Hollencrest Capital Management Sells 1,746 Shares of Ciena Corporation $CIEN

Hollencrest Capital Management decreased its position in Ciena Corporation (NYSE:CIEN) by 53.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,534 shares of the communications equipment provider’s stock after selling 1,746 shares during the quarter. Hollencrest Capital Management’s holdings in Ciena were worth $596,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Transamerica Financial Advisors LLC boosted its position in shares of Ciena by 71.0% during the fourth quarter. Transamerica Financial Advisors LLC now owns 106 shares of the communications equipment provider’s stock worth $25,000 after buying an additional 44 shares during the period. Hilltop National Bank acquired a new stake in Ciena in the 4th quarter valued at approximately $35,000. Truvestments Capital LLC lifted its stake in Ciena by 45.3% in the 4th quarter. Truvestments Capital LLC now owns 154 shares of the communications equipment provider’s stock valued at $36,000 after acquiring an additional 48 shares in the last quarter. Bogart Wealth LLC lifted its stake in Ciena by 635.7% in the 1st quarter. Bogart Wealth LLC now owns 103 shares of the communications equipment provider’s stock valued at $40,000 after acquiring an additional 89 shares in the last quarter. Finally, Acumen Wealth Advisors LLC acquired a new position in Ciena during the 4th quarter worth approximately $40,000. 91.99% of the stock is currently owned by institutional investors.

Ciena Price Performance

Shares of CIEN opened at $373.72 on Monday. 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 company’s fifty day simple moving average is $495.15 and its 200 day simple moving average is $404.91. Ciena Corporation has a 1-year low of $83.20 and a 1-year high of $637.51. The company has a market cap of $52.90 billion, a price-to-earnings ratio of 124.57 and a beta of 1.27.

Ciena (NYSE:CIEN) last announced its quarterly earnings results on Thursday, June 4th. The communications equipment provider reported $1.64 EPS for the quarter, beating analysts’ consensus estimates of $1.46 by $0.18. Ciena had a net margin of 7.87% and a return on equity of 18.15%. The firm had revenue of $1.57 billion during the quarter, compared to analysts’ expectations of $1.50 billion. During the same quarter last year, the company posted $0.42 earnings per share. The company’s revenue for the quarter was up 39.5% compared to the same quarter last year. On average, research analysts forecast that Ciena Corporation will post 5.4 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, SVP Brodie Gage sold 1,200 shares of the firm’s stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $466.10, for a total value of $559,320.00. Following the completion of the sale, the senior vice president directly owned 42,741 shares in the company, valued at approximately $19,921,580.10. This trade represents a 2.73% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Gary B. Smith sold 2,952 shares of Ciena stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $468.83, for a total value of $1,383,986.16. Following the transaction, the chief executive officer owned 254,886 shares of the company’s stock, valued at $119,498,203.38. The trade was a 1.14% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 21,627 shares of company stock worth $10,974,985 in the last 90 days. 0.58% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on CIEN shares. Barclays raised their price target on shares of Ciena from $372.00 to $607.00 and gave the stock an “overweight” rating in a research note on Friday, June 5th. Morgan Stanley increased their target price on shares of Ciena from $405.00 to $490.00 and gave the stock an “equal weight” rating in a report on Friday, June 5th. Raymond James Financial raised their target price on shares of Ciena from $320.00 to $530.00 and gave the company an “outperform” rating in a research report on Thursday, June 4th. JPMorgan Chase & Co. lifted their price target on shares of Ciena from $380.00 to $550.00 and gave the company an “overweight” rating in a research note on Thursday, April 16th. Finally, Weiss Ratings cut shares of Ciena from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday, July 7th. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and seven have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company 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.