Envestnet Asset Management Inc. Boosts Stake in Ciena Corporation $CIEN

Envestnet Asset Management Inc. lifted its stake in Ciena Corporation (NYSE:CIEN) by 11.5% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 400,627 shares of the communications equipment provider’s stock after purchasing an additional 41,166 shares during the period. Envestnet Asset Management Inc. owned 0.28% of Ciena worth $32,363,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in CIEN. Cambridge Investment Research Advisors Inc. bought a new position in shares of Ciena during the 1st quarter valued at approximately $219,000. Teacher Retirement System of Texas grew its stake in shares of Ciena by 20.8% during the 1st quarter. Teacher Retirement System of Texas now owns 44,641 shares of the communications equipment provider’s stock valued at $2,698,000 after acquiring an additional 7,673 shares during the period. Calamos Advisors LLC grew its stake in shares of Ciena by 15.5% during the 1st quarter. Calamos Advisors LLC now owns 19,156 shares of the communications equipment provider’s stock valued at $1,158,000 after acquiring an additional 2,566 shares during the period. Impax Asset Management Group plc grew its stake in shares of Ciena by 15.0% during the 1st quarter. Impax Asset Management Group plc now owns 149,914 shares of the communications equipment provider’s stock valued at $9,059,000 after acquiring an additional 19,500 shares during the period. Finally, Penserra Capital Management LLC grew its stake in shares of Ciena by 9.3% during the 1st quarter. Penserra Capital Management LLC now owns 40,391 shares of the communications equipment provider’s stock valued at $2,440,000 after acquiring an additional 3,441 shares during the period. 91.99% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

CIEN has been the subject of a number of recent research reports. Stifel Nicolaus boosted their price objective on Ciena from $120.00 to $152.00 and gave the company a “buy” rating in a research note on Tuesday, September 23rd. Weiss Ratings reiterated a “hold (c)” rating on shares of Ciena in a research report on Wednesday, October 8th. UBS Group increased their target price on Ciena from $78.00 to $120.00 and gave the company a “neutral” rating in a research report on Friday, September 5th. BNP Paribas set a $185.00 target price on Ciena and gave the company an “outperform” rating in a research report on Monday, October 13th. Finally, Barclays increased their target price on Ciena from $102.00 to $138.00 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, eleven have given a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $137.53.

Ciena Stock Up 0.5%

NYSE:CIEN opened at $189.91 on Monday. Ciena Corporation has a twelve month low of $49.21 and a twelve month high of $193.74. The company has a market cap of $26.79 billion, a price-to-earnings ratio of 195.78, a price-to-earnings-growth ratio of 2.62 and a beta of 1.15. The stock has a fifty day simple moving average of $143.31 and a 200-day simple moving average of $102.32. The company has a current ratio of 3.28, a quick ratio of 2.52 and a debt-to-equity ratio of 0.55.

Ciena (NYSE:CIEN) last released its earnings results on Thursday, April 6th. The communications equipment provider reported $0.47 earnings per share for the quarter. Ciena had a return on equity of 6.62% and a net margin of 3.10%.The business had revenue of $844.44 million during the quarter. Analysts anticipate that Ciena Corporation will post 1.6 EPS for the current year.

Insiders Place Their Bets

In other news, Director Bruce L. Claflin sold 8,461 shares of Ciena stock in a transaction on Wednesday, September 24th. The stock was sold at an average price of $140.12, for a total transaction of $1,185,555.32. Following the completion of the sale, the director directly owned 54,624 shares in the company, valued at approximately $7,653,914.88. This trade represents a 13.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Brodie Gage sold 350 shares of the firm’s stock in a transaction on Wednesday, October 15th. The shares were sold at an average price of $169.36, for a total value of $59,276.00. Following the transaction, the senior vice president owned 40,653 shares in the company, valued at approximately $6,884,992.08. This represents a 0.85% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 45,374 shares of company stock valued at $5,936,444 in the last three months. 0.93% of the stock is 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.