Ciena Corporation (NYSE:CIEN) Shares Sold by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. reduced its stake in shares of Ciena Corporation (NYSE:CIEN) by 0.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 359,461 shares of the communications equipment provider’s stock after selling 3,097 shares during the quarter. Envestnet Asset Management Inc. owned about 0.25% of Ciena worth $21,722,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Penserra Capital Management LLC increased its stake in Ciena by 9.3% in the first quarter. Penserra Capital Management LLC now owns 40,391 shares of the communications equipment provider’s stock valued at $2,440,000 after purchasing an additional 3,441 shares during the period. Impax Asset Management Group plc increased its stake in Ciena by 15.0% in the first quarter. Impax Asset Management Group plc now owns 149,914 shares of the communications equipment provider’s stock valued at $9,059,000 after purchasing an additional 19,500 shares during the period. Calamos Advisors LLC increased its stake in Ciena by 15.5% in the first quarter. Calamos Advisors LLC now owns 19,156 shares of the communications equipment provider’s stock valued at $1,158,000 after purchasing an additional 2,566 shares during the period. Teacher Retirement System of Texas increased its stake in Ciena by 20.8% in the first quarter. Teacher Retirement System of Texas now owns 44,641 shares of the communications equipment provider’s stock valued at $2,698,000 after purchasing an additional 7,673 shares during the period. Finally, Peregrine Capital Management LLC increased its stake in Ciena by 7.3% in the first quarter. Peregrine Capital Management LLC now owns 200,369 shares of the communications equipment provider’s stock valued at $12,108,000 after purchasing an additional 13,672 shares during the period. 91.99% of the stock is currently owned by institutional investors and hedge funds.

Ciena Trading Up 1.5%

Ciena stock opened at $82.63 on Wednesday. The firm’s 50-day moving average is $78.40 and its 200-day moving average is $75.77. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.57 and a current ratio of 3.40. Ciena Corporation has a 1 year low of $44.89 and a 1 year high of $101.44. The company has a market cap of $11.68 billion, a P/E ratio of 114.76, a PEG ratio of 1.82 and a beta of 1.11.

Ciena (NYSE:CIEN) last issued its quarterly earnings data on Thursday, June 5th. The communications equipment provider reported $0.42 earnings per share for the quarter, missing the consensus estimate of $0.50 by ($0.08). The firm had revenue of $1.13 billion during the quarter, compared to the consensus estimate of $1.09 billion. Ciena had a net margin of 2.46% and a return on equity of 5.08%. The company’s revenue for the quarter was up 23.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.27 earnings per share. On average, equities analysts expect that Ciena Corporation will post 1.6 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research analysts have commented on the stock. JPMorgan Chase & Co. lifted their price objective on shares of Ciena from $76.00 to $86.00 and gave the company an “overweight” rating in a research note on Tuesday, May 27th. Morgan Stanley restated an “underweight” rating and issued a $70.00 price objective (down from $73.00) on shares of Ciena in a research note on Tuesday, July 8th. Citigroup dropped their price target on shares of Ciena from $98.00 to $75.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. Wolfe Research upgraded shares of Ciena to a “strong-buy” rating in a research note on Tuesday, July 8th. Finally, Evercore ISI reiterated a “mixed” rating on shares of Ciena in a research note on Friday, June 6th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $84.08.

Insider Activity

In other Ciena news, SVP David M. Rothenstein sold 2,500 shares of the firm’s stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $79.93, for a total transaction of $199,825.00. Following the transaction, the senior vice president owned 202,370 shares of the company’s stock, valued at approximately $16,175,434.10. This trade represents a 1.22% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Joseph Cumello sold 2,044 shares of Ciena stock in a transaction that occurred on Friday, June 27th. The stock was sold at an average price of $81.64, for a total transaction of $166,872.16. Following the completion of the transaction, the senior vice president directly owned 47,198 shares in the company, valued at $3,853,244.72. This represents a 4.15% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 34,769 shares of company stock worth $2,689,848 in the last 90 days. 0.93% of the stock is currently owned by corporate 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.