Ciena Corporation (NYSE:CIEN) Position Lessened by Wealth Enhancement Advisory Services LLC

Wealth Enhancement Advisory Services LLC trimmed its position in shares of Ciena Corporation (NYSE:CIEN) by 0.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 811,011 shares of the communications equipment provider’s stock after selling 3,170 shares during the period. Wealth Enhancement Advisory Services LLC owned about 0.57% of Ciena worth $49,009,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of CIEN. Fort Washington Investment Advisors Inc. OH raised its stake in shares of Ciena by 14.7% during the 1st quarter. Fort Washington Investment Advisors Inc. OH now owns 262,973 shares of the communications equipment provider’s stock worth $15,891,000 after purchasing an additional 33,666 shares in the last quarter. Fifth Third Bancorp raised its position in Ciena by 30.8% during the first quarter. Fifth Third Bancorp now owns 1,490 shares of the communications equipment provider’s stock valued at $90,000 after acquiring an additional 351 shares in the last quarter. USA Financial Formulas bought a new position in Ciena during the first quarter valued at approximately $431,000. Assenagon Asset Management S.A. bought a new position in Ciena during the first quarter valued at approximately $2,398,000. Finally, SG Americas Securities LLC raised its position in Ciena by 176.0% during the first quarter. SG Americas Securities LLC now owns 9,591 shares of the communications equipment provider’s stock valued at $580,000 after acquiring an additional 6,116 shares in the last quarter. 91.99% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on CIEN shares. B. Riley restated a “buy” rating and set a $90.00 price target (up previously from $89.00) on shares of Ciena in a report on Friday, June 6th. Northland Capmk raised Ciena from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, March 12th. Wall Street Zen cut Ciena from a “buy” rating to a “hold” rating in a research report on Saturday, June 7th. Citigroup reduced their price target on Ciena from $98.00 to $75.00 and set a “buy” rating for the company in a research report on Monday, April 14th. Finally, Barclays set a $100.00 target price on Ciena and gave the stock an “overweight” rating in a report on Wednesday, March 12th. Six investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $83.15.

Ciena Trading Up 1.0%

Ciena stock opened at $74.56 on Friday. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.57 and a current ratio of 3.40. The business’s 50-day simple moving average is $73.15 and its 200-day simple moving average is $76.11. The firm has a market capitalization of $10.54 billion, a PE ratio of 103.55, a PEG ratio of 1.62 and a beta of 1.12. Ciena Corporation has a 52 week low of $44.89 and a 52 week high of $101.44.

Ciena (NYSE:CIEN) last announced its earnings results on Thursday, June 5th. The communications equipment provider reported $0.42 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.08). Ciena had a return on equity of 5.08% and a net margin of 2.46%. The company had revenue of $1.13 billion for the quarter, compared to the consensus estimate of $1.09 billion. During the same period last year, the firm posted $0.27 EPS. The company’s revenue was up 23.6% compared to the same quarter last year. Equities research analysts forecast that Ciena Corporation will post 1.6 earnings per share for the current year.

Insider Transactions at Ciena

In other news, SVP Jason Phipps sold 18,888 shares of the company’s stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $59.88, for a total value of $1,131,013.44. Following the sale, the senior vice president now directly owns 89,258 shares in the company, valued at approximately $5,344,769.04. This represents a 17.47% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, SVP Brodie Gage sold 350 shares of the company’s stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $78.67, for a total value of $27,534.50. Following the completion of the sale, the senior vice president now owns 46,233 shares in the company, valued at $3,637,150.11. This trade represents a 0.75% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 52,138 shares of company stock worth $3,517,997. 0.93% of the stock is currently owned by company insiders.

About Ciena

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.