Assetmark Inc. Boosts Stock Position in Ciena Corporation $CIEN

Assetmark Inc. lifted its holdings in shares of Ciena Corporation (NYSE:CIEN) by 4,003.2% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 16,659 shares of the communications equipment provider’s stock after purchasing an additional 16,253 shares during the quarter. Assetmark Inc.’s holdings in Ciena were worth $6,468,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Transamerica Financial Advisors LLC boosted its stake in shares of Ciena by 71.0% in the 4th quarter. Transamerica Financial Advisors LLC now owns 106 shares of the communications equipment provider’s stock valued at $25,000 after buying an additional 44 shares during the period. Truvestments Capital LLC boosted its holdings in shares of Ciena by 45.3% in the 4th quarter. Truvestments Capital LLC now owns 154 shares of the communications equipment provider’s stock valued at $36,000 after buying an additional 48 shares in the last quarter. Bogart Wealth LLC grew its holdings in shares of Ciena by 635.7% during the first quarter. Bogart Wealth LLC now owns 103 shares of the communications equipment provider’s stock worth $40,000 after purchasing an additional 89 shares during the last quarter. Acumen Wealth Advisors LLC purchased a new position in Ciena during the 4th quarter worth approximately $40,000. Finally, Wolff Wiese Magana LLC purchased a new position in shares of Ciena during the fourth quarter worth approximately $47,000. 91.99% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Bank of America boosted their price target on Ciena from $550.00 to $660.00 and gave the company a “buy” rating in a research report on Tuesday, May 26th. Zacks Research upgraded shares of Ciena from a “hold” rating to a “strong-buy” rating in a research note on Thursday, July 2nd. TD Cowen boosted their target price on Ciena from $425.00 to $675.00 and gave the stock a “buy” rating in a research report on Friday, May 15th. Stifel Nicolaus set a $615.00 price target on shares of Ciena in a report on Friday, May 29th. Finally, Citigroup increased their price objective on Ciena from $345.00 to $658.00 and gave the company a “buy” rating in a research note on Monday, May 18th. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and seven have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $530.56.

Insider Buying and Selling

In other Ciena news, SVP Joseph Cumello sold 1,586 shares of the stock in a transaction that occurred on Friday, June 26th. The stock was sold at an average price of $466.33, for a total transaction of $739,599.38. Following the transaction, the senior vice president owned 42,872 shares of the company’s stock, valued at $19,992,499.76. This trade represents a 3.57% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at 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 firm’s stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $466.20, for a total value of $58,741.20. Following the transaction, the chief financial officer owned 126,955 shares in the company, valued at $59,186,421. This trade represents a 0.10% 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. Insiders sold a total of 21,627 shares of company stock worth $10,974,985 over the last 90 days. 0.58% of the stock is currently owned by corporate insiders.

Ciena Stock Performance

Shares of NYSE:CIEN opened at $407.89 on Wednesday. The company has a market cap of $57.74 billion, a P/E ratio of 135.96 and a beta of 1.27. The business’s 50-day simple moving average is $487.72 and its 200 day simple moving average is $407.13. Ciena Corporation has a one year low of $83.20 and a one year 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 posted its earnings results on Thursday, June 4th. The communications equipment provider reported $1.64 EPS for the quarter, topping analysts’ consensus estimates of $1.46 by $0.18. Ciena had a net margin of 7.87% and a return on equity of 18.15%. The business had revenue of $1.57 billion for the quarter, compared to analysts’ expectations of $1.50 billion. During the same period in the previous year, the company posted $0.42 earnings per share. The business’s revenue for the quarter was up 39.5% compared to the same quarter last year. On average, sell-side analysts forecast that Ciena Corporation will post 5.4 earnings per share for the current fiscal year.

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.