Envestnet Asset Management Inc. Increases Stake in Ciena Co. (NYSE:CIEN)

Envestnet Asset Management Inc. increased its holdings in Ciena Co. (NYSE:CIEN) by 5.6% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 362,558 shares of the communications equipment provider’s stock after purchasing an additional 19,078 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Ciena were worth $30,749,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the business. Annis Gardner Whiting Capital Advisors LLC grew its holdings in shares of Ciena by 108.6% in the fourth quarter. Annis Gardner Whiting Capital Advisors LLC now owns 290 shares of the communications equipment provider’s stock worth $25,000 after purchasing an additional 151 shares during the last quarter. Versant Capital Management Inc boosted its position in Ciena by 925.0% during the 4th quarter. Versant Capital Management Inc now owns 328 shares of the communications equipment provider’s stock valued at $28,000 after buying an additional 296 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in Ciena by 328.2% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 364 shares of the communications equipment provider’s stock worth $30,000 after acquiring an additional 279 shares during the last quarter. Atlas Capital Advisors Inc. increased its position in shares of Ciena by 77.2% in the fourth quarter. Atlas Capital Advisors Inc. now owns 420 shares of the communications equipment provider’s stock valued at $36,000 after acquiring an additional 183 shares during the period. Finally, Picton Mahoney Asset Management bought a new position in shares of Ciena during the fourth quarter valued at about $41,000. 91.99% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Ciena news, SVP Brodie Gage sold 350 shares of Ciena stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $90.16, for a total value of $31,556.00. Following the completion of the sale, the senior vice president now owns 49,197 shares of the company’s stock, valued at approximately $4,435,601.52. This trade represents a 0.71 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Gary B. Smith sold 6,800 shares of the business’s stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $85.29, for a total value of $579,972.00. Following the completion of the transaction, the chief executive officer now owns 418,949 shares of the company’s stock, valued at $35,732,160.21. This represents a 1.60 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 49,288 shares of company stock worth $3,484,670 over the last three months. 0.93% of the stock is currently owned by corporate insiders.

Ciena Stock Performance

Ciena stock opened at $58.70 on Friday. The stock’s 50 day moving average is $71.84 and its 200 day moving average is $74.02. The company has a market capitalization of $8.34 billion, a P/E ratio of 102.99, a PEG ratio of 1.54 and a beta of 1.15. Ciena Co. has a twelve month low of $43.30 and a twelve month high of $101.44. The company has a quick ratio of 2.72, a current ratio of 3.55 and a debt-to-equity ratio of 0.54.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. Morgan Stanley cut their target price on Ciena from $80.00 to $76.00 and set an “equal weight” rating on the stock in a research note on Wednesday, March 12th. JPMorgan Chase & Co. raised Ciena from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $84.00 to $88.00 in a research note on Tuesday, January 28th. Rosenblatt Securities dropped their price target on Ciena from $94.00 to $79.00 and set a “neutral” rating for the company in a research note on Friday, March 7th. Needham & Company LLC reduced their price objective on shares of Ciena from $95.00 to $90.00 and set a “buy” rating on the stock in a research report on Wednesday, March 12th. Finally, Northland Capmk raised shares of Ciena from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, March 12th. Four equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $81.38.

Ciena 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, optical transport network switching, IP routing, and switching services.