Modern Wealth Management LLC Makes New $239,000 Investment in Ciena Co. (NYSE:CIEN)

Modern Wealth Management LLC bought a new position in Ciena Co. (NYSE:CIEN) in the 4th quarter, Holdings Channel.com reports. The firm bought 2,648 shares of the communications equipment provider’s stock, valued at approximately $239,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Versant Capital Management Inc boosted its holdings in 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 purchasing an additional 296 shares in the last quarter. Picton Mahoney Asset Management purchased a new stake in shares of Ciena in the fourth quarter valued at approximately $41,000. Parkside Financial Bank & Trust grew its holdings in Ciena by 409.8% during the fourth quarter. Parkside Financial Bank & Trust now owns 520 shares of the communications equipment provider’s stock worth $44,000 after acquiring an additional 418 shares during the period. Kieckhefer Group LLC purchased a new position in Ciena in the fourth quarter worth $59,000. Finally, UMB Bank n.a. raised its position in Ciena by 59.2% in the fourth quarter. UMB Bank n.a. now owns 718 shares of the communications equipment provider’s stock worth $61,000 after acquiring an additional 267 shares in the last quarter. 91.99% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CIEN has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. raised shares of Ciena from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $84.00 to $88.00 in a research note on Tuesday, January 28th. B. Riley restated a “buy” rating and set a $89.00 target price (down from $97.00) on shares of Ciena in a research report on Wednesday, March 12th. Needham & Company LLC reduced their price target on shares of Ciena from $95.00 to $90.00 and set a “buy” rating for the company in a research report on Wednesday, March 12th. Citigroup upped their price target on Ciena from $84.00 to $98.00 and gave the stock a “buy” rating in a report on Friday, December 13th. Finally, Barclays set a $100.00 price objective on Ciena and gave the stock an “overweight” rating in a report on Wednesday, March 12th. Four 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 data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $81.38.

Insider Buying and Selling at Ciena

In related news, SVP David M. Rothenstein sold 2,500 shares of the stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $68.88, for a total transaction of $172,200.00. Following the transaction, the senior vice president now directly owns 207,370 shares in the company, valued at approximately $14,283,645.60. This represents a 1.19 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, SVP Brodie Gage sold 350 shares of the firm’s stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $90.16, for a total value of $31,556.00. Following the completion of the sale, the senior vice president now directly owns 49,197 shares in the company, valued at approximately $4,435,601.52. The trade was a 0.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 66,560 shares of company stock worth $5,406,323. Corporate insiders own 0.93% of the company’s stock.

Ciena Stock Down 2.2 %

CIEN opened at $61.50 on Friday. The firm has a market cap of $8.74 billion, a P/E ratio of 107.90, a PEG ratio of 1.54 and a beta of 0.91. The business’s fifty day simple moving average is $78.74 and its 200 day simple moving average is $73.92. Ciena Co. has a 52 week low of $43.30 and a 52 week high of $101.44. 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 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.