Wedmont Private Capital Acquires New Holdings in Ciena Corporation $CIEN

Wedmont Private Capital acquired a new stake in shares of Ciena Corporation (NYSE:CIEN) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 2,852 shares of the communications equipment provider’s stock, valued at approximately $226,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Connective Portfolio Management LLC purchased a new position in Ciena in the 2nd quarter worth approximately $651,000. Voya Investment Management LLC grew its stake in Ciena by 116.7% in the 1st quarter. Voya Investment Management LLC now owns 72,324 shares of the communications equipment provider’s stock worth $4,371,000 after buying an additional 38,942 shares in the last quarter. Inspire Investing LLC grew its stake in Ciena by 516.6% in the 1st quarter. Inspire Investing LLC now owns 18,719 shares of the communications equipment provider’s stock worth $1,131,000 after buying an additional 15,683 shares in the last quarter. Modern Wealth Management LLC grew its stake in Ciena by 25.7% in the 1st quarter. Modern Wealth Management LLC now owns 3,335 shares of the communications equipment provider’s stock worth $202,000 after buying an additional 682 shares in the last quarter. Finally, Strs Ohio purchased a new position in Ciena in the 1st quarter worth approximately $1,227,000. Hedge funds and other institutional investors own 91.99% of the company’s stock.

Wall Street Analysts Forecast Growth

CIEN has been the subject of a number of research reports. Northland Securities set a $100.00 price target on shares of Ciena in a research note on Monday, June 30th. Rosenblatt Securities boosted their price target 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 upped their price objective on shares of Ciena from $70.00 to $100.00 and gave the company an “underweight” rating in a research note on Friday, September 5th. B. Riley reaffirmed a “neutral” rating and issued a $113.00 price objective (up previously from $90.00) on shares of Ciena in a research note on Friday, September 5th. Finally, Bank of America upped their price objective on shares of Ciena from $135.00 to $155.00 and gave the company a “buy” rating in a research note on Wednesday, September 17th. Three investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $115.75.

Ciena Trading Up 0.3%

Shares of CIEN opened at $138.48 on Monday. The stock has a market capitalization of $19.53 billion, a P/E ratio of 142.76, a PEG ratio of 2.00 and a beta of 1.16. 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 firm has a fifty day simple moving average of $99.81 and a two-hundred day simple moving average of $81.06. Ciena Corporation has a twelve month low of $49.21 and a twelve month high of $139.74.

Insider Buying and Selling at Ciena

In other Ciena news, SVP Jason Phipps sold 2,325 shares of the stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $80.50, for a total transaction of $187,162.50. Following the completion of the sale, the senior vice president owned 84,833 shares of the company’s stock, valued at $6,829,056.50. This represents a 2.67% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Brodie Gage sold 350 shares of the stock in a transaction on Monday, September 15th. The shares were sold at an average price of $132.00, for a total transaction of $46,200.00. Following the sale, the senior vice president directly owned 42,918 shares of the company’s stock, valued at $5,665,176. The trade was a 0.81% decrease in their position. The disclosure for this sale can be found here. Insiders sold 39,769 shares of company stock valued at $3,769,163 in the last quarter. Company insiders own 0.93% of the company’s stock.

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.