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

Modern Wealth Management LLC acquired a new stake in Ciena Co. (NYSE:CIEN) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 2,648 shares of the communications equipment provider’s stock, valued at approximately $239,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Versant Capital Management Inc grew its position 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 acquiring an additional 296 shares in the last quarter. Picton Mahoney Asset Management purchased a new position in shares of Ciena in the fourth quarter valued at approximately $41,000. Parkside Financial Bank & Trust grew its holdings in shares of Ciena by 409.8% in the fourth quarter. Parkside Financial Bank & Trust now owns 520 shares of the communications equipment provider’s stock valued at $44,000 after purchasing an additional 418 shares in the last quarter. Kieckhefer Group LLC purchased a new stake in Ciena during the 4th quarter worth approximately $59,000. Finally, UMB Bank n.a. increased 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 worth $61,000 after buying an additional 267 shares during the period. Hedge funds and other institutional investors own 91.99% of the company’s stock.

Insider Transactions at Ciena

In related news, SVP David M. Rothenstein sold 2,500 shares of the company’s stock in a transaction on Monday, March 24th. The shares were sold at an average price of $68.88, for a total value of $172,200.00. Following the completion of the sale, the senior vice president now owns 207,370 shares in the company, valued at $14,283,645.60. This represents a 1.19 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Gary B. Smith sold 6,800 shares of the firm’s 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 transaction, the chief executive officer now directly owns 391,749 shares in the company, valued at $25,534,199.82. The trade was a 1.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 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 Price Performance

Shares of CIEN opened at $61.50 on Friday. The firm has a fifty day moving average price of $78.74 and a 200 day moving average price of $73.92. The stock has a market cap of $8.74 billion, a PE ratio of 107.90, a price-to-earnings-growth ratio of 1.54 and a beta of 0.91. Ciena Co. has a 1-year low of $43.30 and a 1-year high of $101.44. The company has a debt-to-equity ratio of 0.54, a current ratio of 3.55 and a quick ratio of 2.72.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Rosenblatt Securities dropped their price target on shares of Ciena from $94.00 to $79.00 and set a “neutral” rating for the company in a research note on Friday, March 7th. Morgan Stanley lowered their target price on Ciena from $80.00 to $76.00 and set an “equal weight” rating for the company in a research note on Wednesday, March 12th. JPMorgan Chase & Co. raised Ciena from a “neutral” rating to an “overweight” rating and increased their price target for the company from $84.00 to $88.00 in a research report on Tuesday, January 28th. Needham & Company LLC cut their target price on shares of Ciena from $95.00 to $90.00 and set a “buy” rating on the stock in a research note on Wednesday, March 12th. Finally, B. Riley reaffirmed a “buy” rating and issued a $89.00 target price (down previously from $97.00) on shares of Ciena in a report on Wednesday, March 12th. Four equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $81.38.

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.