Bryce Point Capital LLC bought a new stake in Ciena Co. (NYSE:CIEN - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 10,736 shares of the communications equipment provider's stock, valued at approximately $911,000.
A number of other institutional investors have also modified their holdings of the stock. Versant Capital Management Inc raised its stake 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 worth $28,000 after buying an additional 296 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in 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 acquiring an additional 279 shares during the period. Picton Mahoney Asset Management acquired a new position in shares of Ciena during the 4th quarter worth $41,000. Parkside Financial Bank & Trust increased its holdings in shares of Ciena by 409.8% in the 4th quarter. Parkside Financial Bank & Trust now owns 520 shares of the communications equipment provider's stock valued at $44,000 after purchasing an additional 418 shares in the last quarter. Finally, CIBC Private Wealth Group LLC lifted its stake in shares of Ciena by 394.6% in the fourth quarter. CIBC Private Wealth Group LLC now owns 554 shares of the communications equipment provider's stock valued at $46,000 after purchasing an additional 442 shares during the period. Institutional investors and hedge funds own 91.99% of the company's stock.
Wall Street Analysts Forecast Growth
A number of research analysts have issued reports on the stock. Bank of America raised shares of Ciena from a "neutral" rating to a "buy" rating and increased their target price for the company from $70.00 to $95.00 in a report on Friday, December 13th. B. Riley reiterated a "buy" rating and set a $89.00 target price (down from $97.00) on shares of Ciena in a research report on Wednesday, March 12th. Rosenblatt Securities dropped their price target on Ciena from $94.00 to $79.00 and set a "neutral" rating for the company in a research report on Friday, March 7th. Needham & Company LLC lowered their price objective on shares of Ciena from $95.00 to $90.00 and set a "buy" rating on the stock in a research note on Wednesday, March 12th. Finally, JPMorgan Chase & Co. upgraded shares of Ciena from a "neutral" rating to an "overweight" rating and raised their target price for the company from $84.00 to $88.00 in a report on Tuesday, January 28th. Four analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $81.38.
View Our Latest Research Report on CIEN
Ciena Trading Down 4.7 %
Shares of NYSE:CIEN traded down $2.66 during midday trading on Friday, reaching $53.53. The company's stock had a trading volume of 5,780,351 shares, compared to its average volume of 1,998,868. The firm has a market cap of $7.61 billion, a price-to-earnings ratio of 93.91, a price-to-earnings-growth ratio of 1.54 and a beta of 1.15. The business has a 50 day moving average price of $75.40 and a 200 day moving average price of $74.21. Ciena Co. has a 1 year low of $43.30 and a 1 year high of $101.44. The company has a quick ratio of 2.72, a current ratio of 3.55 and a debt-to-equity ratio of 0.54.
Insider Activity
In related news, SVP Brodie Gage sold 350 shares of the business's stock in a transaction that occurred 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 completion of the sale, the senior vice president now directly owns 49,547 shares in the company, valued at approximately $4,256,582.77. The trade was a 0.70 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Jason Phipps sold 18,888 shares of the stock in a transaction that occurred on 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 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. Insiders sold a total of 66,200 shares of company stock valued at $4,921,513 in the last 90 days. 0.93% of the stock is currently owned by insiders.
About Ciena
(
Free Report)
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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