Ciena Corporation $CIEN Stock Position Lowered by Envestnet Portfolio Solutions Inc.

Envestnet Portfolio Solutions Inc. decreased its position in Ciena Corporation (NYSE:CIEN) by 56.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,752 shares of the communications equipment provider’s stock after selling 2,243 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in Ciena were worth $255,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of the company. Global Retirement Partners LLC raised its holdings in shares of Ciena by 11.1% in the 3rd quarter. Global Retirement Partners LLC now owns 698 shares of the communications equipment provider’s stock worth $102,000 after purchasing an additional 70 shares in the last quarter. Nisa Investment Advisors LLC grew its position in Ciena by 1.3% in the third quarter. Nisa Investment Advisors LLC now owns 6,475 shares of the communications equipment provider’s stock worth $943,000 after buying an additional 80 shares during the last quarter. GAMMA Investing LLC increased its holdings in shares of Ciena by 2.3% in the third quarter. GAMMA Investing LLC now owns 4,071 shares of the communications equipment provider’s stock valued at $593,000 after buying an additional 92 shares in the last quarter. Fifth Third Wealth Advisors LLC lifted its position in shares of Ciena by 2.3% during the 3rd quarter. Fifth Third Wealth Advisors LLC now owns 4,889 shares of the communications equipment provider’s stock valued at $712,000 after acquiring an additional 112 shares during the last quarter. Finally, Nwam LLC boosted its stake in shares of Ciena by 4.7% during the 3rd quarter. Nwam LLC now owns 2,505 shares of the communications equipment provider’s stock worth $404,000 after acquiring an additional 113 shares in the last quarter. 91.99% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CIEN has been the subject of a number of recent analyst reports. Citigroup increased their price target on Ciena to $280.00 and gave the company a “buy” rating in a research report on Friday, December 12th. Argus boosted their price target on shares of Ciena from $135.00 to $280.00 and gave the company a “buy” rating in a report on Friday, December 12th. Stifel Nicolaus raised their price objective on shares of Ciena to $280.00 and gave the stock a “buy” rating in a research note on Thursday, January 22nd. Evercore ISI set a $240.00 target price on shares of Ciena in a research note on Thursday, December 11th. Finally, BNP Paribas Exane set a $185.00 target price on Ciena and gave the stock an “outperform” rating in a research report on Monday, October 13th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $241.67.

Insider Activity

In other news, CEO Gary B. Smith sold 83,552 shares of the business’s stock in a transaction that occurred on Monday, January 5th. The stock was sold at an average price of $229.44, for a total transaction of $19,170,170.88. Following the sale, the chief executive officer directly owned 307,885 shares in the company, valued at approximately $70,641,134.40. The trade was a 21.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Jason Phipps sold 21,383 shares of the company’s stock in a transaction on Thursday, January 15th. The shares were sold at an average price of $247.89, for a total value of $5,300,631.87. Following the completion of the transaction, the senior vice president owned 91,765 shares of the company’s stock, valued at $22,747,625.85. The trade was a 18.90% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 161,090 shares of company stock valued at $36,981,975. Corporate insiders own 0.93% of the company’s stock.

Ciena Trading Up 6.4%

Shares of NYSE:CIEN opened at $267.87 on Tuesday. The company has a debt-to-equity ratio of 0.56, a quick ratio of 2.09 and a current ratio of 2.73. The stock’s 50-day moving average is $229.11 and its 200-day moving average is $169.51. The company has a market cap of $37.73 billion, a P/E ratio of 315.15, a P/E/G ratio of 1.41 and a beta of 1.13. Ciena Corporation has a 52-week low of $49.21 and a 52-week high of $271.21.

Ciena (NYSE:CIEN) last released its earnings results on Thursday, December 11th. The communications equipment provider reported $0.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.76 by $0.15. The firm had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.29 billion. Ciena had a return on equity of 8.38% and a net margin of 2.59%.The company’s revenue was up 20.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.54 EPS. Equities research analysts predict that Ciena Corporation will post 1.6 earnings per share for the current year.

Ciena Profile

Ciena Corporation (NYSE: CIEN) is a global supplier of telecommunications networking equipment, software and services. The company develops high-capacity optical transport systems and packet-optical platforms that enable service providers, cloud operators and large enterprises to build, manage and scale their networks. Ciena’s product portfolio includes coherent optical solutions, packet networking platforms and a suite of network automation software designed to optimize bandwidth, reduce latency and simplify network operations.

In addition to hardware offerings, Ciena provides professional services and support, including network design, implementation and ongoing maintenance.