Institute for Wealth Management LLC. Invests $445,000 in Ciena Corporation $CIEN

Key Points

• The Institute for Wealth Management LLC invested approximately $445,000 in Ciena Corporation by acquiring 5,469 shares in the 2nd quarter.
• Several institutional investors have increased their positions in Ciena, leading to institutional ownership of 91.99% of the company's stock.
• Analysts have raised their price targets for Ciena, with Needham & Company setting a new target of $130.00 and several others following suit, indicating a bullish outlook for the stock.

Institute for Wealth Management LLC. bought a new position in Ciena Corporation (NYSE:CIEN - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 5,469 shares of the communications equipment provider's stock, valued at approximately $445,000.

Several other institutional investors have also recently made changes to their positions in CIEN. Bessemer Group Inc. lifted its holdings in shares of Ciena by 50.0% in the 1st quarter. Bessemer Group Inc. now owns 534 shares of the communications equipment provider's stock worth $32,000 after acquiring an additional 178 shares during the last quarter. Bayforest Capital Ltd lifted its holdings in shares of Ciena by 34.7% in the 1st quarter. Bayforest Capital Ltd now owns 636 shares of the communications equipment provider's stock worth $38,000 after acquiring an additional 164 shares during the last quarter. AdvisorNet Financial Inc lifted its holdings in shares of Ciena by 9,162.5% in the 1st quarter. AdvisorNet Financial Inc now owns 741 shares of the communications equipment provider's stock worth $45,000 after acquiring an additional 733 shares during the last quarter. National Bank of Canada FI lifted its holdings in shares of Ciena by 15.4% in the 1st quarter. National Bank of Canada FI now owns 1,147 shares of the communications equipment provider's stock worth $69,000 after acquiring an additional 153 shares during the last quarter. Finally, UMB Bank n.a. lifted its holdings in shares of Ciena by 70.2% in the 1st quarter. UMB Bank n.a. now owns 1,222 shares of the communications equipment provider's stock worth $74,000 after acquiring an additional 504 shares during the last quarter. Institutional investors own 91.99% of the company's stock.

Ciena Trading Up 4.1%

NYSE:CIEN opened at $151.68 on Thursday. Ciena Corporation has a one year low of $49.21 and a one year high of $151.89. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.52 and a current ratio of 3.28. The firm has a market cap of $21.40 billion, a P/E ratio of 156.37, a P/E/G ratio of 2.02 and a beta of 1.14. The firm has a 50-day simple moving average of $109.09 and a 200-day simple moving average of $85.10.

Wall Street Analysts Forecast Growth

CIEN has been the subject of a number of research analyst reports. Needham & Company LLC lifted their price objective on shares of Ciena from $90.00 to $130.00 and gave the company a "buy" rating in a report on Friday, September 5th. JPMorgan Chase & Co. lifted their price objective on shares of Ciena from $105.00 to $140.00 and gave the company an "overweight" rating in a report on Friday, September 5th. Barclays lifted their price objective on shares of Ciena from $102.00 to $138.00 and gave the company an "overweight" rating in a report on Friday, September 5th. Rosenblatt Securities upgraded shares of Ciena from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $127.50 to $175.00 in a report on Friday, September 26th. Finally, Stifel Nicolaus lifted their price objective on shares of Ciena from $120.00 to $152.00 and gave the company a "buy" rating in a report on Tuesday, September 23rd. Three research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Ciena has a consensus rating of "Moderate Buy" and an average price target of $122.86.

Insider Buying and Selling at Ciena

In other news, SVP Joseph Cumello sold 1,863 shares of Ciena stock in a transaction that occurred on Friday, September 26th. The shares were sold at an average price of $141.14, for a total value of $262,943.82. Following the transaction, the senior vice president owned 43,531 shares of the company's stock, valued at $6,143,965.34. The trade was a 4.10% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Brodie Gage sold 350 shares of the business's stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $132.00, for a total transaction of $46,200.00. Following the transaction, the senior vice president owned 42,918 shares of the company's stock, valued at approximately $5,665,176. This trade represents a 0.81% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 38,924 shares of company stock worth $4,317,247. 0.93% of the stock is owned by company insiders.

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.

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