NewEdge Advisors LLC Acquires 6,132 Shares of Ciena Corporation $CIEN

NewEdge Advisors LLC boosted its holdings in shares of Ciena Corporation (NYSE:CIEN) by 80.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 13,795 shares of the communications equipment provider’s stock after buying an additional 6,132 shares during the period. NewEdge Advisors LLC’s holdings in Ciena were worth $5,356,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Asset Dedication LLC increased its position in shares of Ciena by 2,100.0% during the first quarter. Asset Dedication LLC now owns 88 shares of the communications equipment provider’s stock worth $34,000 after acquiring an additional 84 shares in the last quarter. BankChampaign National Association bought a new position in Ciena in the 1st quarter valued at about $759,000. Liontrust Investment Partners LLP lifted its position in Ciena by 16.3% in the 1st quarter. Liontrust Investment Partners LLP now owns 82,167 shares of the communications equipment provider’s stock valued at $31,900,000 after acquiring an additional 11,515 shares in the last quarter. E20 Capital Ltd acquired a new position in Ciena during the 1st quarter valued at about $41,676,000. Finally, Western Wealth Management LLC acquired a new position in Ciena during the 1st quarter valued at about $49,000. 91.99% of the stock is owned by institutional investors.

Analysts Set New Price Targets

CIEN has been the subject of a number of recent research reports. Barclays increased their price objective on Ciena from $372.00 to $607.00 and gave the stock an “overweight” rating in a research note on Friday, June 5th. Rothschild & Co Redburn began coverage on Ciena in a research report on Friday, May 1st. They set a “neutral” rating and a $416.00 target price on the stock. Zacks Research downgraded Ciena from a “strong-buy” rating to a “hold” rating in a report on Monday, August 3rd. Northland Securities set a $450.00 price target on Ciena in a research report on Friday, June 5th. Finally, Morgan Stanley raised their price objective on Ciena from $405.00 to $490.00 and gave the company an “equal weight” rating in a research note on Friday, June 5th. Thirteen research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $530.56.

Insiders Place Their Bets

In other news, CEO Gary B. Smith sold 2,952 shares of the business’s stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $379.81, for a total value of $1,121,199.12. Following the sale, the chief executive officer owned 248,982 shares of the company’s stock, valued at $94,565,853.42. The trade was a 1.17% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at 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 company’s stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $466.10, for a total transaction of $559,320.00. Following the sale, the senior vice president owned 42,741 shares in the company, valued at $19,921,580.10. The trade was a 2.73% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 21,627 shares of company stock worth $10,508,776 in the last ninety days. 0.58% of the stock is owned by corporate insiders.

Ciena Price Performance

Shares of NYSE CIEN opened at $387.40 on Wednesday. The company has a current ratio of 2.73, a quick ratio of 2.11 and a debt-to-equity ratio of 0.53. The stock has a fifty day simple moving average of $431.24 and a two-hundred day simple moving average of $422.62. Ciena Corporation has a 1-year low of $84.41 and a 1-year high of $637.51. The firm has a market cap of $54.84 billion, a price-to-earnings ratio of 129.13 and a beta of 1.30.

Ciena (NYSE:CIEN) last issued its earnings results on Thursday, June 4th. The communications equipment provider reported $1.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.46 by $0.18. The firm had revenue of $1.57 billion for the quarter, compared to analyst estimates of $1.50 billion. Ciena had a return on equity of 18.15% and a net margin of 7.87%.The business’s revenue was up 39.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.42 earnings per share. Analysts anticipate that Ciena Corporation will post 5.4 earnings per share for the current 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.