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4,306 Shares in Ciena Co. (NYSE:CIEN) Acquired by Brookstone Capital Management

Defense World ·  Sep 25, 2022 04:51

Brookstone Capital Management purchased a new position in shares of Ciena Co. (NYSE:CIEN – Get Rating) in the second quarter, Holdings Channel.com reports. The institutional investor purchased 4,306 shares of the communications equipment provider's stock, valued at approximately $204,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Parsec Financial Management Inc. increased its holdings in Ciena by 53.0% during the 2nd quarter. Parsec Financial Management Inc. now owns 119,581 shares of the communications equipment provider's stock worth $5,465,000 after purchasing an additional 41,411 shares during the period. Bank of America Corp DE increased its holdings in Ciena by 1.0% during the 1st quarter. Bank of America Corp DE now owns 2,990,505 shares of the communications equipment provider's stock worth $181,314,000 after purchasing an additional 29,565 shares during the period. Capital World Investors purchased a new position in Ciena during the 1st quarter worth $108,564,000. Weiss Multi Strategy Advisers LLC increased its holdings in Ciena by 564.1% during the 1st quarter. Weiss Multi Strategy Advisers LLC now owns 499,367 shares of the communications equipment provider's stock worth $30,277,000 after purchasing an additional 424,173 shares during the period. Finally, Lido Advisors LLC increased its holdings in Ciena by 9.2% during the 1st quarter. Lido Advisors LLC now owns 102,531 shares of the communications equipment provider's stock worth $6,216,000 after purchasing an additional 8,617 shares during the period. 90.64% of the stock is owned by institutional investors.

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Wall Street Analyst Weigh In

Several research analysts have commented on the company. TheStreet downgraded Ciena from a "b-" rating to a "c" rating in a report on Thursday, September 1st. Cowen cut their price target on Ciena from $82.00 to $71.00 and set an "outperform" rating on the stock in a report on Friday, September 2nd. Raymond James cut their price target on Ciena from $64.00 to $55.00 and set an "outperform" rating on the stock in a report on Friday, September 2nd. UBS Group cut their price target on Ciena from $66.00 to $51.00 and set a "neutral" rating on the stock in a report on Friday, June 3rd. Finally, Evercore ISI cut their price target on Ciena to $60.00 in a report on Friday, June 3rd. Four equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $65.32.

Insiders Place Their Bets

In other Ciena news, SVP Rick Hamilton sold 2,540 shares of the firm's stock in a transaction that occurred on Wednesday, September 21st. The shares were sold at an average price of $40.79, for a total transaction of $103,606.60. Following the completion of the transaction, the senior vice president now directly owns 64,247 shares of the company's stock, valued at approximately $2,620,635.13. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CEO Gary B. Smith sold 3,542 shares of the firm's stock in a transaction that occurred on Monday, September 19th. The shares were sold at an average price of $41.35, for a total transaction of $146,461.70. Following the sale, the chief executive officer now owns 406,627 shares of the company's stock, valued at approximately $16,814,026.45. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Rick Hamilton sold 2,540 shares of the firm's stock in a transaction that occurred on Wednesday, September 21st. The stock was sold at an average price of $40.79, for a total transaction of $103,606.60. Following the sale, the senior vice president now directly owns 64,247 shares in the company, valued at approximately $2,620,635.13. The disclosure for this sale can be found here. In the last ninety days, insiders sold 29,250 shares of company stock valued at $1,395,279. 0.94% of the stock is owned by insiders.

Ciena Stock Performance

Shares of Ciena stock opened at $40.60 on Friday. The firm has a market capitalization of $6.01 billion, a P/E ratio of 31.97, a PEG ratio of 3.31 and a beta of 0.91. The company has a quick ratio of 2.58, a current ratio of 3.48 and a debt-to-equity ratio of 0.40. The company has a 50 day moving average price of $49.00 and a 200 day moving average price of $51.25. Ciena Co. has a 52 week low of $39.87 and a 52 week high of $78.28.

Ciena (NYSE:CIEN – Get Rating) last announced its quarterly earnings data on Thursday, September 1st. The communications equipment provider reported $0.18 EPS for the quarter, missing the consensus estimate of $0.21 by ($0.03). Ciena had a net margin of 5.37% and a return on equity of 8.91%. The company had revenue of $867.30 million during the quarter, compared to analysts' expectations of $903.95 million. During the same period in the previous year, the business earned $0.81 earnings per share. The business's revenue for the quarter was down 12.2% compared to the same quarter last year. Sell-side analysts expect that Ciena Co. will post 0.83 EPS for the current year.

Ciena Profile

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Ciena Corporation provides network hardware, software, and services that support the transport, routing, switching, aggregation, service delivery, and management of video, data, and voice traffic on communications networks worldwide. The company's Networking Platforms segment offers hardware networking products and solutions that optimized for the convergence of coherent optical transport, optical transport network switching, and packet switching.

Further Reading

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