Maridea Wealth Management LLC Acquires New Stake in Ciena Corporation $CIEN

Maridea Wealth Management LLC bought a new position in Ciena Corporation (NYSE:CIEN) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 2,087 shares of the communications equipment provider’s stock, valued at approximately $810,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Jacobs Levy Equity Management Inc. bought a new position in shares of Ciena during the first quarter worth about $395,000. Jones Financial Companies Lllp grew its stake in shares of Ciena by 139.6% during the 1st quarter. Jones Financial Companies Lllp now owns 5,253 shares of the communications equipment provider’s stock worth $317,000 after acquiring an additional 3,061 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in shares of Ciena by 1.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 222,054 shares of the communications equipment provider’s stock worth $13,419,000 after acquiring an additional 3,117 shares in the last quarter. Focus Partners Wealth raised its holdings in shares of Ciena by 14.6% in the first 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 in the second quarter valued at approximately $234,000. Institutional investors and hedge funds own 91.99% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on CIEN shares. Rosenblatt Securities raised their target price on shares of Ciena from $350.00 to $720.00 and gave the company a “buy” rating in a research report on Friday, June 5th. UBS Group boosted their price target on shares of Ciena from $285.00 to $508.00 and gave the stock a “neutral” rating in a research report on Friday, June 5th. Morgan Stanley raised their price objective on Ciena from $405.00 to $490.00 and gave the company an “equal weight” rating in a report on Friday, June 5th. Wolfe Research reiterated an “outperform” rating and set a $375.00 price objective on shares of Ciena in a research note on Thursday, March 5th. Finally, Bank of America increased their price objective on Ciena from $550.00 to $660.00 and gave the company a “buy” rating in a report on Tuesday, May 26th. Thirteen analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat, Ciena presently has an average rating of “Moderate Buy” and an average target price of $530.56.

Insider Activity at Ciena

In other news, CEO Gary B. Smith sold 2,952 shares of the business’s stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $457.02, for a total transaction of $1,349,123.04. Following the completion of the sale, the chief executive officer owned 266,605 shares in the company, valued at $121,843,817.10. The trade was a 1.10% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Marc D. Graff sold 126 shares of the company’s stock in a transaction that occurred on Wednesday, June 24th. The shares were sold at an average price of $449.36, for a total value of $56,619.36. Following the completion of the transaction, the chief financial officer directly owned 127,081 shares in the company, valued at $57,105,118.16. The trade was a 0.10% 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. Insiders sold 40,500 shares of company stock valued at $18,381,089 in the last 90 days. Insiders own 0.58% of the company’s stock.

Ciena Trading Down 0.7%

CIEN stock opened at $481.36 on Friday. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.73 and a quick ratio of 2.11. The company has a fifty day moving average price of $518.53 and a two-hundred day moving average price of $381.48. Ciena Corporation has a one year low of $76.89 and a one year high of $637.51. The stock has a market cap of $68.14 billion, a price-to-earnings ratio of 160.45 and a beta of 1.24.

Ciena (NYSE:CIEN) last released its quarterly earnings data on Thursday, June 4th. The communications equipment provider reported $1.64 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 the consensus estimate of $1.50 billion. Ciena had a net margin of 7.87% and a return on equity of 18.15%. The company’s quarterly revenue was up 39.5% on a year-over-year basis. During the same period in the previous year, the company earned $0.42 earnings per share. Equities analysts anticipate that Ciena Corporation will post 5.4 EPS 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.