186,421. The trade was a 0.10% 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. In the last 90 days, insiders sold 21,627 shares of company stock worth $10,974,985. 0.58% of the stock is owned by corporate insiders.

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.