Janney Capital Management LLC Has $449,000 Stock Holdings in Ciena Corporation $CIEN

Key Points

• Janney Capital Management LLC reduced its stake in Ciena Corporation by 34.7% in the second quarter, resulting in holdings worth $449,000.
• Analysts have raised their price targets on Ciena significantly, with UBS adjusting its target from $78 to $120, while JPMorgan increased it from $105 to $140.
• Ciena stock currently holds a consensus rating of Moderate Buy with an average price target of $122.86 among analysts.

Janney Capital Management LLC decreased its holdings in shares of Ciena Corporation (NYSE:CIEN - Free Report) by 34.7% in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 5,522 shares of the communications equipment provider's stock after selling 2,939 shares during the period. Janney Capital Management LLC's holdings in Ciena were worth $449,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Janney Montgomery Scott LLC increased its holdings in Ciena by 29.8% in the second quarter. Janney Montgomery Scott LLC now owns 6,868 shares of the communications equipment provider's stock valued at $559,000 after purchasing an additional 1,575 shares during the last quarter. SWS Partners grew its position in shares of Ciena by 2.9% during the 2nd quarter. SWS Partners now owns 29,756 shares of the communications equipment provider's stock worth $2,420,000 after buying an additional 843 shares during the period. Global Trust Asset Management LLC increased its stake in shares of Ciena by 117.3% in the 2nd quarter. Global Trust Asset Management LLC now owns 3,075 shares of the communications equipment provider's stock valued at $250,000 after acquiring an additional 1,660 shares during the last quarter. Public Employees Retirement System of Ohio raised its position in shares of Ciena by 0.5% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 47,085 shares of the communications equipment provider's stock valued at $3,829,000 after acquiring an additional 240 shares during the period. Finally, GAMMA Investing LLC raised its position in shares of Ciena by 34.4% in the 2nd quarter. GAMMA Investing LLC now owns 3,979 shares of the communications equipment provider's stock valued at $324,000 after acquiring an additional 1,019 shares during the period. 91.99% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

CIEN has been the subject of several recent analyst reports. UBS Group upped their target price on shares of Ciena from $78.00 to $120.00 and gave the company a "neutral" rating in a research note on Friday, September 5th. JPMorgan Chase & Co. upped their price objective on shares of Ciena from $105.00 to $140.00 and gave the company an "overweight" rating in a research report on Friday, September 5th. B. Riley reaffirmed a "neutral" rating and set a $113.00 price objective (up previously from $90.00) on shares of Ciena in a research note on Friday, September 5th. Zacks Research raised Ciena from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, September 9th. Finally, Evercore ISI raised their price target on Ciena from $95.00 to $120.00 and gave the stock an "in-line" rating in a research report on Thursday, September 4th. Three 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 company's stock. Based on data from MarketBeat, Ciena currently has an average rating of "Moderate Buy" and a consensus price target of $122.86.

Ciena Price Performance

Shares of NYSE CIEN opened at $145.65 on Wednesday. The company has a fifty day moving average price of $107.79 and a 200 day moving average price of $84.64. The firm has a market cap of $20.55 billion, a PE ratio of 150.15, a PEG ratio of 1.85 and a beta of 1.16. The company has a current ratio of 3.28, a quick ratio of 2.52 and a debt-to-equity ratio of 0.55. Ciena Corporation has a 1-year low of $49.21 and a 1-year high of $146.53.

Insider Transactions at Ciena

In other news, Director Bruce L. Claflin sold 8,461 shares of the firm's stock in a transaction that occurred on Wednesday, September 24th. The shares were sold at an average price of $140.12, for a total transaction of $1,185,555.32. Following the completion of the transaction, the director directly owned 54,624 shares of the company's stock, valued at $7,653,914.88. This trade represents a 13.41% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Gary B. Smith sold 6,800 shares of Ciena stock in a transaction that occurred on Tuesday, July 15th. The shares were sold at an average price of $82.23, for a total transaction of $559,164.00. Following the completion of the sale, the chief executive officer owned 325,557 shares in the company, valued at $26,770,552.11. This trade represents a 2.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 38,924 shares of company stock valued at $4,317,247 in the last ninety days. Corporate insiders own 0.93% of the company's stock.

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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