IRON Financial LLC Buys Shares of 2,617 Ciena Corporation $CIEN

IRON Financial LLC purchased a new position in shares of Ciena Corporation (NYSE:CIEN) in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 2,617 shares of the communications equipment provider’s stock, valued at approximately $1,016,000.

Other hedge funds have also made changes to their positions in the company. Leonteq Securities AG raised its stake in shares of Ciena by 43.6% in the 1st quarter. Leonteq Securities AG now owns 1,119 shares of the communications equipment provider’s stock valued at $434,000 after acquiring an additional 340 shares in the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its position in Ciena by 34.3% during the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 39,350 shares of the communications equipment provider’s stock worth $15,277,000 after purchasing an additional 10,050 shares during the period. Elevation Point Wealth Partners LLC boosted its position in Ciena by 19.8% during the first quarter. Elevation Point Wealth Partners LLC now owns 2,854 shares of the communications equipment provider’s stock worth $1,108,000 after purchasing an additional 471 shares during the period. Sound Income Strategies LLC acquired a new position in Ciena during the first quarter valued at approximately $95,000. Finally, Root Financial Partners LLC grew its holdings in Ciena by 27.1% during the first quarter. Root Financial Partners LLC now owns 370 shares of the communications equipment provider’s stock valued at $144,000 after purchasing an additional 79 shares during the last quarter. Institutional investors and hedge funds own 91.99% of the company’s stock.

Ciena Stock Performance

Shares of NYSE CIEN opened at $422.47 on Friday. The business has a fifty day simple moving average of $513.83 and a 200 day simple moving average of $389.62. The company has a current ratio of 2.73, a quick ratio of 2.11 and a debt-to-equity ratio of 0.53. The firm has a market capitalization of $59.80 billion, a price-to-earnings ratio of 140.82 and a beta of 1.27. Ciena Corporation has a one year low of $76.89 and a one year high of $637.51.

Ciena (NYSE:CIEN) 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. The firm had revenue of $1.57 billion for the quarter, compared to analyst estimates of $1.50 billion. Ciena had a net margin of 7.87% and a return on equity of 18.15%. The business’s revenue for the quarter was up 39.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.42 EPS. Sell-side analysts expect that Ciena Corporation will post 5.4 EPS for the current year.

Insider Buying and Selling

In other Ciena news, CEO Gary B. Smith sold 2,952 shares of the stock in a transaction on Monday, June 15th. The stock was sold at an average price of $457.02, for a total transaction of $1,349,123.04. Following the completion of the transaction, the chief executive officer directly owned 266,605 shares in the company, valued at $121,843,817.10. This represents a 1.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 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 on Monday, June 15th. The shares were sold at an average price of $466.10, for a total value of $559,320.00. Following the transaction, the senior vice president directly owned 42,741 shares of the company’s stock, valued at approximately $19,921,580.10. The trade was a 2.73% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 17,120 shares of company stock valued at $8,872,766. 0.58% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several analysts recently issued reports on CIEN shares. Stifel Nicolaus set a $615.00 price objective on shares of Ciena in a report on Friday, May 29th. Northland Securities set a $450.00 target price on shares of Ciena in a report on Friday, June 5th. Barclays boosted their target price on shares of Ciena from $372.00 to $607.00 and gave the stock an “overweight” rating in a research report on Friday, June 5th. JPMorgan Chase & Co. upped their price target on shares of Ciena from $380.00 to $550.00 and gave the company an “overweight” rating in a report on Thursday, April 16th. Finally, Rosenblatt Securities raised their price target on Ciena from $350.00 to $720.00 and gave the company a “buy” rating in a research report on Friday, June 5th. Thirteen investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $530.56.

Ciena Company 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.