Journey Strategic Wealth LLC Makes New Investment in Ciena Corporation $CIEN

Journey Strategic Wealth LLC purchased a new position in Ciena Corporation (NYSE:CIEN) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 1,908 shares of the communications equipment provider’s stock, valued at approximately $278,000.

A number of other hedge funds and other institutional investors have also modified their holdings of CIEN. Arete Wealth Advisors LLC bought a new position in Ciena in the 3rd quarter valued at about $557,000. American Century Companies Inc. lifted its stake in shares of Ciena by 22.3% in the 3rd quarter. American Century Companies Inc. now owns 585,747 shares of the communications equipment provider’s stock worth $85,326,000 after acquiring an additional 106,991 shares during the period. Huntington National Bank lifted its stake in shares of Ciena by 1,509.4% in the 3rd quarter. Huntington National Bank now owns 853 shares of the communications equipment provider’s stock worth $124,000 after acquiring an additional 800 shares during the period. Quantbot Technologies LP bought a new position in shares of Ciena in the third quarter valued at approximately $642,000. Finally, Aster Capital Management DIFC Ltd acquired a new position in shares of Ciena during the third quarter valued at approximately $428,000. 91.99% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on CIEN. Weiss Ratings restated a “hold (c)” rating on shares of Ciena in a research report on Wednesday, January 21st. Evercore set a $330.00 price objective on Ciena in a report on Thursday, February 19th. B. Riley Financial reaffirmed a “neutral” rating on shares of Ciena in a research note on Friday, December 12th. Citigroup boosted their price target on shares of Ciena to $280.00 and gave the stock a “buy” rating in a research report on Friday, December 12th. Finally, Argus upped their price target on shares of Ciena from $135.00 to $280.00 and gave the company a “buy” rating in a report on Friday, December 12th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and eight have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $260.80.

Insiders Place Their Bets

In other news, Director Patrick Gallagher sold 11,618 shares of Ciena stock in a transaction on Monday, January 12th. The stock was sold at an average price of $227.45, for a total transaction of $2,642,514.10. Following the transaction, the director owned 50,184 shares in the company, valued at approximately $11,414,350.80. The trade was a 18.80% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Jason Phipps sold 21,383 shares of the company’s stock in a transaction on Thursday, January 15th. The shares were sold at an average price of $247.89, for a total value of $5,300,631.87. Following the transaction, the senior vice president directly owned 91,765 shares in the company, valued at $22,747,625.85. The trade was a 18.90% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 156,235 shares of company stock worth $36,941,890 in the last quarter. Corporate insiders own 0.58% of the company’s stock.

Ciena Trading Up 3.4%

Shares of NYSE CIEN opened at $344.40 on Thursday. The company has a quick ratio of 2.09, a current ratio of 2.73 and a debt-to-equity ratio of 0.56. Ciena Corporation has a 12 month low of $49.21 and a 12 month high of $365.90. The company has a market cap of $48.72 billion, a price-to-earnings ratio of 405.18, a P/E/G ratio of 1.85 and a beta of 1.08. The business has a fifty day simple moving average of $272.59 and a 200-day simple moving average of $203.00.

Ciena (NYSE:CIEN) last posted its quarterly earnings data on Thursday, December 11th. The communications equipment provider reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.76 by $0.15. Ciena had a return on equity of 8.38% and a net margin of 2.59%.The firm had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.29 billion. During the same quarter in the previous year, the company earned $0.54 EPS. The business’s revenue for the quarter was up 20.1% compared to the same quarter last year. Sell-side analysts predict that Ciena Corporation will post 1.6 EPS for the current year.

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.