Ciena Co. (NYSE:CIEN) Stake Trimmed by Advisory Services Network LLC

Advisory Services Network LLC lessened its position in shares of Ciena Co. (NYSE:CIEN - Free Report) by 52.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 8,140 shares of the communications equipment provider's stock after selling 9,018 shares during the period. Advisory Services Network LLC's holdings in Ciena were worth $690,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in CIEN. Bank of Montreal Can lifted its holdings in shares of Ciena by 27.4% during the 4th quarter. Bank of Montreal Can now owns 62,297 shares of the communications equipment provider's stock valued at $5,283,000 after acquiring an additional 13,414 shares in the last quarter. Cerity Partners LLC raised its position in Ciena by 2.1% in the fourth quarter. Cerity Partners LLC now owns 48,952 shares of the communications equipment provider's stock valued at $4,040,000 after purchasing an additional 1,023 shares during the period. MIG Capital LLC purchased a new stake in shares of Ciena in the fourth quarter worth about $332,000. Russell Investments Group Ltd. boosted its position in shares of Ciena by 11.9% in the fourth quarter. Russell Investments Group Ltd. now owns 326,654 shares of the communications equipment provider's stock worth $27,757,000 after buying an additional 34,736 shares during the period. Finally, Envestnet Asset Management Inc. raised its holdings in shares of Ciena by 5.6% during the 4th quarter. Envestnet Asset Management Inc. now owns 362,558 shares of the communications equipment provider's stock valued at $30,749,000 after buying an additional 19,078 shares during the period. 91.99% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Ciena

In other news, CEO Gary B. Smith sold 6,800 shares of the stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $76.41, for a total value of $519,588.00. Following the completion of the transaction, the chief executive officer now directly owns 398,549 shares in the company, valued at $30,453,129.09. This trade represents a 1.68 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Brodie Gage sold 350 shares of Ciena stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $90.16, for a total value of $31,556.00. Following the transaction, the senior vice president now owns 49,197 shares in the company, valued at approximately $4,435,601.52. This trade represents a 0.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 49,288 shares of company stock worth $3,299,980 in the last ninety days. 0.93% of the stock is owned by insiders.

Ciena Stock Performance

CIEN stock traded up $1.35 during mid-day trading on Friday, reaching $60.22. The company had a trading volume of 1,959,436 shares, compared to its average volume of 2,019,863. The stock's 50-day simple moving average is $68.73 and its two-hundred day simple moving average is $73.97. The stock has a market capitalization of $8.56 billion, a P/E ratio of 105.65, a P/E/G ratio of 1.54 and a beta of 1.15. 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 Co. has a one year low of $43.30 and a one year high of $101.44.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. Citigroup decreased their price target on Ciena from $98.00 to $75.00 and set a "buy" rating for the company in a report on Monday, April 14th. Morgan Stanley lowered their price target on shares of Ciena from $80.00 to $76.00 and set an "equal weight" rating for the company in a report on Wednesday, March 12th. Rosenblatt Securities decreased their price objective on shares of Ciena from $94.00 to $79.00 and set a "neutral" rating for the company in a research report on Friday, March 7th. JPMorgan Chase & Co. cut their price target on Ciena from $88.00 to $76.00 and set an "overweight" rating on the stock in a research note on Thursday. Finally, Barclays set a $100.00 target price on shares of Ciena and gave the company an "overweight" rating in a research note on Wednesday, March 12th. Four analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $78.69.

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.