Castle Rock Wealth Management LLC Takes Position in Ciena Corporation $CIEN

Castle Rock Wealth Management LLC purchased a new stake in shares of Ciena Corporation (NYSE:CIEN) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 5,636 shares of the communications equipment provider’s stock, valued at approximately $1,318,000.

Other institutional investors have also made changes to their positions in the company. Community Bank N.A. acquired a new stake in shares of Ciena during the 3rd quarter valued at about $25,000. Assetmark Inc. lifted its holdings in shares of Ciena by 50.4% during the 3rd quarter. Assetmark Inc. now owns 200 shares of the communications equipment provider’s stock valued at $29,000 after buying an additional 67 shares during the last quarter. Ameritas Advisory Services LLC lifted its holdings in shares of Ciena by 104.0% during the 3rd quarter. Ameritas Advisory Services LLC now owns 204 shares of the communications equipment provider’s stock valued at $30,000 after buying an additional 104 shares during the last quarter. Hilltop National Bank acquired a new stake in shares of Ciena during the 4th quarter valued at about $35,000. Finally, Quent Capital LLC acquired a new stake in shares of Ciena during the 3rd quarter valued at about $39,000. 91.99% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Ciena

In other news, SVP Jason Phipps sold 22,014 shares of the stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $409.80, for a total value of $9,021,337.20. Following the completion of the sale, the senior vice president directly owned 68 shares of the company’s stock, valued at approximately $27,866.40. This represents a 99.69% decrease in their ownership of the stock. The transaction was disclosed in a legal filing 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, CEO Gary B. Smith sold 2,952 shares of the firm’s stock in a transaction on Monday, March 16th. The stock was sold at an average price of $359.53, for a total transaction of $1,061,332.56. Following the completion of the sale, the chief executive officer owned 293,084 shares in the company, valued at approximately $105,372,490.52. The trade was a 1.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 42,974 shares of company stock worth $17,418,863 over the last three months. 0.58% of the stock is currently owned by insiders.

Ciena Trading Up 0.2%

Shares of NYSE:CIEN opened at $578.44 on Thursday. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.14 and a current ratio of 2.81. The stock’s 50-day moving average is $444.88 and its 200-day moving average is $310.56. The company has a market cap of $81.79 billion, a P/E ratio of 368.44, a P/E/G ratio of 1.89 and a beta of 1.24. Ciena Corporation has a 52-week low of $70.77 and a 52-week high of $598.84.

Ciena (NYSE:CIEN) last posted its quarterly earnings data on Thursday, March 5th. The communications equipment provider reported $1.35 earnings per share for the quarter, topping the consensus estimate of $1.17 by $0.18. Ciena had a return on equity of 12.09% and a net margin of 4.47%.The business had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.40 billion. During the same quarter in the previous year, the firm earned $0.64 EPS. The firm’s revenue was up 33.1% compared to the same quarter last year. Equities research analysts predict that Ciena Corporation will post 5.12 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages have recently issued reports on CIEN. B. Riley Financial lifted their price target on Ciena from $222.00 to $283.00 and gave the company a “neutral” rating in a report on Friday, March 6th. Weiss Ratings upgraded Ciena from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, April 27th. Morgan Stanley boosted their target price on Ciena from $286.00 to $405.00 and gave the stock an “equal weight” rating in a report on Monday, April 20th. Rothschild & Co Redburn initiated coverage on Ciena in a report on Friday, May 1st. They set a “neutral” rating and a $416.00 price target on the stock. Finally, JPMorgan Chase & Co. lifted their price target on shares of Ciena from $380.00 to $550.00 and gave the company an “overweight” rating in a research report on Thursday, April 16th. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $367.56.

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.