Advisors Asset Management Inc. Purchases 1,572 Shares of Ciena Corporation $CIEN

Advisors Asset Management Inc. increased its position in Ciena Corporation (NYSE:CIEN) by 44.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,109 shares of the communications equipment provider’s stock after buying an additional 1,572 shares during the quarter. Advisors Asset Management Inc.’s holdings in Ciena were worth $309,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. Bessemer Group Inc. lifted its position in Ciena by 50.0% in the 1st quarter. Bessemer Group Inc. now owns 534 shares of the communications equipment provider’s stock worth $32,000 after buying an additional 178 shares during the last quarter. Bayforest Capital Ltd lifted its position in Ciena by 34.7% in the 1st quarter. Bayforest Capital Ltd now owns 636 shares of the communications equipment provider’s stock worth $38,000 after buying an additional 164 shares during the last quarter. MassMutual Private Wealth & Trust FSB lifted its position in Ciena by 66.7% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 640 shares of the communications equipment provider’s stock worth $39,000 after buying an additional 256 shares during the last quarter. Orion Capital Management LLC bought a new stake in Ciena in the 4th quarter worth approximately $42,000. Finally, AdvisorNet Financial Inc lifted its position in Ciena by 9,162.5% in the 1st quarter. AdvisorNet Financial Inc now owns 741 shares of the communications equipment provider’s stock worth $45,000 after buying an additional 733 shares during the last quarter. Institutional investors own 91.99% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on CIEN shares. Northland Securities set a $100.00 price objective on Ciena in a research report on Monday, June 30th. Wall Street Zen upgraded Ciena from a “hold” rating to a “buy” rating in a research report on Friday, September 5th. Needham & Company LLC boosted their price objective on Ciena from $90.00 to $130.00 and gave the company a “buy” rating in a research report on Friday, September 5th. UBS Group boosted their price objective on Ciena from $78.00 to $120.00 and gave the company a “neutral” rating in a research report on Friday, September 5th. Finally, JPMorgan Chase & Co. boosted their price objective on Ciena from $105.00 to $140.00 and gave the company an “overweight” rating in a research report on Friday, September 5th. Three research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $114.32.

Insider Transactions at Ciena

In related news, CEO Gary B. Smith sold 6,800 shares of the company’s stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $92.93, for a total value of $631,924.00. Following the sale, the chief executive officer directly owned 305,157 shares of the company’s stock, valued at $28,358,240.01. This represents a 2.18% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Jason Phipps sold 2,325 shares of the company’s stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $80.50, for a total value of $187,162.50. Following the completion of the sale, the senior vice president directly owned 84,833 shares in the company, valued at approximately $6,829,056.50. The trade was a 2.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 39,769 shares of company stock valued at $3,326,705 in the last three months. Company insiders own 0.93% of the company’s stock.

Ciena Price Performance

Shares of Ciena stock opened at $132.72 on Friday. The company has a quick ratio of 2.52, a current ratio of 3.28 and a debt-to-equity ratio of 0.55. The company has a market cap of $18.72 billion, a PE ratio of 136.82, a P/E/G ratio of 2.55 and a beta of 1.16. The business has a 50 day moving average of $92.98 and a 200 day moving average of $78.50. Ciena Corporation has a 52 week low of $49.21 and a 52 week high of $134.31.

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.