Envestnet Asset Management Inc. trimmed its holdings in Ciena Co. (NYSE:CIEN – Free Report) by 22.2% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 286,253 shares of the communications equipment provider’s stock after selling 81,741 shares during the quarter. Envestnet Asset Management Inc. owned about 0.19% of Ciena worth $15,034,000 as of its most recent SEC filing.
Several other hedge funds also recently added to or reduced their stakes in CIEN. Van ECK Associates Corp increased its position in shares of Ciena by 283.3% during the first quarter. Van ECK Associates Corp now owns 17,330 shares of the communications equipment provider’s stock worth $910,000 after purchasing an additional 12,809 shares in the last quarter. ETF Managers Group LLC increased its position in Ciena by 3.8% during the fourth quarter. ETF Managers Group LLC now owns 11,727 shares of the communications equipment provider’s stock worth $598,000 after buying an additional 426 shares during the period. Granite Investment Partners LLC purchased a new stake in Ciena in the fourth quarter valued at approximately $2,354,000. Emerald Advisers LLC acquired a new stake in shares of Ciena in the first quarter valued at approximately $231,000. Finally, Campbell Newman Asset Management Inc. grew its position in shares of Ciena by 0.9% during the first quarter. Campbell Newman Asset Management Inc. now owns 32,049 shares of the communications equipment provider’s stock worth $1,683,000 after acquiring an additional 286 shares during the last quarter. 90.02% of the stock is currently owned by hedge funds and other institutional investors.
Ciena Trading Down 3.0 %
Shares of Ciena stock opened at $48.47 on Monday. Ciena Co. has a 1 year low of $38.33 and a 1 year high of $54.25. The company has a debt-to-equity ratio of 0.53, a current ratio of 3.66 and a quick ratio of 2.62. The business has a 50 day moving average price of $42.39 and a 200 day moving average price of $45.48. The company has a market capitalization of $7.25 billion, a P/E ratio of 35.90, a P/E/G ratio of 1.48 and a beta of 0.97.
Analyst Upgrades and Downgrades
Several research firms recently commented on CIEN. JPMorgan Chase & Co. reduced their price target on shares of Ciena from $67.00 to $65.00 in a research report on Wednesday, June 7th. Raymond James lowered their price target on Ciena from $70.00 to $63.00 and set a “strong-buy” rating on the stock in a report on Wednesday, June 7th. B. Riley upped their price objective on Ciena from $60.00 to $67.00 and gave the company a “buy” rating in a research note on Friday. UBS Group increased their price objective on Ciena from $48.00 to $52.00 and gave the stock a “neutral” rating in a research report on Friday. Finally, Bank of America cut their price target on Ciena from $62.00 to $59.00 in a research note on Friday, June 16th. Four analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $61.35.
Get Our Latest Stock Report on CIEN
Insider Activity
In other Ciena news, VP Andrew C. Petrik sold 1,000 shares of the business’s stock in a transaction on Thursday, June 15th. The stock was sold at an average price of $44.09, for a total value of $44,090.00. Following the completion of the transaction, the vice president now directly owns 27,232 shares in the company, valued at approximately $1,200,658.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, VP Andrew C. Petrik sold 1,000 shares of Ciena stock in a transaction on Thursday, June 15th. The stock was sold at an average price of $44.09, for a total value of $44,090.00. Following the completion of the sale, the vice president now owns 27,232 shares of the company’s stock, valued at $1,200,658.88. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Gary B. Smith sold 4,174 shares of the company’s stock in a transaction on Monday, July 3rd. The shares were sold at an average price of $42.48, for a total value of $177,311.52. Following the completion of the transaction, the chief executive officer now owns 449,439 shares of the company’s stock, valued at $19,092,168.72. The disclosure for this sale can be found here. Insiders sold a total of 33,041 shares of company stock valued at $1,400,010 over the last 90 days. Insiders own 0.99% of the company’s stock.
Ciena Company Profile
Ciena Corporation provides hardware and software services for delivery of video, data, and voice traffic metro, aggregation, and access communications network worldwide. The company's Networking Platforms segment offers convergence of coherent optical transport, open optical networking, IP routing, and switching services.
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