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

Envestnet Asset Management Inc. raised its stake in shares of Ciena Co. (NYSE:CIENGet Rating) by 11.9% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 296,457 shares of the communications equipment provider’s stock after acquiring an additional 31,512 shares during the period. Envestnet Asset Management Inc. owned approximately 0.19% of Ciena worth $17,974,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. BlackRock Inc. lifted its stake in Ciena by 1.6% during the 4th quarter. BlackRock Inc. now owns 15,514,375 shares of the communications equipment provider’s stock valued at $1,194,141,000 after acquiring an additional 241,846 shares during the period. Alliancebernstein L.P. lifted its stake in Ciena by 38.5% during the 4th quarter. Alliancebernstein L.P. now owns 5,068,390 shares of the communications equipment provider’s stock valued at $390,114,000 after acquiring an additional 1,409,823 shares during the period. State Street Corp lifted its stake in Ciena by 2.3% during the 4th quarter. State Street Corp now owns 4,058,180 shares of the communications equipment provider’s stock valued at $312,358,000 after acquiring an additional 92,379 shares during the period. Bank of America Corp DE lifted its stake in shares of Ciena by 5.5% in the 4th quarter. Bank of America Corp DE now owns 2,960,940 shares of the communications equipment provider’s stock worth $227,905,000 after purchasing an additional 154,444 shares during the period. Finally, Nuveen Asset Management LLC lifted its stake in shares of Ciena by 21.7% in the 4th quarter. Nuveen Asset Management LLC now owns 2,768,937 shares of the communications equipment provider’s stock worth $213,125,000 after purchasing an additional 492,835 shares during the period. Institutional investors own 88.75% of the company’s stock.

Insider Activity at Ciena

In other Ciena news, CEO Gary B. Smith sold 3,542 shares of Ciena stock in a transaction on Monday, May 23rd. The shares were sold at an average price of $50.19, for a total transaction of $177,772.98. Following the completion of the transaction, the chief executive officer now directly owns 443,924 shares of the company’s stock, valued at $22,280,545.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Ciena news, CEO Gary B. Smith sold 3,542 shares of Ciena stock in a transaction on Monday, May 23rd. The shares were sold at an average price of $50.19, for a total transaction of $177,772.98. Following the completion of the transaction, the chief executive officer now directly owns 443,924 shares of the company’s stock, valued at $22,280,545.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Scott Mcfeely sold 4,000 shares of Ciena stock in a transaction on Wednesday, June 15th. The stock was sold at an average price of $43.73, for a total transaction of $174,920.00. Following the transaction, the senior vice president now directly owns 101,773 shares of the company’s stock, valued at $4,450,533.29. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 27,310 shares of company stock valued at $1,272,601. 0.94% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Loop Capital lowered their price objective on shares of Ciena from $92.00 to $84.00 and set a “buy” rating on the stock in a research note on Monday, June 6th. Evercore ISI lowered their price objective on shares of Ciena to $60.00 in a research note on Friday, June 3rd. Barclays lowered their price objective on shares of Ciena from $84.00 to $70.00 and set an “overweight” rating on the stock in a research note on Friday, June 3rd. Citigroup lowered their price objective on shares of Ciena from $85.00 to $65.00 and set a “buy” rating on the stock in a research note on Friday, June 3rd. Finally, B. Riley upgraded shares of Ciena from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $65.00 to $67.00 in a research note on Friday, June 3rd. Three research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $72.35.

Ciena Trading Up 1.2 %

Shares of CIEN opened at $52.20 on Thursday. The company has a debt-to-equity ratio of 0.38, a current ratio of 3.72 and a quick ratio of 3.10. Ciena Co. has a 1 year low of $41.63 and a 1 year high of $78.28. The company has a 50 day simple moving average of $47.62 and a two-hundred day simple moving average of $55.85. The firm has a market cap of $7.81 billion, a P/E ratio of 19.19, a price-to-earnings-growth ratio of 2.25 and a beta of 0.92.

Ciena (NYSE:CIENGet Rating) last announced its quarterly earnings data on Thursday, June 2nd. The communications equipment provider reported $0.36 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.06). Ciena had a net margin of 11.15% and a return on equity of 12.18%. The company had revenue of $949.20 million for the quarter, compared to analysts’ expectations of $950.86 million. During the same period last year, the business earned $0.52 earnings per share. The company’s quarterly revenue was up 13.8% compared to the same quarter last year. On average, equities analysts expect that Ciena Co. will post 1.53 earnings per share for the current fiscal year.

About Ciena

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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.

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Institutional Ownership by Quarter for Ciena (NYSE:CIEN)

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