TKG Advisors LLC Invests $3.24 Million in Ciena Corporation $CIEN

TKG Advisors LLC bought a new position in shares of Ciena Corporation (NYSE:CIEN) in the first quarter, HoldingsChannel.com reports. The institutional investor bought 8,356 shares of the communications equipment provider’s stock, valued at approximately $3,244,000. Ciena accounts for approximately 1.3% of TKG Advisors LLC’s portfolio, making the stock its 23rd largest position.

Other hedge funds have also recently bought and sold shares of the company. SmartHarvest Portfolios LLC grew its stake in Ciena by 1.8% during the first quarter. SmartHarvest Portfolios LLC now owns 1,142 shares of the communications equipment provider’s stock worth $443,000 after buying an additional 20 shares during the period. Parallel Advisors LLC lifted its holdings in shares of Ciena by 0.8% during the 4th quarter. Parallel Advisors LLC now owns 5,107 shares of the communications equipment provider’s stock valued at $1,194,000 after acquiring an additional 43 shares in the last quarter. Transamerica Financial Advisors LLC lifted its holdings in shares of Ciena by 71.0% during the 4th quarter. Transamerica Financial Advisors LLC now owns 106 shares of the communications equipment provider’s stock valued at $25,000 after acquiring an additional 44 shares in the last quarter. UMB Bank n.a. boosted its position in Ciena by 2.9% during the 4th quarter. UMB Bank n.a. now owns 1,629 shares of the communications equipment provider’s stock worth $381,000 after purchasing an additional 46 shares during the period. Finally, Truvestments Capital LLC increased its holdings in Ciena by 45.3% in 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 in the last quarter. Hedge funds and other institutional investors own 91.99% of the company’s stock.

Analyst Ratings Changes

CIEN has been the topic of a number of recent research reports. Northland Securities set a $450.00 price objective on Ciena in a research note on Friday, June 5th. Rosenblatt Securities raised their target price on Ciena from $350.00 to $720.00 and gave the company a “buy” rating in a report on Friday, June 5th. Weiss Ratings lowered Ciena from a “buy (b)” rating to a “buy (b-)” rating in a research report on Tuesday, June 23rd. JPMorgan Chase & Co. upped their price target on Ciena from $380.00 to $550.00 and gave the stock an “overweight” rating in a report on Thursday, April 16th. Finally, B. Riley Financial lifted 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. Thirteen equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $530.56.

Insider Activity at Ciena

In other Ciena news, CFO Marc D. Graff sold 126 shares of the stock in a transaction on Wednesday, June 24th. The shares were sold at an average price of $449.36, for a total transaction of $56,619.36. Following the transaction, the chief financial officer directly owned 127,081 shares in the company, valued at $57,105,118.16. This represents a 0.10% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Joseph Cumello sold 1,586 shares of the firm’s stock in a transaction on Friday, June 26th. The stock was sold at an average price of $466.33, for a total transaction of $739,599.38. Following the transaction, the senior vice president directly owned 42,872 shares of the company’s stock, valued at approximately $19,992,499.76. This represents a 3.57% 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 17,120 shares of company stock worth $8,872,766 over the last three months. 0.58% of the stock is owned by corporate insiders.

Ciena Trading Down 5.9%

NYSE:CIEN opened at $461.48 on Thursday. Ciena Corporation has a one year low of $76.89 and a one year high of $637.51. The business’s 50-day simple moving average is $517.03 and its 200 day simple moving average is $387.95. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.11 and a current ratio of 2.73. The stock has a market cap of $65.32 billion, a price-to-earnings ratio of 153.83 and a beta of 1.27.

Ciena (NYSE:CIEN) last posted its quarterly earnings data on Thursday, June 4th. The communications equipment provider reported $1.64 earnings per share (EPS) 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 company had revenue of $1.57 billion for the quarter, compared to the consensus estimate of $1.50 billion. During the same period in the previous year, the business earned $0.42 EPS. Ciena’s revenue for the quarter was up 39.5% compared to the same quarter last year. As a group, sell-side analysts predict that Ciena Corporation will post 5.4 earnings per share for the current fiscal year.

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.