7,639 Shares in Ciena Corporation $CIEN Purchased by Hohimer Wealth Management LLC

Key Points

• Hohimer Wealth Management opened a position in Ciena during the third quarter, buying 7,639 shares valued at approximately $2.69 million. Institutional investors and hedge funds collectively own about 92% of the company’s stock.
• Ciena reported quarterly EPS of $2.11, beating the $1.73 consensus estimate, and revenue of $1.67 billion, up 37% year over year.
• Analysts’ consensus rating is “Moderate Buy”, with an average price target of $485.93; recent target changes were mixed, including cuts from Rothschild & Co Redburn and B. Riley and an increase from Barclays.

Hohimer Wealth Management LLC acquired a new position in Ciena Corporation (NYSE:CIEN - Free Report) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 7,639 shares of the communications equipment provider's stock, valued at approximately $2,688,000.

Several other large investors have also added to or reduced their stakes in CIEN. Bank of New York Mellon Corp bought a new position in Ciena in the second quarter valued at $404,948,000. Hsbc Holdings PLC increased its stake in Ciena by 309.8% in the 1st quarter. Hsbc Holdings PLC now owns 223,203 shares of the communications equipment provider's stock valued at $86,509,000 after buying an additional 168,736 shares during the last quarter. E20 Capital Ltd bought a new stake in Ciena during the 1st quarter worth about $41,676,000. Pictet Asset Management Holding SA lifted its position in Ciena by 23.5% during the 3rd quarter. Pictet Asset Management Holding SA now owns 512,203 shares of the communications equipment provider's stock worth $180,239,000 after buying an additional 97,505 shares in the last quarter. Finally, Ardmore Road Asset Management LP bought a new stake in Ciena during the 1st quarter worth about $35,329,000. Institutional investors and hedge funds own 91.99% of the company's stock.

Ciena Price Performance

NYSE:CIEN opened at $269.80 on Tuesday. Ciena Corporation has a 1-year low of $168.22 and a 1-year high of $637.51. The company has a current ratio of 3.80, a quick ratio of 3.17 and a debt-to-equity ratio of 1.06. The firm has a fifty day simple moving average of $348.48 and a 200 day simple moving average of $402.71. The stock has a market capitalization of $38.26 billion, a PE ratio of 60.22, a P/E/G ratio of 2.18 and a beta of 1.33.

Ciena (NYSE:CIEN - Get Free Report) last posted its quarterly earnings results on Thursday, September 3rd. The communications equipment provider reported $2.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.73 by $0.38. The firm had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.64 billion. Ciena had a net margin of 10.87% and a return on equity of 25.33%. The company's quarterly revenue was up 37.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.35 earnings per share. On average, research analysts expect that Ciena Corporation will post 6.00 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on CIEN shares. Rothschild & Co Redburn reduced their price objective on shares of Ciena from $538.43 to $406.81 and set a "neutral" rating for the company in a research note on Monday, September 14th. CL King set a $347.00 target price on Ciena in a research report on Friday, September 4th. B. Riley Financial lowered their target price on Ciena from $516.00 to $413.00 and set a "neutral" rating on the stock in a research report on Monday, August 31st. Morgan Stanley reiterated a "positive" rating on shares of Ciena in a report on Thursday, September 17th. Finally, Barclays increased their price target on Ciena from $475.00 to $548.00 and gave the company an "overweight" rating in a research report on Thursday, September 17th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, Ciena has an average rating of "Moderate Buy" and an average price target of $485.93.

Insider Buying and Selling

In other news, Director Bruce Claflin sold 2,857 shares of the company's stock in a transaction dated Thursday, September 24th. The shares were sold at an average price of $355.91, for a total value of $1,016,834.87. Following the sale, the director directly owned 8,279 shares of the company's stock, valued at approximately $2,946,578.89. This represents a 25.66% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Gary Smith sold 2,952 shares of the firm's stock in a transaction dated Tuesday, September 15th. The shares were sold at an average price of $330.18, for a total transaction of $974,691.36. Following the completion of the sale, the chief executive officer owned 240,126 shares of the company's stock, valued at $79,284,802.68. This trade represents a 1.21% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 36,014 shares of company stock worth $13,216,540. Corporate insiders own 0.58% of the company's stock.

Ciena Company Profile

Ciena is a communications networking company that develops equipment, software and services used to build and manage telecommunications networks. Its offerings support the movement of data across fiber-optic, subsea and other network infrastructure.

The company's products include optical transport systems, routing and switching equipment, and software for network automation and management. Ciena also provides consulting, implementation and support services to help customers plan, deploy and operate their networks.

Founded in 1992 and headquartered in Hanover, Maryland, Ciena serves communications service providers, governments, enterprises and other organizations around the world.

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