Ciena Corporation $CIEN Position Boosted by Modern Wealth Management LLC

Modern Wealth Management LLC lifted its stake in shares of Ciena Corporation (NYSE:CIEN) by 25.7% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 3,335 shares of the communications equipment provider’s stock after purchasing an additional 682 shares during the period. Modern Wealth Management LLC’s holdings in Ciena were worth $202,000 as of its most recent filing with the SEC.

Several other large investors have also modified their holdings of CIEN. Cetera Investment Advisers lifted its position in shares of Ciena by 3.4% during the fourth quarter. Cetera Investment Advisers now owns 19,804 shares of the communications equipment provider’s stock worth $1,680,000 after purchasing an additional 660 shares during the last quarter. Lazard Asset Management LLC bought a new position in shares of Ciena during the fourth quarter worth about $96,000. Quantinno Capital Management LP lifted its position in shares of Ciena by 49.3% during the fourth quarter. Quantinno Capital Management LP now owns 30,023 shares of the communications equipment provider’s stock worth $2,546,000 after purchasing an additional 9,916 shares during the last quarter. ProShare Advisors LLC lifted its position in shares of Ciena by 7.9% during the fourth quarter. ProShare Advisors LLC now owns 6,756 shares of the communications equipment provider’s stock worth $573,000 after purchasing an additional 492 shares during the last quarter. Finally, Rafferty Asset Management LLC lifted its position in shares of Ciena by 9.3% during the fourth quarter. Rafferty Asset Management LLC now owns 11,329 shares of the communications equipment provider’s stock worth $961,000 after purchasing an additional 966 shares during the last quarter. Institutional investors own 91.99% of the company’s stock.

Ciena Trading Up 1.2%

Shares of NYSE:CIEN opened at $137.56 on Wednesday. The firm has a fifty day moving average of $96.27 and a two-hundred day moving average of $79.66. The firm has a market capitalization of $19.40 billion, a P/E ratio of 141.81, a price-to-earnings-growth ratio of 2.67 and a beta of 1.16. Ciena Corporation has a 12-month low of $49.21 and a 12-month high of $138.35. The company has a quick ratio of 2.52, a current ratio of 3.28 and a debt-to-equity ratio of 0.55.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on CIEN shares. Rosenblatt Securities increased their price objective on shares of Ciena from $100.00 to $127.50 and gave the stock a “neutral” rating in a research note on Friday, September 5th. Morgan Stanley increased their price objective on shares of Ciena from $70.00 to $100.00 and gave the stock an “underweight” rating in a research note on Friday, September 5th. Evercore ISI increased their price objective on shares of Ciena from $95.00 to $120.00 and gave the stock an “in-line” rating in a research note on Thursday, September 4th. Wolfe Research upgraded shares of Ciena to a “strong-buy” rating in a research note on Tuesday, July 8th. Finally, UBS Group increased their price objective on shares of Ciena from $78.00 to $120.00 and gave the stock a “neutral” rating in a research note on Friday, September 5th. Three 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 issued a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $114.32.

Insider Buying and Selling at Ciena

In other news, CEO Gary B. Smith sold 6,800 shares of the business’s stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $92.93, for a total transaction of $631,924.00. Following the transaction, the chief executive officer owned 305,157 shares in the company, valued at approximately $28,358,240.01. The trade was a 2.18% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Brodie Gage sold 350 shares of the company’s stock in a transaction dated Friday, August 15th. The shares were sold at an average price of $90.94, for a total transaction of $31,829.00. Following the completion of the sale, the senior vice president directly owned 43,268 shares in the company, valued at approximately $3,934,791.92. The trade was a 0.80% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 32,619 shares of company stock worth $2,796,803 in the last 90 days. 0.93% of the stock is currently owned by company insiders.

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.