Orange Investment Advisors Inc. Reduces Holdings in Ciena Corporation $CIEN

Orange Investment Advisors Inc. decreased its stake in shares of Ciena Corporation (NYSE:CIEN) by 38.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 49,868 shares of the communications equipment provider’s stock after selling 30,748 shares during the period. Ciena makes up 1.3% of Orange Investment Advisors Inc.’s investment portfolio, making the stock its 18th largest holding. Orange Investment Advisors Inc.’s holdings in Ciena were worth $11,663,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Community Bank N.A. purchased a new position in shares of Ciena during the 3rd quarter worth approximately $25,000. 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. Ameritas Advisory Services LLC boosted its position in shares of Ciena by 104.0% during the third quarter. Ameritas Advisory Services LLC now owns 204 shares of the communications equipment provider’s stock valued at $30,000 after purchasing an additional 104 shares in the last quarter. Hilltop National Bank purchased a new stake in Ciena in the fourth quarter worth $35,000. Finally, Root Financial Partners LLC purchased a new stake in Ciena in the third quarter worth $45,000. Hedge funds and other institutional investors own 91.99% of the company’s stock.

Ciena Stock Performance

CIEN opened at $587.69 on Friday. The company’s 50 day moving average is $473.40 and its 200 day moving average is $326.32. 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 cap of $83.10 billion, a price-to-earnings ratio of 374.33, a PEG ratio of 1.82 and a beta of 1.24. Ciena Corporation has a 12-month low of $70.77 and a 12-month high of $598.84.

Ciena (NYSE:CIEN) last announced its earnings results 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 company had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.40 billion. During the same period last year, the firm earned $0.64 EPS. Ciena’s revenue for the quarter was up 33.1% compared to the same quarter last year. On average, equities research analysts predict that Ciena Corporation will post 5.12 EPS for the current year.

Analyst Ratings Changes

A number of analysts have recently weighed in on CIEN shares. Needham & Company LLC upped their target price on shares of Ciena from $280.00 to $370.00 and gave the stock a “buy” rating in a research report on Thursday, March 5th. Raymond James Financial reaffirmed an “outperform” rating and set a $320.00 target price on shares of Ciena in a research note on Thursday, March 5th. Citigroup boosted their price target on Ciena from $345.00 to $658.00 and gave the stock a “buy” rating in a research report on Monday. 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. Finally, Rothschild & Co Redburn started coverage on Ciena in a research note on Friday, May 1st. They set a “neutral” rating and a $416.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat, Ciena presently has an average rating of “Moderate Buy” and a consensus price target of $398.83.

Insider Buying and Selling

In other Ciena news, SVP Brodie Gage sold 1,200 shares of the company’s stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $570.65, for a total value of $684,780.00. Following the completion of the transaction, the senior vice president directly owned 43,941 shares in the company, valued at $25,074,931.65. This represents a 2.66% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Jason Phipps sold 22,014 shares of the stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $409.80, for a total transaction of $9,021,337.20. Following the completion of the sale, the senior vice president directly owned 68 shares of the company’s stock, valued at approximately $27,866.40. This trade represents a 99.69% decrease in their ownership of the stock. 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. In the last ninety days, insiders sold 44,174 shares of company stock valued at $18,878,661. 0.58% of the stock is owned by corporate 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.