Castle Rock Wealth Management LLC Invests $1.32 Million in Ciena Corporation $CIEN

Key Points

• Castle Rock Wealth Management disclosed a new position in Ciena, buying 5,636 shares worth about $1.32 million in the fourth quarter.
• Analysts remain broadly positive on Ciena, with multiple firms raising price targets and MarketBeat showing a “Moderate Buy” consensus with an average target price of $367.56.
• Ciena reported stronger-than-expected quarterly results, including $1.35 EPS versus $1.17 expected and revenue of $1.43 billion, up 33.1% year over year.

Castle Rock Wealth Management LLC bought a new stake in shares of Ciena Corporation (NYSE:CIEN - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 5,636 shares of the communications equipment provider's stock, valued at approximately $1,318,000.

Several other hedge funds have also recently added to or reduced their stakes in the business. MassMutual Private Wealth & Trust FSB lifted its position in shares of Ciena by 9.7% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 710 shares of the communications equipment provider's stock valued at $166,000 after acquiring an additional 63 shares during the last quarter. Assetmark Inc. grew its holdings in shares of Ciena by 50.4% in the 3rd quarter. Assetmark Inc. now owns 200 shares of the communications equipment provider's stock worth $29,000 after acquiring an additional 67 shares during the last quarter. Global Retirement Partners LLC raised its position in shares of Ciena by 11.1% during the third quarter. Global Retirement Partners LLC now owns 698 shares of the communications equipment provider's stock worth $102,000 after purchasing an additional 70 shares during the period. Legacy Financial Advisors Inc. raised its position in shares of Ciena by 5.4% during the fourth quarter. Legacy Financial Advisors Inc. now owns 1,549 shares of the communications equipment provider's stock worth $362,000 after purchasing an additional 79 shares during the period. Finally, Coldstream Capital Management Inc. lifted its holdings in shares of Ciena by 1.7% during the third quarter. Coldstream Capital Management Inc. now owns 4,772 shares of the communications equipment provider's stock valued at $695,000 after purchasing an additional 79 shares during the last quarter. Institutional investors and hedge funds own 91.99% of the company's stock.

Analyst Ratings Changes

A number of equities analysts recently weighed in on CIEN shares. TD Cowen started coverage on Ciena in a research note on Thursday, March 12th. They issued a "buy" rating and a $425.00 price target on the stock. Evercore set a $330.00 price target on Ciena in a research note on Thursday, February 19th. Morgan Stanley lifted their price target on Ciena from $286.00 to $405.00 and gave the stock an "equal weight" rating in a research note on Monday, April 20th. Raymond James Financial reissued an "outperform" rating and issued a $320.00 price target on shares of Ciena in a research note on Thursday, March 5th. Finally, Bank of America lifted their price target on Ciena from $355.00 to $550.00 and gave the stock a "buy" rating in a research note on Thursday, April 16th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $367.56.

Ciena Trading Up 0.2%

Shares of NYSE CIEN opened at $578.44 on Thursday. Ciena Corporation has a one year low of $70.77 and a one year high of $598.84. The firm has a market capitalization of $81.79 billion, a PE ratio of 368.44, a PEG ratio of 1.89 and a beta of 1.24. 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 business has a 50-day moving average price of $444.88 and a two-hundred day moving average price of $310.56.

Ciena (NYSE:CIEN - Get Free Report) last announced its quarterly earnings data on Thursday, March 5th. The communications equipment provider reported $1.35 EPS for the quarter, topping analysts' consensus estimates of $1.17 by $0.18. Ciena had a return on equity of 12.09% and a net margin of 4.47%.The firm had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.40 billion. During the same period last year, the company posted $0.64 EPS. The business's quarterly revenue was up 33.1% compared to the same quarter last year. As a group, analysts predict that Ciena Corporation will post 5.12 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Ciena news, SVP Brodie Gage sold 1,200 shares of the firm's stock in a transaction dated Wednesday, April 15th. The stock was sold at an average price of $471.79, for a total transaction of $566,148.00. Following the completion of the sale, the senior vice president directly owned 45,141 shares in the company, valued at approximately $21,297,072.39. This trade represents a 2.59% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Gary B. Smith sold 2,952 shares of the firm's stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $537.74, for a total value of $1,587,408.48. Following the sale, the chief executive officer owned 275,461 shares of the company's stock, valued at $148,126,398.14. The trade was a 1.06% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 42,974 shares of company stock worth $17,418,863. 0.58% of the stock is currently owned by company insiders.

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.

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