CenterBook Partners LP Reduces Position in Ciena Co. (NYSE:CIEN)

CenterBook Partners LP decreased its position in Ciena Co. (NYSE:CIEN - Free Report) by 28.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 13,896 shares of the communications equipment provider's stock after selling 5,408 shares during the quarter. CenterBook Partners LP's holdings in Ciena were worth $1,179,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Annis Gardner Whiting Capital Advisors LLC increased its stake in 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 period. Versant Capital Management Inc increased its stake in Ciena by 925.0% during the fourth quarter. Versant Capital Management Inc now owns 328 shares of the communications equipment provider's stock valued at $28,000 after purchasing an additional 296 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in shares of Ciena by 328.2% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 364 shares of the communications equipment provider's stock worth $30,000 after acquiring an additional 279 shares during the period. Atlas Capital Advisors Inc. raised its stake in shares of Ciena by 77.2% during the fourth 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 in the last quarter. Finally, Picton Mahoney Asset Management acquired a new stake in Ciena in the 4th quarter valued at about $41,000. 91.99% of the stock is owned by institutional investors and hedge funds.

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Insider Activity

In other Ciena news, SVP Brodie Gage sold 350 shares of the business's stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $90.16, for a total transaction of $31,556.00. Following the completion of the transaction, the senior vice president now directly owns 49,197 shares in the company, valued at $4,435,601.52. The trade was a 0.71 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Gary B. Smith sold 6,800 shares of the company's stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $84.86, for a total value of $577,048.00. Following the completion of the sale, the chief executive officer now owns 412,149 shares in the company, valued at $34,974,964.14. This trade represents a 1.62 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 42,138 shares of company stock worth $2,874,629. Corporate insiders own 0.93% of the company's stock.

Ciena Stock Up 0.7 %

Ciena stock traded up $0.41 during trading hours on Wednesday, hitting $59.79. The company had a trading volume of 357,889 shares, compared to its average volume of 2,008,553. The company has a debt-to-equity ratio of 0.54, a current ratio of 3.55 and a quick ratio of 2.72. The firm has a market capitalization of $8.50 billion, a P/E ratio of 104.90, a price-to-earnings-growth ratio of 1.54 and a beta of 1.15. Ciena Co. has a fifty-two week low of $43.30 and a fifty-two week high of $101.44. The firm's fifty day moving average is $70.49 and its 200-day moving average is $73.97.

Analyst Upgrades and Downgrades

CIEN has been the subject of a number of analyst reports. Northland Securities upgraded shares of Ciena from a "market perform" rating to an "outperform" rating and lifted their target price for the company from $60.00 to $75.00 in a research note on Wednesday, March 12th. Citigroup reduced their price target on shares of Ciena from $98.00 to $75.00 and set a "buy" rating for the company in a report on Monday. Rosenblatt Securities reduced their price objective on Ciena from $94.00 to $79.00 and set a "neutral" rating for the company in a report on Friday, March 7th. B. Riley restated a "buy" rating and set a $89.00 price objective (down from $97.00) on shares of Ciena in a research report on Wednesday, March 12th. Finally, JPMorgan Chase & Co. raised shares of Ciena from a "neutral" rating to an "overweight" rating and increased their target price for the stock from $84.00 to $88.00 in a research note on Tuesday, January 28th. Four investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $79.62.

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.