2,898 Shares in Ciena Co. (NYSE:CIEN) Purchased by Institute for Wealth Management LLC.

Institute for Wealth Management LLC. purchased a new position in shares of Ciena Co. (NYSE:CIEN - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 2,898 shares of the communications equipment provider's stock, valued at approximately $246,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Marshall Wace LLP acquired a new stake in Ciena in the second quarter worth approximately $202,000. Millennium Management LLC lifted its holdings in shares of Ciena by 640.7% in the second quarter. Millennium Management LLC now owns 64,466 shares of the communications equipment provider's stock valued at $3,106,000 after buying an additional 55,763 shares during the period. Creative Planning boosted its stake in Ciena by 13.7% during the second quarter. Creative Planning now owns 8,799 shares of the communications equipment provider's stock valued at $424,000 after buying an additional 1,062 shares in the last quarter. Truist Financial Corp grew its holdings in Ciena by 10.4% during the second quarter. Truist Financial Corp now owns 29,614 shares of the communications equipment provider's stock worth $1,427,000 after acquiring an additional 2,800 shares during the period. Finally, Sanctuary Advisors LLC bought a new stake in Ciena in the second quarter worth about $221,000. Institutional investors own 91.99% of the company's stock.

Insider Buying and Selling at Ciena

In other news, CEO Gary B. Smith sold 6,800 shares of the stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $84.86, for a total transaction of $577,048.00. Following the sale, the chief executive officer now owns 412,149 shares in the company, valued at approximately $34,974,964.14. This represents a 1.62 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Joseph Cumello sold 1,289 shares of Ciena stock in a transaction on Friday, November 15th. The shares were sold at an average price of $68.99, for a total value of $88,928.11. Following the completion of the sale, the senior vice president now directly owns 39,486 shares of the company's stock, valued at $2,724,139.14. This trade represents a 3.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 57,581 shares of company stock worth $4,875,548 over the last ninety days. Company insiders own 0.83% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Needham & Company LLC restated a "buy" rating and set a $95.00 price objective on shares of Ciena in a research report on Friday, January 10th. Evercore ISI cut shares of Ciena from an "outperform" rating to an "in-line" rating and set a $65.00 target price for the company. in a report on Tuesday, October 15th. Rosenblatt Securities lifted their price target on shares of Ciena from $75.00 to $94.00 and gave the stock a "neutral" rating in a research report on Friday, December 13th. Northland Securities increased their price objective on Ciena from $46.00 to $60.00 and gave the company a "market perform" rating in a research report on Friday, December 13th. Finally, JPMorgan Chase & Co. upgraded Ciena from a "neutral" rating to an "overweight" rating and lifted their target price for the stock from $84.00 to $88.00 in a report on Tuesday, January 28th. Six investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $78.77.

Ciena Stock Up 5.3 %

Ciena stock traded up $4.65 during trading hours on Wednesday, hitting $92.15. The company had a trading volume of 2,610,963 shares, compared to its average volume of 2,689,211. Ciena Co. has a fifty-two week low of $43.30 and a fifty-two week high of $101.44. The company has a debt-to-equity ratio of 0.54, a current ratio of 3.55 and a quick ratio of 2.72. The firm has a market capitalization of $13.10 billion, a P/E ratio of 161.67, a price-to-earnings-growth ratio of 1.55 and a beta of 0.88. The firm's fifty day moving average is $83.16 and its 200-day moving average is $68.01.

Ciena (NYSE:CIEN - Get Free Report) last announced its quarterly earnings results on Thursday, December 12th. The communications equipment provider reported $0.54 EPS for the quarter, missing the consensus estimate of $0.66 by ($0.12). The firm had revenue of $1.12 billion during the quarter, compared to the consensus estimate of $1.10 billion. Ciena had a net margin of 2.09% and a return on equity of 4.72%. The company's quarterly revenue was down .5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.56 EPS. On average, research analysts forecast that Ciena Co. will post 1.6 earnings per share for the current year.

Ciena Company 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.