1,565 Shares in Ciena Corporation $CIEN Bought by Trust Asset Management LLC

Trust Asset Management LLC purchased a new position in shares of Ciena Corporation (NYSE:CIEN) during the 2nd quarter, Holdings Channel.com reports. The fund purchased 1,565 shares of the communications equipment provider’s stock, valued at approximately $787,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of CIEN. Transamerica Financial Advisors LLC increased its stake in shares of Ciena by 71.0% during the 4th quarter. Transamerica Financial Advisors LLC now owns 106 shares of the communications equipment provider’s stock worth $25,000 after purchasing an additional 44 shares during the last quarter. Asset Dedication LLC lifted its stake in Ciena by 2,100.0% in the 1st quarter. Asset Dedication LLC now owns 88 shares of the communications equipment provider’s stock valued at $34,000 after purchasing an additional 84 shares during the last quarter. Carolina Wealth Advisors LLC grew its holdings in Ciena by 57.8% during the second quarter. Carolina Wealth Advisors LLC now owns 71 shares of the communications equipment provider’s stock worth $35,000 after purchasing an additional 26 shares during the period. Truvestments Capital LLC grew its holdings in Ciena by 45.3% during the fourth 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. Finally, Bogart Wealth LLC increased its position in Ciena by 635.7% during the first quarter. Bogart Wealth LLC now owns 103 shares of the communications equipment provider’s stock worth $40,000 after buying an additional 89 shares during the last quarter. Institutional investors own 91.99% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on CIEN shares. Needham & Company LLC reaffirmed a “buy” rating on shares of Ciena in a research report on Tuesday, July 28th. Barclays increased their price target on Ciena from $372.00 to $607.00 and gave the company an “overweight” rating in a research note on Friday, June 5th. Argus set a $650.00 price target on Ciena in a report on Friday, June 5th. Morgan Stanley upped their price objective on shares of Ciena from $405.00 to $490.00 and gave the company an “equal weight” rating in a report on Friday, June 5th. Finally, Raymond James Financial increased their price objective 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. Thirteen analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Ciena has an average rating of “Moderate Buy” and an average price target of $530.56.

Ciena Stock Performance

NYSE:CIEN opened at $433.49 on Thursday. The stock has a market cap of $61.36 billion, a P/E ratio of 144.50 and a beta of 1.30. The stock has a 50 day simple moving average of $427.45 and a 200 day simple moving average of $424.06. 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 Corporation has a 1-year low of $84.41 and a 1-year high of $637.51.

Ciena (NYSE:CIEN) last issued its quarterly earnings data 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. The firm had revenue of $1.57 billion for the quarter, compared to analyst estimates of $1.50 billion. Ciena had a return on equity of 18.15% and a net margin of 7.87%.The company’s revenue for the quarter was up 39.5% on a year-over-year basis. During the same period in the prior year, the firm posted $0.42 EPS. Research analysts anticipate that Ciena Corporation will post 5.4 earnings per share for the current year.

Insider Buying and Selling at Ciena

In other Ciena news, SVP Joseph Cumello sold 1,586 shares of the stock in a transaction that occurred on Friday, June 26th. The shares were sold at an average price of $466.33, for a total transaction of $739,599.38. Following the transaction, the senior vice president owned 42,872 shares in the company, valued at $19,992,499.76. This represents a 3.57% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Gary B. Smith sold 2,952 shares of the firm’s stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $379.81, for a total transaction of $1,121,199.12. Following the transaction, the chief executive officer directly owned 248,982 shares in the company, valued at $94,565,853.42. This represents a 1.17% 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. Insiders sold 21,627 shares of company stock valued at $10,508,776 in the last quarter. Company insiders own 0.58% of the company’s stock.

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.