Kestra Private Wealth Services LLC Raises Position in Ciena Corporation $CIEN

Kestra Private Wealth Services LLC lifted its holdings in Ciena Corporation (NYSE:CIEN) by 33.7% in the first quarter, Holdings Channel reports. The firm owned 8,267 shares of the communications equipment provider’s stock after buying an additional 2,082 shares during the period. Kestra Private Wealth Services LLC’s holdings in Ciena were worth $3,209,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the business. Parallel Advisors LLC boosted its holdings in Ciena by 0.8% in the fourth quarter. Parallel Advisors LLC now owns 5,107 shares of the communications equipment provider’s stock worth $1,194,000 after acquiring an additional 43 shares in the last quarter. Transamerica Financial Advisors LLC increased its holdings in shares of Ciena by 71.0% during the fourth quarter. Transamerica Financial Advisors LLC now owns 106 shares of the communications equipment provider’s stock valued at $25,000 after acquiring an additional 44 shares in the last quarter. UMB Bank n.a. raised its position in shares of Ciena by 2.9% in the 4th quarter. UMB Bank n.a. now owns 1,629 shares of the communications equipment provider’s stock valued at $381,000 after purchasing an additional 46 shares during the last quarter. Truvestments Capital LLC boosted its stake in Ciena by 45.3% in the 4th quarter. Truvestments Capital LLC now owns 154 shares of the communications equipment provider’s stock worth $36,000 after purchasing an additional 48 shares in the last quarter. Finally, Kera Capital Partners Inc. boosted its stake in Ciena by 2.7% in the 4th quarter. Kera Capital Partners Inc. now owns 2,026 shares of the communications equipment provider’s stock worth $510,000 after purchasing an additional 54 shares in the last quarter. 91.99% of the stock is owned by institutional investors and hedge funds.

Ciena Stock Performance

Shares of CIEN stock opened at $481.36 on Friday. Ciena Corporation has a 52-week low of $76.89 and a 52-week 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. The stock has a market cap of $68.14 billion, a PE ratio of 160.45 and a beta of 1.24. The business has a 50-day simple moving average of $518.53 and a 200-day simple moving average of $381.48.

Ciena (NYSE:CIEN) last posted its earnings results 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. 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%.Ciena’s revenue for the quarter was up 39.5% compared to the same quarter last year. During the same period last year, the company earned $0.42 earnings per share. On average, equities analysts expect that Ciena Corporation will post 5.4 EPS for the current year.

Insider Activity

In other news, SVP Jason Phipps sold 22,014 shares of Ciena stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $409.80, for a total transaction of $9,021,337.20. Following the completion of the transaction, the senior vice president directly owned 68 shares of the company’s stock, valued at $27,866.40. The trade was a 99.69% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Marc D. Graff sold 126 shares of the business’s stock in a transaction on Wednesday, June 24th. The shares were sold at an average price of $449.36, for a total transaction of $56,619.36. Following the completion of the transaction, the chief financial officer owned 127,081 shares of the company’s stock, valued at approximately $57,105,118.16. This represents a 0.10% decrease in their ownership of the stock. 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 40,500 shares of company stock worth $18,381,089 over the last 90 days. Company insiders own 0.58% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on CIEN shares. Bank of America upped their price target on shares of Ciena from $550.00 to $660.00 and gave the company a “buy” rating in a research note on Tuesday, May 26th. Rosenblatt Securities boosted their price objective on shares of Ciena from $350.00 to $720.00 and gave the company a “buy” rating in a report on Friday, June 5th. TD Cowen upped their target price on Ciena from $425.00 to $675.00 and gave the company a “buy” rating in a research report on Friday, May 15th. Stifel Nicolaus set a $615.00 target price on Ciena in a research note on Friday, May 29th. Finally, Barclays lifted their price target on Ciena from $372.00 to $607.00 and gave the stock an “overweight” rating in a research report on Friday, June 5th. Thirteen analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat, the company currently has an average 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.