Cramer Rosenthal Mcglynn LLC Lowers Stake in Ciena Co. (NYSE:CIEN)

Cramer Rosenthal Mcglynn LLC lowered its position in Ciena Co. (NYSE:CIEN - Free Report) by 39.2% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 426,626 shares of the communications equipment provider's stock after selling 274,582 shares during the quarter. Ciena accounts for approximately 2.0% of Cramer Rosenthal Mcglynn LLC's investment portfolio, making the stock its 8th largest position. Cramer Rosenthal Mcglynn LLC owned approximately 0.30% of Ciena worth $36,182,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the business. MML Investors Services LLC increased its stake in shares of Ciena by 32.5% in the third quarter. MML Investors Services LLC now owns 17,715 shares of the communications equipment provider's stock valued at $1,091,000 after buying an additional 4,344 shares during the period. Sanctuary Advisors LLC increased its position in Ciena by 75.8% during the 3rd quarter. Sanctuary Advisors LLC now owns 8,315 shares of the communications equipment provider's stock valued at $512,000 after purchasing an additional 3,584 shares during the period. Retirement Systems of Alabama raised its holdings in Ciena by 4.8% during the 3rd quarter. Retirement Systems of Alabama now owns 403,490 shares of the communications equipment provider's stock worth $24,851,000 after purchasing an additional 18,426 shares during the last quarter. Versant Capital Management Inc lifted its position in shares of Ciena by 925.0% in the 4th quarter. Versant Capital Management Inc now owns 328 shares of the communications equipment provider's stock worth $28,000 after purchasing an additional 296 shares during the period. Finally, GAMMA Investing LLC boosted its stake in shares of Ciena by 27.7% in the 4th quarter. GAMMA Investing LLC now owns 2,109 shares of the communications equipment provider's stock valued at $179,000 after purchasing an additional 458 shares during the last quarter. Institutional investors own 91.99% of the company's stock.

Insiders Place Their Bets

In other Ciena news, CEO Gary B. Smith sold 6,800 shares of the business's stock in a transaction on Tuesday, April 15th. The stock was sold at an average price of $59.54, for a total value of $404,872.00. Following the transaction, the chief executive officer now owns 375,680 shares of the company's stock, valued at approximately $22,367,987.20. The trade was a 1.78 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Brodie Gage sold 350 shares of the firm's 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 sale, the senior vice president now directly owns 49,197 shares of the company's stock, valued at approximately $4,435,601.52. This represents a 0.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 49,288 shares of company stock valued at $3,299,980 in the last three months. 0.93% of the stock is currently owned by insiders.

Ciena Stock Up 7.4 %

Shares of NYSE:CIEN traded up $4.42 during mid-day trading on Wednesday, hitting $63.92. 1,513,980 shares of the company traded hands, compared to its average volume of 2,013,944. The stock has a market cap of $9.09 billion, a P/E ratio of 112.14, a P/E/G ratio of 1.54 and a beta of 1.15. The stock has a 50-day moving average price of $67.53 and a two-hundred day moving average price of $73.81. Ciena Co. has a 12-month low of $43.53 and a 12-month high of $101.44. The company has a current ratio of 3.55, a quick ratio of 2.72 and a debt-to-equity ratio of 0.54.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the stock. Northland Securities upgraded shares of Ciena from a "market perform" rating to an "outperform" rating and boosted their target price for the company from $60.00 to $75.00 in a report on Wednesday, March 12th. JPMorgan Chase & Co. decreased their target price on Ciena from $88.00 to $76.00 and set an "overweight" rating for the company in a research note on Thursday, April 17th. Needham & Company LLC cut their price target on Ciena from $95.00 to $90.00 and set a "buy" rating on the stock in a report on Wednesday, March 12th. Barclays set a $100.00 price objective on shares of Ciena and gave the company an "overweight" rating in a research note on Wednesday, March 12th. Finally, B. Riley reissued a "buy" rating and set a $89.00 target price (down from $97.00) on shares of Ciena in a research note on Wednesday, March 12th. Four equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, Ciena currently has a consensus rating of "Moderate Buy" and an average price target of $77.62.

Ciena 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.