Ciena Corporation $CIEN Shares Sold by Corient Private Wealth LLC

Corient Private Wealth LLC cut its holdings in shares of Ciena Corporation (NYSE:CIEN) by 48.4% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 8,467 shares of the communications equipment provider’s stock after selling 7,956 shares during the period. Corient Private Wealth LLC’s holdings in Ciena were worth $689,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Bayforest Capital Ltd lifted its holdings in shares of Ciena by 34.7% in the 1st quarter. Bayforest Capital Ltd now owns 636 shares of the communications equipment provider’s stock valued at $38,000 after buying an additional 164 shares during the period. Allworth Financial LP boosted its position in Ciena by 107.5% in the 2nd quarter. Allworth Financial LP now owns 718 shares of the communications equipment provider’s stock worth $58,000 after purchasing an additional 372 shares in the last quarter. Parkside Financial Bank & Trust grew its stake in shares of Ciena by 82.5% during the 2nd quarter. Parkside Financial Bank & Trust now owns 1,203 shares of the communications equipment provider’s stock worth $98,000 after purchasing an additional 544 shares during the period. MAI Capital Management increased its holdings in shares of Ciena by 21.5% during the 2nd quarter. MAI Capital Management now owns 1,455 shares of the communications equipment provider’s stock valued at $118,000 after purchasing an additional 257 shares in the last quarter. Finally, UMB Bank n.a. lifted its stake in shares of Ciena by 27.3% in the 2nd quarter. UMB Bank n.a. now owns 1,556 shares of the communications equipment provider’s stock valued at $127,000 after purchasing an additional 334 shares during the period. 91.99% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts recently commented on CIEN shares. Bank of America raised their price target on shares of Ciena from $200.00 to $260.00 and gave the company a “buy” rating in a research report on Friday, December 12th. Zacks Research upgraded Ciena from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, December 23rd. Rosenblatt Securities lifted their price target on Ciena from $175.00 to $305.00 and gave the company a “buy” rating in a research note on Friday, December 12th. Evercore ISI set a $240.00 price target on Ciena in a research report on Thursday, December 11th. Finally, Raymond James Financial set a $240.00 price objective on Ciena in a research report on Thursday, December 11th. Two analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and seven have issued a Hold rating to the company. Based on data from MarketBeat, Ciena has a consensus rating of “Moderate Buy” and a consensus target price of $237.50.

Ciena Trading Up 0.7%

CIEN stock opened at $241.89 on Friday. Ciena Corporation has a 12-month low of $49.21 and a 12-month high of $248.00. The business’s 50-day moving average is $201.29 and its 200 day moving average is $139.21. The company has a current ratio of 2.73, a quick ratio of 2.09 and a debt-to-equity ratio of 0.56. The stock has a market cap of $34.07 billion, a price-to-earnings ratio of 284.58, a PEG ratio of 1.41 and a beta of 1.17.

Ciena (NYSE:CIEN) last announced its earnings results on Thursday, December 11th. The communications equipment provider reported $0.91 EPS for the quarter, beating analysts’ consensus estimates of $0.76 by $0.15. The business had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $1.29 billion. Ciena had a return on equity of 8.38% and a net margin of 2.59%.The business’s revenue was up 20.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.54 earnings per share. On average, sell-side analysts anticipate that Ciena Corporation will post 1.6 EPS for the current fiscal year.

Insider Transactions at Ciena

In other news, SVP Brodie Gage sold 550 shares of the company’s stock in a transaction on Monday, December 15th. The shares were sold at an average price of $220.84, for a total transaction of $121,462.00. Following the completion of the sale, the senior vice president owned 39,992 shares of the company’s stock, valued at $8,831,833.28. This represents a 1.36% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Jason Phipps sold 1,984 shares of the firm’s stock in a transaction dated Wednesday, October 1st. The stock was sold at an average price of $143.42, for a total transaction of $284,545.28. Following the completion of the transaction, the senior vice president directly owned 80,244 shares in the company, valued at approximately $11,508,594.48. This represents a 2.41% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 45,549 shares of company stock worth $8,614,156. Company insiders own 0.93% of the company’s stock.

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.