Bridgefront Capital LLC Acquires Shares of 4,595 Ciena Corporation $CIEN

Bridgefront Capital LLC acquired a new position in shares of Ciena Corporation (NYSE:CIEN) in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 4,595 shares of the communications equipment provider’s stock, valued at approximately $669,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Mather Group LLC. bought a new position in shares of Ciena during the third quarter worth about $28,000. Assetmark Inc. increased its holdings in Ciena by 50.4% in the third quarter. Assetmark Inc. now owns 200 shares of the communications equipment provider’s stock valued at $29,000 after buying an additional 67 shares during the last quarter. Ameritas Advisory Services LLC increased its holdings in Ciena by 104.0% in the third quarter. Ameritas Advisory Services LLC now owns 204 shares of the communications equipment provider’s stock valued at $30,000 after buying an additional 104 shares during the last quarter. Salomon & Ludwin LLC acquired a new stake in Ciena during the third quarter valued at approximately $31,000. Finally, Quent Capital LLC bought a new position in Ciena during the 3rd quarter worth approximately $39,000. Institutional investors own 91.99% of the company’s stock.

Insider Buying and Selling

In other Ciena news, CEO Gary B. Smith sold 2,952 shares of the firm’s stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $354.64, for a total value of $1,046,897.28. Following the sale, the chief executive officer directly owned 296,036 shares in the company, valued at approximately $104,986,207.04. This trade represents a 0.99% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Jason Phipps sold 21,383 shares of the business’s stock in a transaction on Thursday, January 15th. The shares were sold at an average price of $247.89, for a total transaction of $5,300,631.87. Following the transaction, the senior vice president directly owned 91,765 shares of the company’s stock, valued at approximately $22,747,625.85. This trade represents a 18.90% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 147,131 shares of company stock valued at $34,898,686 over the last three months. Corporate insiders own 0.58% of the company’s stock.

Ciena Stock Up 0.2%

NYSE:CIEN opened at $337.50 on Monday. The company has a current ratio of 2.81, a quick ratio of 2.14 and a debt-to-equity ratio of 0.55. The stock has a 50 day moving average of $284.42 and a 200-day moving average of $215.30. The firm has a market capitalization of $47.72 billion, a PE ratio of 214.97, a price-to-earnings-growth ratio of 1.33 and a beta of 1.07. Ciena Corporation has a 52 week low of $49.21 and a 52 week high of $365.90.

Ciena (NYSE:CIEN) last announced its quarterly earnings results on Thursday, March 5th. The communications equipment provider reported $1.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.17 by $0.18. Ciena had a return on equity of 12.09% and a net margin of 4.47%.The business had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.40 billion. During the same quarter last year, the business posted $0.64 EPS. The business’s revenue was up 33.1% on a year-over-year basis. Analysts predict that Ciena Corporation will post 1.6 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages have recently commented on CIEN. Wall Street Zen lowered Ciena from a “strong-buy” rating to a “buy” rating in a research report on Sunday, December 21st. JPMorgan Chase & Co. upped their price target on Ciena from $250.00 to $380.00 and gave the company an “overweight” rating in a research report on Monday, March 2nd. Raymond James Financial restated an “outperform” rating and set a $320.00 price objective on shares of Ciena in a research note on Thursday, March 5th. Morgan Stanley lifted their price objective on shares of Ciena from $280.00 to $286.00 and gave the stock an “equal weight” rating in a report on Thursday, March 5th. Finally, Needham & Company LLC boosted their target price on shares of Ciena from $280.00 to $370.00 and gave the company a “buy” rating in a research note on Thursday, March 5th. Twelve research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $320.65.

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.