Lido Advisors LLC Purchases 2,231 Shares of Ciena Corporation $CIEN

Lido Advisors LLC lifted its position in shares of Ciena Corporation (NYSE:CIEN) by 44.7% in the first quarter, HoldingsChannel.com reports. The firm owned 7,225 shares of the communications equipment provider’s stock after purchasing an additional 2,231 shares during the period. Lido Advisors LLC’s holdings in Ciena were worth $2,805,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of CIEN. Jacobs Levy Equity Management Inc. purchased a new stake in Ciena in the 1st quarter worth approximately $395,000. Jones Financial Companies Lllp grew its position in shares of Ciena by 139.6% in the 1st quarter. Jones Financial Companies Lllp now owns 5,253 shares of the communications equipment provider’s stock worth $317,000 after buying an additional 3,061 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in shares of Ciena by 1.4% during the first quarter. Goldman Sachs Group Inc. now owns 222,054 shares of the communications equipment provider’s stock valued at $13,419,000 after buying an additional 3,117 shares during the period. Focus Partners Wealth increased its stake in shares of Ciena by 14.6% during the first quarter. Focus Partners Wealth now owns 5,762 shares of the communications equipment provider’s stock valued at $348,000 after buying an additional 733 shares during the period. Finally, Franklin Resources Inc. bought a new position in shares of Ciena during the second quarter valued at approximately $234,000. 91.99% of the stock is owned by institutional investors.

Ciena Trading Down 4.3%

CIEN opened at $389.93 on Friday. 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 Corporation has a 52 week low of $84.41 and a 52 week high of $637.51. The stock has a market cap of $55.19 billion, a PE ratio of 129.98 and a beta of 1.27. The business has a 50 day moving average of $477.15 and a 200-day moving average of $409.28.

Ciena (NYSE:CIEN) last issued its quarterly earnings results 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 company had revenue of $1.57 billion for the quarter, compared to analysts’ expectations of $1.50 billion. Ciena had a return on equity of 18.15% and a net margin of 7.87%.The firm’s revenue for the quarter was up 39.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.42 earnings per share. Equities research analysts predict that Ciena Corporation will post 5.4 earnings per share for the current fiscal year.

Insider Transactions at Ciena

In other news, 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 sale, the senior vice president directly owned 62,382 shares of the company’s stock, valued at $29,082,488.40. This represents a 4.04% decrease in their position. The transaction was disclosed in a filing 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, CEO Gary B. Smith sold 2,952 shares of the stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $468.83, for a total transaction of $1,383,986.16. Following the completion of the transaction, the chief executive officer owned 254,886 shares of the company’s stock, valued at approximately $119,498,203.38. The trade was a 1.14% 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. Over the last ninety days, insiders sold 21,627 shares of company stock worth $10,974,985. 0.58% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Rothschild & Co Redburn began coverage on Ciena in a research note on Friday, May 1st. They issued a “neutral” rating and a $416.00 price target for the company. B. Riley Financial boosted their price objective on shares of Ciena from $283.00 to $531.00 and gave the company a “neutral” rating in a research report on Tuesday, June 2nd. Argus set a $650.00 price objective on shares of Ciena in a report on Friday, June 5th. Weiss Ratings lowered shares of Ciena from a “hold (c+)” rating to a “hold (c)” rating in a research note on Friday. Finally, JPMorgan Chase & Co. lifted their target price on shares of Ciena from $380.00 to $550.00 and gave the company an “overweight” rating in a research note on Thursday, April 16th. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $530.56.

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.