Precision Wealth Strategies LLC Invests $1.16 Million in Ciena Corporation $CIEN

Precision Wealth Strategies LLC acquired a new position in Ciena Corporation (NYSE:CIEN) during the first quarter, HoldingsChannel.com reports. The fund acquired 2,977 shares of the communications equipment provider’s stock, valued at approximately $1,156,000.

Several other institutional investors have also added to or reduced their stakes in CIEN. Jacobs Levy Equity Management Inc. acquired a new stake in Ciena during the 1st quarter valued at approximately $395,000. Jones Financial Companies Lllp lifted its position in shares of Ciena by 139.6% in the 1st quarter. Jones Financial Companies Lllp now owns 5,253 shares of the communications equipment provider’s stock worth $317,000 after purchasing an additional 3,061 shares during the period. Goldman Sachs Group Inc. boosted its stake in shares of Ciena by 1.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 222,054 shares of the communications equipment provider’s stock valued at $13,419,000 after purchasing an additional 3,117 shares during the last quarter. Focus Partners Wealth boosted its stake in shares of Ciena by 14.6% in the 1st quarter. Focus Partners Wealth now owns 5,762 shares of the communications equipment provider’s stock valued at $348,000 after purchasing an additional 733 shares during the last quarter. Finally, Franklin Resources Inc. acquired a new stake in shares of Ciena during the second quarter worth $234,000. 91.99% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Stifel Nicolaus set a $615.00 target price on shares of Ciena in a research note on Friday, May 29th. Rothschild & Co Redburn began coverage on shares of Ciena in a research report on Friday, May 1st. They set a “neutral” rating and a $416.00 price target on the stock. Raymond James Financial increased their price target on Ciena from $320.00 to $530.00 and gave the stock an “outperform” rating in a report on Thursday, June 4th. Argus set a $650.00 price objective on Ciena in a research report on Friday, June 5th. Finally, Northland Securities set a $450.00 price objective on Ciena in a research note on Friday, June 5th. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $530.56.

Ciena Stock Performance

NYSE:CIEN opened at $373.72 on Friday. The company has a fifty day moving average of $495.15 and a 200-day moving average of $403.75. The firm has a market capitalization of $52.90 billion, a P/E ratio of 124.57 and a beta of 1.27. 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 twelve month low of $83.20 and a twelve month high of $637.51.

Ciena (NYSE:CIEN) last released its earnings results on Thursday, June 4th. The communications equipment provider reported $1.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.46 by $0.18. The company had revenue of $1.57 billion for 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%. Ciena’s quarterly revenue was up 39.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.42 EPS. As a group, sell-side analysts anticipate that Ciena Corporation will post 5.4 EPS for the current year.

Insider Transactions at Ciena

In other news, CFO Marc D. Graff sold 126 shares of the company’s stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $466.20, for a total transaction of $58,741.20. Following the transaction, the chief financial officer owned 126,955 shares in the company, valued at approximately $59,186,421. This represents a 0.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Gary B. Smith sold 2,952 shares of the stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $468.83, for a total transaction of $1,383,986.16. Following the transaction, the chief executive officer directly owned 254,886 shares in the company, valued at $119,498,203.38. This trade represents a 1.14% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 21,627 shares of company stock valued at $10,974,985. 0.58% of the stock is owned by 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.