Envestnet Portfolio Solutions Inc. Sells 2,243 Shares of Ciena Corporation $CIEN

Envestnet Portfolio Solutions Inc. trimmed its holdings in shares of Ciena Corporation (NYSE:CIEN) by 56.1% in the third quarter, HoldingsChannel reports. The firm owned 1,752 shares of the communications equipment provider’s stock after selling 2,243 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Ciena were worth $255,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently bought and sold shares of CIEN. Jacobs Levy Equity Management Inc. bought a new position in shares of Ciena in the first quarter valued at about $395,000. Jones Financial Companies Lllp raised its position in Ciena by 139.6% in the 1st quarter. Jones Financial Companies Lllp now owns 5,253 shares of the communications equipment provider’s stock worth $317,000 after purchasing an additional 3,061 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in Ciena by 1.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 222,054 shares of the communications equipment provider’s stock worth $13,419,000 after buying an additional 3,117 shares in the last quarter. Focus Partners Wealth boosted its position in Ciena by 14.6% in the 1st quarter. Focus Partners Wealth now owns 5,762 shares of the communications equipment provider’s stock valued at $348,000 after buying an additional 733 shares during the last quarter. Finally, Janney Montgomery Scott LLC increased its stake in shares of Ciena by 29.8% in the 2nd quarter. Janney Montgomery Scott LLC now owns 6,868 shares of the communications equipment provider’s stock valued at $559,000 after buying an additional 1,575 shares during the period. Institutional investors and hedge funds own 91.99% of the company’s stock.

Ciena Stock Performance

CIEN stock opened at $267.87 on Tuesday. Ciena Corporation has a 1-year low of $49.21 and a 1-year high of $271.21. The business’s 50-day moving average price is $229.11 and its two-hundred day moving average price is $169.51. The firm has a market cap of $37.73 billion, a PE ratio of 315.15, a P/E/G ratio of 1.41 and a beta of 1.13. 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 released its quarterly earnings results on Thursday, December 11th. The communications equipment provider reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.76 by $0.15. Ciena had a return on equity of 8.38% and a net margin of 2.59%.The company had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.29 billion. During the same quarter last year, the firm posted $0.54 earnings per share. Ciena’s revenue was up 20.1% compared to the same quarter last year. As a group, research analysts forecast that Ciena Corporation will post 1.6 earnings per share for the current year.

Insider Transactions at Ciena

In related news, CEO Gary B. Smith sold 83,552 shares of the business’s stock in a transaction on Monday, January 5th. The shares were sold at an average price of $229.44, for a total value of $19,170,170.88. Following the sale, the chief executive officer directly owned 307,885 shares of the company’s stock, valued at approximately $70,641,134.40. The trade was a 21.34% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP Jason Phipps sold 21,383 shares of Ciena stock in a transaction dated Thursday, January 15th. The shares were sold at an average price of $247.89, for a total value of $5,300,631.87. Following the completion of the sale, the senior vice president directly owned 91,765 shares in the company, valued at $22,747,625.85. This represents a 18.90% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 161,090 shares of company stock valued at $36,981,975. 0.93% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities analysts have recently issued reports on CIEN shares. Morgan Stanley set a $213.00 price target on Ciena in a research note on Wednesday, December 17th. B. Riley restated a “neutral” rating on shares of Ciena in a research report on Friday, December 12th. Bank of America reissued a “neutral” rating and set a $260.00 price target on shares of Ciena in a research note on Tuesday, January 20th. Raymond James Financial set a $240.00 price objective on shares of Ciena in a research note on Thursday, December 11th. Finally, Argus upped their target price on shares of Ciena from $135.00 to $280.00 and gave the company a “buy” rating in a research report on Friday, December 12th. Two research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat.com, Ciena currently has a consensus rating of “Moderate Buy” and an average price target of $241.67.

Ciena Profile

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.