Vestor Capital LLC Sells 9,102 Shares of Ciena Corporation $CIEN

Key Points

• Vestor Capital cut its Ciena stake by 77.1% in the first quarter, selling 9,102 shares and retaining 2,700 shares valued at approximately $1.05 million. Institutional investors collectively own 91.99% of Ciena.
• Ciena reported quarterly earnings of $1.64 per share, beating expectations of $1.46, while revenue rose 39.5% year over year to $1.57 billion, above the $1.50 billion consensus.
• Analysts remain broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $530.56; several firms recently raised their targets, including Bank of America to $660.

Vestor Capital LLC lessened its stake in Ciena Corporation (NYSE:CIEN - Free Report) by 77.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,700 shares of the communications equipment provider's stock after selling 9,102 shares during the period. Vestor Capital LLC's holdings in Ciena were worth $1,048,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Transamerica Financial Advisors LLC boosted its holdings in shares of Ciena by 71.0% in the fourth quarter. Transamerica Financial Advisors LLC now owns 106 shares of the communications equipment provider's stock valued at $25,000 after purchasing an additional 44 shares during the period. Truvestments Capital LLC increased its holdings in Ciena by 45.3% during 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 period. Acumen Wealth Advisors LLC purchased a new position in Ciena during the 4th quarter worth $40,000. Bogart Wealth LLC raised its position in Ciena by 635.7% during the 1st quarter. Bogart Wealth LLC now owns 103 shares of the communications equipment provider's stock valued at $40,000 after purchasing an additional 89 shares in the last quarter. Finally, Western Wealth Management LLC bought a new stake in Ciena during the 1st quarter valued at $49,000. Institutional investors own 91.99% of the company's stock.

Ciena Trading Up 12.4%

Shares of NYSE:CIEN opened at $371.37 on Friday. Ciena Corporation has a 12-month low of $84.41 and a 12-month high of $637.51. The business's fifty day simple moving average is $461.58 and its 200-day simple moving average is $413.77. The company has a market capitalization of $52.57 billion, a PE ratio of 123.79 and a beta of 1.27. The company has a current ratio of 2.73, a quick ratio of 2.11 and a debt-to-equity ratio of 0.53.

Ciena (NYSE:CIEN - Get Free Report) last issued its quarterly earnings data on Thursday, June 4th. The communications equipment provider reported $1.64 earnings per share for the quarter, topping analysts' consensus estimates of $1.46 by $0.18. Ciena had a return on equity of 18.15% and a net margin of 7.87%.The firm had revenue of $1.57 billion during the quarter, compared to analysts' expectations of $1.50 billion. During the same period in the prior year, the business posted $0.42 EPS. The firm's quarterly revenue was up 39.5% on a year-over-year basis. As a group, equities research analysts predict that Ciena Corporation will post 5.4 earnings per share for the current fiscal year.

Insider Buying and Selling at Ciena

In other news, SVP Jason Phipps sold 2,629 shares of the firm's stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $466.20, for a total value of $1,225,639.80. Following the sale, the senior vice president directly owned 62,382 shares in the company, valued at approximately $29,082,488.40. This trade represents a 4.04% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Brodie Gage sold 1,200 shares of Ciena stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $466.10, for a total transaction of $559,320.00. Following the completion of the transaction, the senior vice president directly owned 42,741 shares in the company, valued at approximately $19,921,580.10. The trade was a 2.73% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 18,675 shares of company stock valued at $9,387,576. 0.58% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

CIEN has been the subject of several research reports. Bank of America upped their target price on Ciena from $550.00 to $660.00 and gave the stock a "buy" rating in a report on Tuesday, May 26th. Stifel Nicolaus set a $615.00 price target on Ciena in a research note on Friday, May 29th. JPMorgan Chase & Co. lifted their price objective on Ciena from $380.00 to $550.00 and gave the company an "overweight" rating in a report on Thursday, April 16th. Northland Securities set a $450.00 price objective on shares of Ciena in a research note on Friday, June 5th. Finally, UBS Group reiterated a "buy" rating on shares of Ciena in a report on Tuesday. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, Ciena presently has an average 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.

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