Bryce Point Capital LLC Takes $911,000 Position in Ciena Co. (NYSE:CIEN)

Bryce Point Capital LLC acquired a new stake in shares of Ciena Co. (NYSE:CIEN - Free Report) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 10,736 shares of the communications equipment provider's stock, valued at approximately $911,000.

Other hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in Ciena by 0.9% in the fourth quarter. Vanguard Group Inc. now owns 15,316,640 shares of the communications equipment provider's stock worth $1,299,004,000 after purchasing an additional 139,941 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC grew its position in shares of Ciena by 0.3% in the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 5,236,920 shares of the communications equipment provider's stock worth $444,143,000 after acquiring an additional 17,447 shares in the last quarter. State Street Corp increased its holdings in shares of Ciena by 1.2% in the 3rd quarter. State Street Corp now owns 4,439,478 shares of the communications equipment provider's stock valued at $273,427,000 after acquiring an additional 53,078 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Ciena by 0.5% during the 4th quarter. Geode Capital Management LLC now owns 2,419,947 shares of the communications equipment provider's stock valued at $205,301,000 after acquiring an additional 11,933 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in Ciena by 0.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 959,831 shares of the communications equipment provider's stock worth $81,403,000 after purchasing an additional 4,315 shares during the last quarter. 91.99% of the stock is owned by institutional investors and hedge funds.

Ciena Stock Performance

Shares of NYSE CIEN traded up $1.90 during midday trading on Tuesday, reaching $57.12. 1,025,362 shares of the company traded hands, compared to its average volume of 1,999,495. The company has a market cap of $8.12 billion, a price-to-earnings ratio of 100.27, a PEG ratio of 1.54 and a beta of 1.15. The stock has a 50-day moving average price of $74.98 and a 200 day moving average price of $74.31. Ciena Co. has a 52 week low of $43.30 and a 52 week 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.

Insider Buying and Selling at Ciena

In related news, SVP Jason Phipps sold 18,888 shares of Ciena stock in a transaction dated Tuesday, April 1st. The stock was 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 of the company's stock, valued at $5,344,769.04. The trade was a 17.47 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Brodie Gage sold 350 shares of the business's stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $90.16, for a total transaction of $31,556.00. Following the completion of the sale, 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. In the last 90 days, insiders have sold 49,288 shares of company stock valued at $3,484,670. Company insiders own 0.93% of the company's stock.

Wall Street Analysts Forecast Growth

CIEN has been the topic of a number of recent research reports. Northland Securities upgraded shares of Ciena from a "market perform" rating to an "outperform" rating and raised their price target for the stock from $60.00 to $75.00 in a research report on Wednesday, March 12th. B. Riley reissued 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. Northland Capmk raised Ciena from a "hold" rating to a "strong-buy" rating in a report on Wednesday, March 12th. Rosenblatt Securities cut their price target on Ciena from $94.00 to $79.00 and set a "neutral" rating on the stock in a report on Friday, March 7th. Finally, Citigroup upped their price objective on Ciena from $84.00 to $98.00 and gave the stock a "buy" rating in a research note on Friday, December 13th. Four investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $81.38.

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.