Perigon Wealth Management LLC Buys Shares of 2,116 Ciena Corporation $CIEN

Perigon Wealth Management LLC acquired a new stake in Ciena Corporation (NYSE:CIEN) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 2,116 shares of the communications equipment provider’s stock, valued at approximately $308,000.

A number of other institutional investors have also recently made changes to their positions in CIEN. Amundi lifted its holdings in Ciena by 322.8% during the 1st quarter. Amundi now owns 34,035 shares of the communications equipment provider’s stock worth $1,912,000 after buying an additional 25,986 shares in the last quarter. Advisors Asset Management Inc. raised its stake in shares of Ciena by 44.4% in the first quarter. Advisors Asset Management Inc. now owns 5,109 shares of the communications equipment provider’s stock valued at $309,000 after acquiring an additional 1,572 shares in the last quarter. Jacobs Levy Equity Management Inc. purchased a new position in Ciena in the first quarter valued at $395,000. Nissay Asset Management Corp Japan ADV boosted its holdings in Ciena by 12.3% in the first quarter. Nissay Asset Management Corp Japan ADV now owns 38,181 shares of the communications equipment provider’s stock valued at $2,307,000 after purchasing an additional 4,186 shares during the period. Finally, Petrus Trust Company LTA acquired a new position in Ciena during the 1st quarter worth $256,000. Institutional investors and hedge funds own 91.99% of the company’s stock.

Insiders Place Their Bets

In other Ciena news, Director Thomas Michael Nevens sold 8,554 shares of Ciena stock in a transaction that occurred on Monday, December 15th. The stock was sold at an average price of $224.66, for a total transaction of $1,921,741.64. Following the transaction, the director owned 9,422 shares of the company’s stock, valued at $2,116,746.52. The trade was a 47.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, SVP Brodie Gage sold 550 shares of the business’s stock in a transaction that occurred on Monday, December 15th. The shares were sold at an average price of $220.84, for a total value 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 approximately $8,831,833.28. This represents a 1.36% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 43,565 shares of company stock valued at $8,897,954. 0.93% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities analysts have recently issued reports on CIEN shares. Bank of America lifted their price objective on Ciena from $200.00 to $260.00 and gave the company a “buy” rating in a research note on Friday, December 12th. Citigroup raised their target price on shares of Ciena to $280.00 and gave the company a “buy” rating in a report on Friday, December 12th. Northland Capmk downgraded shares of Ciena from a “strong-buy” rating to a “hold” rating in a research note on Friday, December 12th. Northland Securities set a $190.00 price objective on shares of Ciena and gave the company a “market perform” rating in a research report on Friday, December 12th. Finally, Morgan Stanley set a $213.00 price objective on shares of Ciena in a report on Wednesday, December 17th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat.com, Ciena has a consensus rating of “Moderate Buy” and a consensus price target of $237.50.

Ciena Stock Performance

Shares of Ciena stock opened at $246.15 on Friday. The company has a quick ratio of 2.09, a current ratio of 2.73 and a debt-to-equity ratio of 0.56. Ciena Corporation has a 52 week low of $49.21 and a 52 week high of $248.50. The firm’s 50 day moving average is $207.91 and its two-hundred day moving average is $144.98. The firm has a market capitalization of $34.67 billion, a P/E ratio of 289.59, a P/E/G ratio of 1.41 and a beta of 1.13.

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

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.