Hollencrest Capital Management Has $596,000 Stock Holdings in Ciena Corporation $CIEN

Hollencrest Capital Management trimmed its position in Ciena Corporation (NYSE:CIEN) by 53.2% during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 1,534 shares of the communications equipment provider’s stock after selling 1,746 shares during the period. Hollencrest Capital Management’s holdings in Ciena were worth $596,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Bogart Wealth LLC lifted its stake in shares of Ciena by 635.7% during the first quarter. Bogart Wealth LLC now owns 103 shares of the communications equipment provider’s stock valued at $40,000 after acquiring an additional 89 shares during the period. Transamerica Financial Advisors LLC increased its position in Ciena by 71.0% in the fourth quarter. Transamerica Financial Advisors LLC now owns 106 shares of the communications equipment provider’s stock worth $25,000 after purchasing an additional 44 shares during the period. Whittier Trust Co. of Nevada Inc. raised its holdings in Ciena by 85.5% during the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 141 shares of the communications equipment provider’s stock worth $55,000 after purchasing an additional 65 shares during the last quarter. Hilltop National Bank bought a new stake in Ciena during the 4th quarter worth about $35,000. Finally, Truvestments Capital LLC lifted its position in Ciena by 45.3% during the 4th quarter. Truvestments Capital LLC now owns 154 shares of the communications equipment provider’s stock valued at $36,000 after purchasing an additional 48 shares during the period. 91.99% of the stock is owned by institutional investors and hedge funds.

Ciena Price Performance

CIEN opened at $373.72 on Monday. The company has a quick ratio of 2.11, a current ratio of 2.73 and a debt-to-equity ratio of 0.53. Ciena Corporation has a 12 month low of $83.20 and a 12 month high of $637.51. The company has a fifty day simple moving average of $495.15 and a 200 day simple moving average of $404.91. The stock has a market cap of $52.90 billion, a P/E ratio of 124.57 and a beta of 1.27.

Ciena (NYSE:CIEN) last posted its earnings results on Thursday, June 4th. The communications equipment provider reported $1.64 earnings per share for the quarter, topping the consensus estimate of $1.46 by $0.18. Ciena had a return on equity of 18.15% and a net margin of 7.87%.The firm had revenue of $1.57 billion for the quarter, compared to analyst estimates of $1.50 billion. During the same period in the previous year, the company posted $0.42 earnings per share. The company’s revenue for the quarter was up 39.5% on a year-over-year basis. On average, research analysts expect that Ciena Corporation will post 5.4 EPS for the current year.

Insider Activity at Ciena

In other Ciena news, SVP Joseph Cumello sold 1,586 shares of the firm’s stock in a transaction that occurred 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 directly 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 sale was disclosed in a filing with the SEC, which is accessible 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 that occurred on Monday, June 15th. The shares were sold at an average price of $466.10, for a total transaction of $559,320.00. Following the completion of the transaction, the senior vice president directly owned 42,741 shares in the company, valued at approximately $19,921,580.10. The trade was a 2.73% decrease in their position. 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 have sold a total of 21,627 shares of company stock valued at $10,974,985 over the last 90 days. Insiders own 0.58% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on CIEN shares. Bank of America raised their target price on shares of Ciena from $550.00 to $660.00 and gave the company a “buy” rating in a research note on Tuesday, May 26th. Argus set a $650.00 price target on shares of Ciena in a research note on Friday, June 5th. Needham & Company LLC restated a “buy” rating and issued a $600.00 price objective on shares of Ciena in a report on Tuesday, June 23rd. B. Riley Financial raised their price objective on shares of Ciena from $283.00 to $531.00 and gave the company a “neutral” rating in a research note on Tuesday, June 2nd. Finally, UBS Group lifted their target price on shares of Ciena from $285.00 to $508.00 and gave the stock a “neutral” rating in a report on Friday, June 5th. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $530.56.

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.