Corient Private Wealth LLC Has $5.69 Million Stake in Ciena Corporation $CIEN

Key Points

• Corient Private Wealth LLC boosted its Ciena stake by 155.9% in the fourth quarter, ending with 24,313 shares valued at about $5.69 million.
• Ciena reported better-than-expected quarterly results, with EPS of $1.64 versus $1.46 expected and revenue of $1.57 billion, up 39.5% year over year.
• Analysts remain broadly positive on the stock: Ciena has a Moderate Buy consensus rating and an average price target of $530.56, though some firms have recently raised or cut targets.

Corient Private Wealth LLC increased its holdings in shares of Ciena Corporation (NYSE:CIEN - Free Report) by 155.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 24,313 shares of the communications equipment provider's stock after buying an additional 14,812 shares during the period. Corient Private Wealth LLC's holdings in Ciena were worth $5,686,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Community Bank N.A. bought a new position in Ciena in the third quarter valued at approximately $25,000. Transamerica Financial Advisors LLC raised its position in shares of Ciena by 71.0% during the 4th quarter. Transamerica Financial Advisors LLC now owns 106 shares of the communications equipment provider's stock valued at $25,000 after acquiring an additional 44 shares during the last quarter. Assetmark Inc. lifted its stake in shares of Ciena by 50.4% in the 3rd quarter. Assetmark Inc. now owns 200 shares of the communications equipment provider's stock valued at $29,000 after purchasing an additional 67 shares during the period. Hilltop National Bank acquired a new position in shares of Ciena in the 4th quarter valued at $35,000. Finally, Truvestments Capital LLC boosted its position 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 worth $36,000 after purchasing an additional 48 shares during the last quarter. 91.99% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Ciena news, CEO Gary B. Smith sold 2,952 shares of the stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $415.51, for a total value of $1,226,585.52. Following the completion of the sale, the chief executive officer directly owned 281,365 shares in the company, valued at $116,909,971.15. This represents a 1.04% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Brodie Gage sold 1,200 shares of the firm's stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $466.10, for a total value of $559,320.00. Following the sale, the senior vice president directly owned 42,741 shares in the company, valued at approximately $19,921,580.10. This represents a 2.73% decrease in their position. 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 ninety days, insiders have sold 40,374 shares of company stock worth $18,324,470. Corporate insiders own 0.58% of the company's stock.

Ciena Trading Up 4.5%

Shares of NYSE CIEN opened at $484.29 on Friday. The company's fifty day moving average is $518.44 and its 200-day moving average is $380.77. The stock has a market cap of $68.55 billion, a price-to-earnings ratio of 161.43 and a beta of 1.24. Ciena Corporation has a twelve month low of $76.89 and a twelve month high of $637.51. The company has a quick ratio of 2.11, a current ratio of 2.73 and a debt-to-equity ratio of 0.53.

Ciena (NYSE:CIEN - Get Free Report) last announced its quarterly earnings results on Thursday, June 4th. The communications equipment provider reported $1.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.46 by $0.18. Ciena had a net margin of 7.87% and a return on equity of 18.15%. The company had revenue of $1.57 billion during the quarter, compared to analyst estimates of $1.50 billion. During the same quarter in the previous year, the business earned $0.42 EPS. The firm's revenue was up 39.5% on a year-over-year basis. Equities research analysts predict that Ciena Corporation will post 5.41 EPS for the current year.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. Citigroup lifted their price objective on Ciena from $345.00 to $658.00 and gave the stock a "buy" rating in a research note on Monday, May 18th. Morgan Stanley increased their target price on Ciena from $405.00 to $490.00 and gave the company an "equal weight" rating in a research note on Friday, June 5th. JPMorgan Chase & Co. raised their target price on Ciena from $380.00 to $550.00 and gave the stock an "overweight" rating in a report on Thursday, April 16th. Zacks Research cut Ciena from a "strong-buy" rating to a "hold" rating in a report on Wednesday, June 3rd. Finally, Raymond James Financial boosted their target price on Ciena from $320.00 to $530.00 and gave the stock an "outperform" rating in a research report on Thursday, June 4th. Thirteen analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company's stock. According to data from MarketBeat, Ciena presently has a consensus rating of "Moderate Buy" and a consensus price target of $530.56.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.