Institute for Wealth Management LLC. Purchases Shares of 2,898 Ciena Co. (NYSE:CIEN)

Institute for Wealth Management LLC. purchased a new position in shares of Ciena Co. (NYSE:CIEN) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 2,898 shares of the communications equipment provider’s stock, valued at approximately $246,000.

Other institutional investors also recently bought and sold shares of the company. Moody Aldrich Partners LLC acquired a new position in Ciena in the fourth quarter worth about $233,000. Pacer Advisors Inc. increased its stake in Ciena by 4.2% in the 4th quarter. Pacer Advisors Inc. now owns 24,544 shares of the communications equipment provider’s stock worth $2,082,000 after purchasing an additional 984 shares in the last quarter. Blue Trust Inc. lifted its position in shares of Ciena by 44.4% in the 4th quarter. Blue Trust Inc. now owns 2,056 shares of the communications equipment provider’s stock valued at $174,000 after acquiring an additional 632 shares in the last quarter. UMB Bank n.a. raised its stake in Ciena by 59.2% during the 4th quarter. UMB Bank n.a. now owns 718 shares of the communications equipment provider’s stock valued at $61,000 after purchasing an additional 267 shares during the period. Finally, HB Wealth Management LLC raised its position in Ciena by 26.7% during the fourth quarter. HB Wealth Management LLC now owns 7,071 shares of the communications equipment provider’s stock valued at $600,000 after buying an additional 1,491 shares during the period. 91.99% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have weighed in on CIEN shares. JPMorgan Chase & Co. raised Ciena from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $84.00 to $88.00 in a research note on Tuesday, January 28th. Northland Securities boosted their target price on shares of Ciena from $46.00 to $60.00 and gave the stock a “market perform” rating in a research report on Friday, December 13th. Evercore ISI cut Ciena from an “outperform” rating to an “in-line” rating and set a $65.00 price objective for the company. in a research report on Tuesday, October 15th. Rosenblatt Securities upped their price target on Ciena from $75.00 to $94.00 and gave the company a “neutral” rating in a report on Friday, December 13th. Finally, BNP Paribas lowered shares of Ciena from an “outperform” rating to a “neutral” rating and lifted their target price for the company from $59.00 to $67.00 in a research report on Wednesday, October 9th. Six analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, Ciena has a consensus rating of “Moderate Buy” and a consensus target price of $78.77.

Insider Buying and Selling

In other Ciena news, SVP David M. Rothenstein sold 3,500 shares of the company’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $89.09, for a total value of $311,815.00. Following the completion of the sale, the senior vice president now owns 192,997 shares of the company’s stock, valued at $17,194,102.73. This represents a 1.78 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Gary B. Smith sold 6,800 shares of Ciena stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $85.29, for a total transaction of $579,972.00. Following the transaction, the chief executive officer now directly owns 418,949 shares in the company, valued at $35,732,160.21. This trade represents a 1.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 50,781 shares of company stock valued at $4,298,500. Company insiders own 0.83% of the company’s stock.

Ciena Trading Up 3.0 %

NYSE CIEN opened at $87.20 on Friday. The company has a current ratio of 3.55, a quick ratio of 2.72 and a debt-to-equity ratio of 0.54. The business has a fifty day simple moving average of $82.06 and a 200 day simple moving average of $67.20. Ciena Co. has a 12 month low of $43.30 and a 12 month high of $101.44. The firm has a market capitalization of $12.39 billion, a P/E ratio of 152.98, a PEG ratio of 1.46 and a beta of 0.89.

Ciena (NYSE:CIEN) last released its earnings results on Thursday, December 12th. The communications equipment provider reported $0.54 earnings per share for the quarter, missing analysts’ consensus estimates of $0.66 by ($0.12). The company had revenue of $1.12 billion during the quarter, compared to analysts’ expectations of $1.10 billion. Ciena had a net margin of 2.09% and a return on equity of 4.72%. The firm’s revenue was down .5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.56 earnings per share. On average, analysts predict that Ciena Co. will post 1.59 EPS for the current fiscal year.

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.