Institute for Wealth Management LLC. Sells 2,758 Shares of Ciena Corporation $CIEN

Institute for Wealth Management LLC. cut its holdings in Ciena Corporation (NYSE:CIEN) by 50.4% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,711 shares of the communications equipment provider’s stock after selling 2,758 shares during the period. Institute for Wealth Management LLC.’s holdings in Ciena were worth $395,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. GAMMA Investing LLC grew its position in shares of Ciena by 2.3% during the 3rd quarter. GAMMA Investing LLC now owns 4,071 shares of the communications equipment provider’s stock worth $593,000 after purchasing an additional 92 shares in the last quarter. Wedmont Private Capital boosted its stake in shares of Ciena by 4.5% in the third quarter. Wedmont Private Capital now owns 2,981 shares of the communications equipment provider’s stock valued at $452,000 after buying an additional 129 shares during the period. Coldstream Capital Management Inc. increased its stake in Ciena by 2.9% during the 2nd quarter. Coldstream Capital Management Inc. now owns 4,693 shares of the communications equipment provider’s stock worth $382,000 after acquiring an additional 132 shares during the period. Bayforest Capital Ltd raised its holdings in Ciena by 34.7% in the 1st quarter. Bayforest Capital Ltd now owns 636 shares of the communications equipment provider’s stock valued at $38,000 after acquiring an additional 164 shares in the last quarter. Finally, Rafferty Asset Management LLC raised its holdings in Ciena by 2.3% in the 2nd quarter. Rafferty Asset Management LLC now owns 8,353 shares of the communications equipment provider’s stock valued at $679,000 after acquiring an additional 185 shares in the last quarter. Institutional investors and hedge funds own 91.99% of the company’s stock.

Ciena Trading Down 0.3%

Shares of Ciena stock opened at $238.31 on Wednesday. The firm’s 50 day moving average is $203.98 and its 200 day moving average is $142.02. The firm has a market capitalization of $33.57 billion, a PE ratio of 280.37, a price-to-earnings-growth ratio of 1.39 and a beta of 1.17. Ciena Corporation has a 1 year low of $49.21 and a 1 year high of $248.00. The company has a current ratio of 2.73, a quick ratio of 2.09 and a debt-to-equity ratio of 0.56.

Ciena (NYSE:CIEN) last issued its earnings results on Thursday, December 11th. The communications equipment provider reported $0.91 earnings per share for the quarter, beating analysts’ consensus estimates of $0.76 by $0.15. The firm had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.29 billion. Ciena had a net margin of 2.59% and a return on equity of 8.38%. The company’s quarterly revenue was up 20.1% on a year-over-year basis. During the same quarter last year, the business posted $0.54 earnings per share. Equities research analysts forecast that Ciena Corporation will post 1.6 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Thomas Michael Nevens sold 8,554 shares of the business’s stock in a transaction dated Monday, December 15th. The stock was sold at an average price of $224.66, for a total transaction of $1,921,741.64. Following the sale, the director directly owned 9,422 shares in the company, valued at approximately $2,116,746.52. The trade was a 47.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Gary B. Smith sold 6,800 shares of the company’s stock in a transaction that occurred on Monday, December 22nd. The shares were sold at an average price of $233.46, for a total value of $1,587,528.00. Following the completion of the transaction, the chief executive officer directly owned 391,437 shares of the company’s stock, valued at $91,384,882.02. This represents a 1.71% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 43,565 shares of company stock worth $8,897,954 in the last 90 days. Insiders own 0.93% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently commented on CIEN. JPMorgan Chase & Co. raised their price target on Ciena from $215.00 to $250.00 and gave the stock an “overweight” rating in a research report on Friday, December 12th. Raymond James Financial set a $240.00 target price on shares of Ciena in a report on Thursday, December 11th. BNP Paribas set a $185.00 price target on shares of Ciena and gave the stock an “outperform” rating in a report on Monday, October 13th. Zacks Research upgraded shares of Ciena from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, December 23rd. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Ciena in a research report on Wednesday, October 8th. Two analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat, Ciena has an average rating of “Moderate Buy” and an average target price of $237.50.

About Ciena

Ciena Corporation (NYSE: CIEN) is a global supplier of telecommunications networking equipment, software and services. The company develops high-capacity optical transport systems and packet-optical platforms that enable service providers, cloud operators and large enterprises to build, manage and scale their networks. Ciena’s product portfolio includes coherent optical solutions, packet networking platforms and a suite of network automation software designed to optimize bandwidth, reduce latency and simplify network operations.

In addition to hardware offerings, Ciena provides professional services and support, including network design, implementation and ongoing maintenance.