Kestra Private Wealth Services LLC Has $569,000 Stock Position in Ciena Corporation (NYSE:CIEN)

Key Points

• Kestra Private Wealth Services LLC reduced its stake in Ciena Corporation by 29.3%, selling 3,902 shares, leaving them with a total of 9,413 shares valued at $569,000.
• Ciena Corporation reported earnings of $0.42 per share, missing the consensus estimate, but revenue was up 23.6% year-over-year at $1.13 billion.
• Institutional investors own 91.99% of Ciena's shares, with significant recent increases in holdings from several firms, including Annis Gardner Whiting Capital Advisors and Mitsubishi UFJ Asset Management.

Kestra Private Wealth Services LLC decreased its holdings in shares of Ciena Corporation (NYSE:CIEN - Free Report) by 29.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 9,413 shares of the communications equipment provider's stock after selling 3,902 shares during the period. Kestra Private Wealth Services LLC's holdings in Ciena were worth $569,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD grew its position in shares of Ciena by 195.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 4,626,153 shares of the communications equipment provider's stock worth $392,345,000 after acquiring an additional 3,062,883 shares during the last quarter. Polar Capital Holdings Plc grew its position in shares of Ciena by 113.7% during the fourth quarter. Polar Capital Holdings Plc now owns 2,169,406 shares of the communications equipment provider's stock worth $183,987,000 after acquiring an additional 1,154,260 shares during the last quarter. Marshall Wace LLP grew its position in shares of Ciena by 4,215.9% during the fourth quarter. Marshall Wace LLP now owns 899,828 shares of the communications equipment provider's stock worth $76,314,000 after acquiring an additional 878,979 shares during the last quarter. Janus Henderson Group PLC grew its position in shares of Ciena by 971.7% during the fourth quarter. Janus Henderson Group PLC now owns 729,722 shares of the communications equipment provider's stock worth $61,891,000 after acquiring an additional 661,630 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership grew its position in shares of Ciena by 4,484.1% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 529,555 shares of the communications equipment provider's stock worth $44,912,000 after acquiring an additional 518,003 shares during the last quarter. Institutional investors own 91.99% of the company's stock.

Ciena Stock Performance

Shares of CIEN traded up $0.84 during mid-day trading on Tuesday, hitting $91.39. The company's stock had a trading volume of 586,741 shares, compared to its average volume of 2,328,043. Ciena Corporation has a one year low of $44.89 and a one year high of $101.44. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.57 and a current ratio of 3.40. The firm has a market capitalization of $12.92 billion, a PE ratio of 126.93, a price-to-earnings-growth ratio of 1.98 and a beta of 1.11. The stock's 50-day moving average is $79.86 and its two-hundred day moving average is $75.90.

Ciena (NYSE:CIEN - Get Free Report) last issued its earnings results on Thursday, June 5th. The communications equipment provider reported $0.42 EPS for the quarter, missing the consensus estimate of $0.50 by ($0.08). The firm had revenue of $1.13 billion during the quarter, compared to the consensus estimate of $1.09 billion. Ciena had a return on equity of 5.08% and a net margin of 2.46%. The firm's revenue for the quarter was up 23.6% compared to the same quarter last year. During the same period last year, the business earned $0.27 earnings per share. As a group, sell-side analysts anticipate that Ciena Corporation will post 1.6 EPS for the current year.

Analyst Ratings Changes

A number of brokerages recently issued reports on CIEN. Morgan Stanley reiterated an "underweight" rating and issued a $70.00 target price (down previously from $73.00) on shares of Ciena in a research report on Tuesday, July 8th. UBS Group upped their price target on shares of Ciena from $73.00 to $78.00 and gave the company a "neutral" rating in a report on Friday, June 6th. Citigroup cut their price target on shares of Ciena from $98.00 to $75.00 and set a "buy" rating for the company in a report on Monday, April 14th. Northland Securities set a $100.00 price objective on shares of Ciena in a research note on Monday, June 30th. Finally, Wolfe Research raised shares of Ciena to a "strong-buy" rating in a research note on Tuesday, July 8th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $85.54.

Insiders Place Their Bets

In related news, SVP Brodie Gage sold 350 shares of Ciena stock in a transaction dated Tuesday, July 15th. The stock was sold at an average price of $82.57, for a total value of $28,899.50. Following the completion of the transaction, the senior vice president directly owned 43,618 shares of the company's stock, valued at $3,601,538.26. The trade was a 0.80% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Jason Phipps sold 2,325 shares of Ciena stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $80.50, for a total value of $187,162.50. Following the completion of the transaction, the senior vice president directly owned 84,833 shares of the company's stock, valued at $6,829,056.50. This represents a 2.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 42,269 shares of company stock valued at $3,306,811 over the last three months. Company insiders own 0.93% of the company's stock.

Ciena Company Profile

Ciena Corporation provides hardware and software services for delivery of video, data, and voice traffic metro, aggregation, and access communications network worldwide. The company's Networking Platforms segment offers convergence of coherent optical transport, open optical networking, optical transport network switching, IP routing, and switching services.