Savant Capital LLC Sells 36,205 Shares of Ciena Corporation $CIEN

Savant Capital LLC cut its stake in shares of Ciena Corporation (NYSE:CIEN) by 92.5% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 2,949 shares of the communications equipment provider’s stock after selling 36,205 shares during the quarter. Savant Capital LLC’s holdings in Ciena were worth $690,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently bought and sold shares of the business. Hilltop National Bank acquired a new position in Ciena in the fourth quarter worth $35,000. Community Bank N.A. acquired a new stake in shares of Ciena in the third quarter valued at $25,000. Assetmark Inc. increased its stake in shares of Ciena by 50.4% in the third 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. Wolff Wiese Magana LLC acquired a new stake in shares of Ciena in the fourth quarter valued at $47,000. Finally, Ameritas Advisory Services LLC increased its stake in shares of Ciena by 104.0% in the third quarter. Ameritas Advisory Services LLC now owns 204 shares of the communications equipment provider’s stock valued at $30,000 after buying an additional 104 shares in the last quarter. Institutional investors own 91.99% of the company’s stock.

Ciena Trading Down 0.6%

CIEN stock opened at $623.07 on Thursday. The company has a market cap of $88.10 billion, a P/E ratio of 396.86 and a beta of 1.24. Ciena Corporation has a twelve month low of $70.77 and a twelve month high of $637.51. The company has a quick ratio of 2.14, a current ratio of 2.81 and a debt-to-equity ratio of 0.55. The business has a fifty day moving average of $512.98 and a 200-day moving average of $351.19.

Ciena (NYSE:CIEN) last released its earnings results on Thursday, March 5th. The communications equipment provider reported $1.35 earnings per share for the quarter, topping analysts’ consensus estimates of $1.17 by $0.18. The company had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.40 billion. Ciena had a return on equity of 12.09% and a net margin of 4.47%.The firm’s quarterly revenue was up 33.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.64 earnings per share. As a group, equities research analysts expect that Ciena Corporation will post 5.14 EPS for the current year.

Insider Transactions at Ciena

In other news, SVP Brodie Gage sold 1,200 shares of the business’s stock in a transaction on Friday, May 15th. The stock was sold at an average price of $570.65, for a total transaction of $684,780.00. Following the completion of the sale, the senior vice president owned 43,941 shares in the company, valued at $25,074,931.65. The trade was a 2.66% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 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 on Monday, June 1st. The stock was sold at an average price of $565.92, for a total value of $1,670,595.84. Following the sale, the chief executive officer directly owned 269,557 shares of the company’s stock, valued at approximately $152,547,697.44. This trade represents a 1.08% decrease in their ownership of the stock. 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 a total of 44,174 shares of company stock worth $19,502,359 over the last 90 days. 0.58% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on CIEN. Barclays raised their target price on Ciena from $279.00 to $372.00 and gave the company an “overweight” rating in a research note on Friday, March 6th. Weiss Ratings upgraded Ciena from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, April 27th. Bank of America raised their target price on Ciena from $550.00 to $660.00 and gave the company a “buy” rating in a research note on Tuesday, May 26th. Raymond James Financial restated an “outperform” rating and issued a $320.00 target price on shares of Ciena in a research note on Thursday, March 5th. Finally, B. Riley Financial raised their target price on Ciena from $283.00 to $531.00 and gave the company a “neutral” rating in a research note on Tuesday. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $420.39.

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.