EverSource Wealth Advisors LLC Has $7.96 Million Stock Position in Ciena Corporation $CIEN

EverSource Wealth Advisors LLC lowered its holdings in shares of Ciena Corporation (NYSE:CIEN) by 14.9% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 20,512 shares of the communications equipment provider’s stock after selling 3,601 shares during the period. EverSource Wealth Advisors LLC’s holdings in Ciena were worth $7,963,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of CIEN. Bogart Wealth LLC lifted its position in shares of Ciena by 635.7% in the first quarter. Bogart Wealth LLC now owns 103 shares of the communications equipment provider’s stock valued at $40,000 after buying an additional 89 shares during the last quarter. Transamerica Financial Advisors LLC increased 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 worth $25,000 after acquiring an additional 44 shares during the last quarter. Whittier Trust Co. of Nevada Inc. raised its stake in Ciena by 85.5% in the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 141 shares of the communications equipment provider’s stock valued at $55,000 after acquiring an additional 65 shares during the period. Truvestments Capital LLC lifted its holdings in Ciena by 45.3% during 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 during the last quarter. Finally, Ascentis Independent Advisors acquired a new stake in Ciena during the 1st quarter valued at $65,000. Institutional investors and hedge funds own 91.99% of the company’s stock.

Ciena Stock Down 7.2%

CIEN opened at $350.05 on Wednesday. The stock has a fifty day moving average of $470.37 and a 200-day moving average of $412.04. The company has a market capitalization of $49.55 billion, a P/E ratio of 116.68 and a beta of 1.27. Ciena Corporation has a fifty-two week low of $84.41 and a fifty-two week high of $637.51. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.11 and a current ratio of 2.73.

Ciena (NYSE:CIEN) last issued its quarterly earnings data on Thursday, June 4th. The communications equipment provider reported $1.64 earnings per share for the quarter, topping the consensus estimate of $1.46 by $0.18. The business had revenue of $1.57 billion during the quarter, compared to analysts’ expectations of $1.50 billion. Ciena had a net margin of 7.87% and a return on equity of 18.15%. The business’s revenue was up 39.5% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.42 EPS. On average, equities analysts expect that Ciena Corporation will post 5.4 EPS for the current year.

Insider Activity at Ciena

In other news, CFO Marc D. Graff sold 126 shares of the firm’s stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $466.20, for a total transaction of $58,741.20. Following the completion of the transaction, the chief financial officer owned 126,955 shares of the company’s stock, valued at approximately $59,186,421. This trade represents a 0.10% decrease in their ownership of the stock. 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 Jason Phipps sold 2,629 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 value of $1,225,639.80. Following the completion of the sale, the senior vice president owned 62,382 shares in the company, valued at $29,082,488.40. This trade represents a 4.04% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 21,627 shares of company stock worth $10,974,985 in the last 90 days. Corporate insiders own 0.58% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Zacks Research upgraded shares of Ciena from a “hold” rating to a “strong-buy” rating in a report on Thursday, July 2nd. Rothschild & Co Redburn assumed coverage on shares of Ciena in a report on Friday, May 1st. They set a “neutral” rating and a $416.00 target price for the company. B. Riley Financial upped their price target 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. Citigroup increased their price target on shares of Ciena from $345.00 to $658.00 and gave the company a “buy” rating in a report on Monday, May 18th. Finally, UBS Group restated a “buy” rating on shares of Ciena in a research report on Tuesday. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $530.56.

Ciena Company 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.