Alpine Investment Management Ltd Invests $12.72 Million in Ciena Co. (NYSE:CIEN)

Alpine Investment Management Ltd purchased a new position in shares of Ciena Co. (NYSE:CIEN - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 150,000 shares of the communications equipment provider's stock, valued at approximately $12,722,000. Ciena comprises 3.6% of Alpine Investment Management Ltd's portfolio, making the stock its 6th biggest position. Alpine Investment Management Ltd owned about 0.11% of Ciena at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Annis Gardner Whiting Capital Advisors LLC grew its position in shares of Ciena by 108.6% in the 4th quarter. Annis Gardner Whiting Capital Advisors LLC now owns 290 shares of the communications equipment provider's stock valued at $25,000 after buying an additional 151 shares during the last quarter. Versant Capital Management Inc lifted its position in shares of Ciena by 925.0% during 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 during the period. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in shares of Ciena by 328.2% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 364 shares of the communications equipment provider's stock valued at $30,000 after purchasing an additional 279 shares in the last quarter. Atlas Capital Advisors Inc. raised its stake in Ciena by 77.2% in the 4th quarter. Atlas Capital Advisors Inc. now owns 420 shares of the communications equipment provider's stock valued at $36,000 after purchasing an additional 183 shares during the last quarter. Finally, Picton Mahoney Asset Management purchased a new stake in shares of Ciena in the fourth quarter valued at $41,000. Institutional investors and hedge funds own 91.99% of the company's stock.

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Insider Activity at Ciena

In other news, SVP Brodie Gage sold 350 shares of the stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $85.91, for a total value of $30,068.50. Following the transaction, the senior vice president now owns 49,547 shares of the company's stock, valued at $4,256,582.77. This represents a 0.70 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Jason Phipps sold 18,888 shares of the stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $59.88, for a total transaction of $1,131,013.44. Following the transaction, the senior vice president now directly owns 89,258 shares in the company, valued at approximately $5,344,769.04. This represents a 17.47 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 49,288 shares of company stock worth $3,484,670. Company insiders own 0.93% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on CIEN. Rosenblatt Securities cut their target price on shares of Ciena from $94.00 to $79.00 and set a "neutral" rating on the stock in a research note on Friday, March 7th. Northland Securities raised shares of Ciena from a "market perform" rating to an "outperform" rating and raised their target price for the company from $60.00 to $75.00 in a research note on Wednesday, March 12th. Morgan Stanley cut their price objective on Ciena from $80.00 to $76.00 and set an "equal weight" rating for the company in a research report on Wednesday, March 12th. B. Riley reaffirmed a "buy" rating and set a $89.00 target price (down previously from $97.00) on shares of Ciena in a research note on Wednesday, March 12th. Finally, Bank of America raised Ciena from a "neutral" rating to a "buy" rating and raised their price target for the stock from $70.00 to $95.00 in a research note on Friday, December 13th. Four investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $81.38.

Ciena Stock Down 6.8 %

CIEN stock traded down $4.23 during midday trading on Thursday, reaching $57.76. 765,483 shares of the company's stock traded hands, compared to its average volume of 2,657,313. The company has a market cap of $8.21 billion, a price-to-earnings ratio of 101.34, 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 52 week low of $43.30 and a 52 week high of $101.44. The firm's fifty day moving average price is $72.95 and its 200-day moving average price is $74.05.

Ciena Company Profile

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.