Arrowstreet Capital Limited Partnership grew its stake in Ciena Co. (NYSE:CIEN - Free Report) by 4,484.1% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 529,555 shares of the communications equipment provider's stock after buying an additional 518,003 shares during the period. Arrowstreet Capital Limited Partnership owned 0.37% of Ciena worth $44,912,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently modified their holdings of the stock. Point72 Asset Management L.P. acquired a new position in Ciena during the third quarter worth approximately $57,861,000. Stephens Investment Management Group LLC acquired a new position in shares of Ciena in the 4th quarter valued at $56,997,000. Keystone Investors PTE Ltd. purchased a new stake in Ciena in the 4th quarter valued at $45,341,000. Raymond James Financial Inc. acquired a new stake in Ciena during the 4th quarter worth $40,919,000. Finally, Primecap Management Co. CA grew its position in Ciena by 263.7% during the 4th quarter. Primecap Management Co. CA now owns 463,680 shares of the communications equipment provider's stock worth $39,325,000 after purchasing an additional 336,180 shares during the last quarter. 91.99% of the stock is owned by hedge funds and other institutional investors.
Ciena Price Performance
Shares of CIEN traded down $2.66 during trading hours on Friday, reaching $53.53. The company had a trading volume of 5,780,351 shares, compared to its average volume of 1,996,189. The company has a market capitalization of $7.61 billion, a price-to-earnings ratio of 93.91, a PEG ratio of 1.54 and a beta of 1.15. Ciena Co. has a 12-month low of $43.30 and a 12-month high of $101.44. The firm has a 50 day simple moving average of $75.40 and a 200-day simple moving average of $74.08. The company has a current ratio of 3.55, a quick ratio of 2.72 and a debt-to-equity ratio of 0.54.
Insider Buying and Selling at Ciena
In other news, SVP Jason Phipps sold 18,888 shares of Ciena stock in a transaction 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 completion of the transaction, the senior vice president now owns 89,258 shares of the company's stock, valued at $5,344,769.04. The trade was a 17.47 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, SVP David M. Rothenstein sold 2,500 shares of the business's stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $68.88, for a total transaction of $172,200.00. Following the completion of the sale, the senior vice president now owns 207,370 shares in the company, valued at $14,283,645.60. This represents a 1.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 66,200 shares of company stock valued at $4,921,513. Corporate insiders own 0.93% of the company's stock.
Analyst Ratings Changes
A number of brokerages have recently commented on CIEN. Stifel Nicolaus reaffirmed a "buy" rating and issued a $82.00 target price (up from $75.00) on shares of Ciena in a report on Tuesday, December 10th. Northland Securities raised Ciena from a "market perform" rating to an "outperform" rating and upped their price objective for the company from $60.00 to $75.00 in a research note on Wednesday, March 12th. Northland Capmk upgraded Ciena from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, March 12th. Morgan Stanley cut their price target on Ciena from $80.00 to $76.00 and set an "equal weight" rating for the company in a research note on Wednesday, March 12th. Finally, Barclays set a $100.00 price target on Ciena and gave the stock an "overweight" rating in a report on Wednesday, March 12th. Four investment 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 data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $81.38.
Check Out Our Latest Analysis on CIEN
Ciena Company Profile
(
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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