Envestnet Asset Management Inc. Boosts Holdings in Ciena Co. (NYSE:CIEN)

Envestnet Asset Management Inc. grew its stake in Ciena Co. (NYSE:CIEN - Free Report) by 5.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 362,558 shares of the communications equipment provider's stock after acquiring an additional 19,078 shares during the period. Envestnet Asset Management Inc. owned 0.26% of Ciena worth $30,749,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Annis Gardner Whiting Capital Advisors LLC increased its position in Ciena by 108.6% during the 4th quarter. Annis Gardner Whiting Capital Advisors LLC now owns 290 shares of the communications equipment provider's stock valued at $25,000 after purchasing an additional 151 shares during the period. Versant Capital Management Inc lifted its holdings in Ciena by 925.0% during the fourth quarter. Versant Capital Management Inc now owns 328 shares of the communications equipment provider's stock worth $28,000 after buying an additional 296 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in shares of Ciena by 328.2% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 364 shares of the communications equipment provider's stock valued at $30,000 after acquiring an additional 279 shares during the period. Atlas Capital Advisors Inc. raised its position in shares of Ciena by 77.2% in the 4th quarter. Atlas Capital Advisors Inc. now owns 420 shares of the communications equipment provider's stock worth $36,000 after acquiring an additional 183 shares in the last quarter. Finally, Picton Mahoney Asset Management bought a new stake in Ciena during the fourth quarter valued at about $41,000. 91.99% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

CIEN has been the subject of several analyst reports. JPMorgan Chase & Co. decreased their price target on shares of Ciena from $88.00 to $76.00 and set an "overweight" rating for the company in a research report on Thursday. Barclays set a $100.00 price objective on Ciena and gave the company an "overweight" rating in a report on Wednesday, March 12th. Northland Securities raised Ciena from a "market perform" rating to an "outperform" rating and upped their target price for the company from $60.00 to $75.00 in a research report on Wednesday, March 12th. Citigroup dropped their price target on Ciena from $98.00 to $75.00 and set a "buy" rating on the stock in a research note on Monday. Finally, Morgan Stanley lowered their target price on shares of Ciena from $80.00 to $76.00 and set an "equal weight" rating for the company in a research note on Wednesday, March 12th. Four research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $78.69.

Insider Buying and Selling

In other news, SVP Jason Phipps sold 18,888 shares of the stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $59.88, for a total transaction of $1,131,013.44. Following the sale, the senior vice president now directly owns 89,258 shares of the company's stock, valued at $5,344,769.04. This represents a 17.47 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Gary B. Smith sold 6,800 shares of Ciena stock in a transaction dated Tuesday, April 15th. The shares were sold at an average price of $59.54, for a total value of $404,872.00. Following the completion of the transaction, the chief executive officer now owns 375,680 shares of the company's stock, valued at approximately $22,367,987.20. This represents a 1.78 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 49,288 shares of company stock valued at $3,299,980 over the last ninety days. Company insiders own 0.93% of the company's stock.

Ciena Stock Performance

NYSE:CIEN traded up $1.35 during mid-day trading on Friday, hitting $60.22. The company's stock had a trading volume of 1,959,436 shares, compared to its average volume of 2,014,618. The stock has a market cap of $8.56 billion, a price-to-earnings ratio of 105.65, a PEG ratio of 1.54 and a beta of 1.15. The business's fifty day moving average is $69.28 and its two-hundred day moving average is $73.86. The company has a debt-to-equity ratio of 0.54, a current ratio of 3.55 and a quick ratio of 2.72. Ciena Co. has a 1 year low of $43.30 and a 1 year high of $101.44.

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.