Envestnet Portfolio Solutions Inc. Has $993,000 Position in Ciena Co. (NYSE:CIEN)

Envestnet Portfolio Solutions Inc. raised its holdings in Ciena Co. (NYSE:CIEN) by 16.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 11,708 shares of the communications equipment provider’s stock after acquiring an additional 1,651 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in Ciena were worth $993,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Versant Capital Management Inc raised its stake in shares of Ciena by 925.0% in the 4th quarter. Versant Capital Management Inc now owns 328 shares of the communications equipment provider’s stock valued at $28,000 after acquiring an additional 296 shares in the last quarter. Picton Mahoney Asset Management bought a new position in shares of Ciena in the fourth quarter valued at approximately $41,000. Parkside Financial Bank & Trust boosted its holdings in shares of Ciena by 409.8% during the 4th quarter. Parkside Financial Bank & Trust now owns 520 shares of the communications equipment provider’s stock worth $44,000 after buying an additional 418 shares during the period. First Horizon Advisors Inc. grew its stake in Ciena by 152.8% in the 3rd quarter. First Horizon Advisors Inc. now owns 847 shares of the communications equipment provider’s stock valued at $52,000 after buying an additional 512 shares during the last quarter. Finally, Kieckhefer Group LLC bought a new position in Ciena in the 4th quarter worth $59,000. Institutional investors and hedge funds own 91.99% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have issued reports on CIEN shares. Citigroup boosted their price objective on shares of Ciena from $84.00 to $98.00 and gave the stock a “buy” rating in a report on Friday, December 13th. Needham & Company LLC reduced their price objective on Ciena from $95.00 to $90.00 and set a “buy” rating for the company in a research report on Wednesday, March 12th. Northland Securities upgraded Ciena from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $60.00 to $75.00 in a research report on Wednesday, March 12th. JPMorgan Chase & Co. raised Ciena from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $84.00 to $88.00 in a research report on Tuesday, January 28th. Finally, Rosenblatt Securities lowered their price target on shares of Ciena from $94.00 to $79.00 and set a “neutral” rating on the stock in a report on Friday, March 7th. Four equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $81.38.

Ciena Stock Performance

Ciena stock opened at $65.47 on Monday. The stock has a 50-day simple moving average of $80.57 and a 200 day simple moving average of $73.74. The stock has a market capitalization of $9.31 billion, a price-to-earnings ratio of 114.86, a P/E/G ratio of 1.54 and a beta of 0.91. The company has a quick ratio of 2.72, a current ratio of 3.55 and a debt-to-equity ratio of 0.54. Ciena Co. has a 12-month low of $43.30 and a 12-month high of $101.44.

Insiders Place Their Bets

In other Ciena news, Director Bruce L. Claflin sold 16,912 shares of Ciena stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $84.96, for a total value of $1,436,843.52. Following the transaction, the director now owns 59,347 shares of the company’s stock, valued at approximately $5,042,121.12. The trade was a 22.18 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Gary B. Smith sold 6,800 shares of the stock in a transaction on Monday, March 17th. The stock was sold at an average price of $65.18, for a total transaction of $443,224.00. Following the sale, the chief executive officer now directly owns 391,749 shares of the company’s stock, valued at $25,534,199.82. This represents a 1.71 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 66,742 shares of company stock valued at $5,469,173. Insiders own 0.93% of the company’s stock.

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.