Envestnet Asset Management Inc. Has $30.75 Million Position in Ciena Co. (NYSE:CIEN)

Envestnet Asset Management Inc. increased its position in shares of Ciena Co. (NYSE:CIEN) by 5.6% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 362,558 shares of the communications equipment provider’s stock after buying an additional 19,078 shares during the quarter. Envestnet Asset Management Inc. owned 0.26% of Ciena worth $30,749,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Ciena in the fourth quarter valued at about $254,000. Gladstone Capital Management LLP acquired a new stake in Ciena during the fourth quarter worth approximately $2,298,000. Hel Ved Capital Management Ltd acquired a new stake in Ciena during the fourth quarter worth about $4,079,000. Alpine Investment Management Ltd bought a new position in shares of Ciena in the 4th quarter valued at $12,722,000. Finally, Prudential PLC acquired a new position in Ciena during the 4th quarter worth approximately $427,000. Institutional investors and hedge funds own 91.99% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. Northland Securities raised Ciena from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $60.00 to $75.00 in a report on Wednesday, March 12th. Northland Capmk raised shares of Ciena from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, March 12th. Needham & Company LLC cut their price objective on shares of Ciena from $95.00 to $90.00 and set a “buy” rating on the stock in a report on Wednesday, March 12th. B. Riley restated a “buy” rating and issued a $89.00 target price (down previously from $97.00) on shares of Ciena in a research note on Wednesday, March 12th. Finally, Morgan Stanley reduced their price target on shares of Ciena from $80.00 to $76.00 and set an “equal weight” rating for the company in a research report on Wednesday, March 12th. Four analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $81.38.

Ciena Stock Up 0.6 %

Shares of NYSE CIEN opened at $58.70 on Friday. The company has a quick ratio of 2.72, a current ratio of 3.55 and a debt-to-equity ratio of 0.54. The company has a market cap of $8.34 billion, a P/E ratio of 102.99, a P/E/G ratio of 1.54 and a beta of 1.15. Ciena Co. has a 52 week low of $43.30 and a 52 week high of $101.44. The business has a 50-day simple moving average of $71.84 and a two-hundred day simple moving average of $74.02.

Insider Activity

In other Ciena news, SVP Jason Phipps sold 18,888 shares of Ciena stock in a transaction that occurred on 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 completion of the sale, the senior vice president now directly owns 89,258 shares in the company, valued at $5,344,769.04. The trade was a 17.47 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Brodie Gage sold 350 shares of the stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $85.91, for a total value of $30,068.50. Following the completion of the transaction, the senior vice president now directly owns 49,547 shares in the company, valued at approximately $4,256,582.77. This represents a 0.70 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 49,288 shares of company stock worth $3,484,670. 0.93% of the stock is owned by company insiders.

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.