EverSource Wealth Advisors LLC Decreases Stake in Ciena Corporation $CIEN

EverSource Wealth Advisors LLC cut its holdings in shares of Ciena Corporation (NYSE:CIEN) by 14.9% in the 1st quarter, HoldingsChannel reports. The firm owned 20,512 shares of the communications equipment provider’s stock after selling 3,601 shares during the quarter. EverSource Wealth Advisors LLC’s holdings in Ciena were worth $7,963,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of CIEN. Regal Partners Ltd bought a new stake in Ciena in the first quarter worth $1,165,000. Empowered Funds LLC boosted its holdings in Ciena by 26.6% during the 1st quarter. Empowered Funds LLC now owns 20,663 shares of the communications equipment provider’s stock valued at $8,022,000 after acquiring an additional 4,338 shares during the period. Quantinno Capital Management LP boosted its holdings in Ciena by 3.4% during the 1st quarter. Quantinno Capital Management LP now owns 103,914 shares of the communications equipment provider’s stock valued at $40,343,000 after acquiring an additional 3,429 shares during the period. SummitTX Capital L.P. bought a new position in Ciena during the 1st quarter worth approximately $1,956,000. Finally, ABS Direct Equity Fund LLC bought a new position in Ciena during the 1st quarter worth approximately $311,000. 91.99% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have weighed in on CIEN. Citigroup boosted their price objective on Ciena from $345.00 to $658.00 and gave the company a “buy” rating in a research report on Monday, May 18th. Needham & Company LLC reaffirmed a “buy” rating on shares of Ciena in a research note on Tuesday. Raymond James Financial upped their price target on shares of Ciena from $320.00 to $530.00 and gave the company an “outperform” rating in a report on Thursday, June 4th. JPMorgan Chase & Co. increased 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. Finally, Morgan Stanley raised their price target on shares of Ciena from $405.00 to $490.00 and gave the stock an “equal weight” rating in a report on Friday, June 5th. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $530.56.

Insiders Place Their Bets

In other Ciena news, SVP Joseph Cumello sold 1,586 shares of the company’s stock in a transaction that occurred 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 owned 42,872 shares in the company, valued at approximately $19,992,499.76. This represents a 3.57% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Brodie Gage sold 1,200 shares of the stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $466.10, for a total value of $559,320.00. Following the completion of the transaction, the senior vice president directly owned 42,741 shares of the company’s stock, valued at $19,921,580.10. This represents 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 sold a total of 21,627 shares of company stock valued at $10,974,985 over the last ninety days. 0.58% of the stock is owned by corporate insiders.

Ciena Stock Performance

NYSE:CIEN opened at $350.05 on Wednesday. The stock has a market cap of $49.55 billion, a P/E ratio of 116.68 and a beta of 1.27. The firm’s fifty day simple moving average is $470.37 and its 200 day simple moving average is $412.04. Ciena Corporation has a twelve month low of $84.41 and a twelve month high of $637.51. 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 (NYSE:CIEN) last issued its quarterly earnings data on Thursday, June 4th. The communications equipment provider reported $1.64 EPS for the quarter, topping the consensus estimate of $1.46 by $0.18. Ciena had a net margin of 7.87% and a return on equity of 18.15%. The business had revenue of $1.57 billion during the quarter, compared to analyst estimates of $1.50 billion. During the same period in the prior year, the business earned $0.42 EPS. The company’s revenue for the quarter was up 39.5% on a year-over-year basis. As a group, research analysts predict that Ciena Corporation will post 5.4 EPS for the current year.

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.