Virtus Wealth Solutions LLC Takes $17.24 Million Position in Ciena Corporation $CIEN

Key Points

• Virtus Wealth Solutions LLC acquired 73,701 shares of Ciena in Q4 valued at approximately $17.24 million, making Ciena about 3.3% of the firm's holdings and its 9th largest position; Virtus now owns roughly 0.05% of Ciena.
• Wall Street is broadly positive — analysts have raised price targets (average target ~$355.59) with the consensus rating a "Moderate Buy," and Ciena recently beat quarterly estimates (EPS $1.35 vs. $1.17 est., revenue up 33.1% YoY) while the stock trades near a 12‑month high (~$520).
• Institutional ownership is high at ~91.99%, but insiders have been net sellers, disposing of 42,974 shares worth about $16.6 million in the past three months, leaving insiders with roughly 0.58% ownership.

Virtus Wealth Solutions LLC acquired a new stake in shares of Ciena Corporation (NYSE:CIEN - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 73,701 shares of the communications equipment provider's stock, valued at approximately $17,236,000. Ciena comprises about 3.3% of Virtus Wealth Solutions LLC's holdings, making the stock its 9th largest holding. Virtus Wealth Solutions LLC owned approximately 0.05% of Ciena at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. MassMutual Private Wealth & Trust FSB increased its stake in shares of Ciena by 9.7% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 710 shares of the communications equipment provider's stock worth $166,000 after purchasing an additional 63 shares in the last quarter. Assetmark Inc. lifted its position in shares of Ciena by 50.4% during the 3rd quarter. Assetmark Inc. now owns 200 shares of the communications equipment provider's stock valued at $29,000 after buying an additional 67 shares in the last quarter. Global Retirement Partners LLC increased its holdings in Ciena by 11.1% in the 3rd quarter. Global Retirement Partners LLC now owns 698 shares of the communications equipment provider's stock worth $102,000 after acquiring an additional 70 shares in the last quarter. Coldstream Capital Management Inc. raised its stake in Ciena by 1.7% during the 3rd quarter. Coldstream Capital Management Inc. now owns 4,772 shares of the communications equipment provider's stock worth $695,000 after acquiring an additional 79 shares during the period. Finally, Nisa Investment Advisors LLC lifted its holdings in Ciena by 1.3% during the third quarter. Nisa Investment Advisors LLC now owns 6,475 shares of the communications equipment provider's stock valued at $943,000 after purchasing an additional 80 shares in the last quarter. Institutional investors own 91.99% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on CIEN shares. Needham & Company LLC lifted their target price on shares of Ciena from $280.00 to $370.00 and gave the company a "buy" rating in a research note on Thursday, March 5th. Citigroup boosted their price target on Ciena from $280.00 to $345.00 and gave the stock a "buy" rating in a report on Friday, March 6th. Stifel Nicolaus boosted their target price on shares of Ciena from $320.00 to $430.00 and gave the stock a "buy" rating in a report on Monday, March 23rd. TD Cowen began coverage on shares of Ciena in a report on Thursday, March 12th. They issued a "buy" rating and a $425.00 price target on the stock. Finally, B. Riley Financial raised their price objective on Ciena from $222.00 to $283.00 and gave the company a "neutral" rating in a research report on Friday, March 6th. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $355.59.

Ciena Trading Up 0.9%

Shares of NYSE:CIEN opened at $520.34 on Friday. Ciena Corporation has a 12-month low of $63.99 and a 12-month high of $527.86. The business's fifty day simple moving average is $399.49 and its 200-day simple moving average is $280.06. 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 company has a market capitalization of $73.58 billion, a PE ratio of 331.43, a P/E/G ratio of 1.70 and a beta of 1.01.

Ciena (NYSE:CIEN - Get Free Report) last issued its earnings results on Thursday, March 5th. The communications equipment provider reported $1.35 EPS for the quarter, beating analysts' consensus estimates of $1.17 by $0.18. The firm had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.40 billion. Ciena had a return on equity of 12.09% and a net margin of 4.47%.Ciena's revenue for the quarter was up 33.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.64 earnings per share. As a group, equities research analysts predict that Ciena Corporation will post 5.1 earnings per share for the current fiscal year.

Insider Activity at Ciena

In other news, SVP Brodie Gage sold 5,000 shares of the stock in a transaction dated Tuesday, March 24th. The shares were sold at an average price of $405.00, for a total transaction of $2,025,000.00. Following the sale, the senior vice president directly owned 46,341 shares of the company's stock, valued at $18,768,105. This represents a 9.74% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Gary B. Smith sold 2,952 shares of Ciena stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $359.53, for a total value of $1,061,332.56. Following the completion of the sale, the chief executive officer owned 293,084 shares in the company, valued at approximately $105,372,490.52. The trade was a 1.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 42,974 shares of company stock worth $16,615,505 in the last three months. Company insiders own 0.58% of the company's stock.

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.