FIL Ltd Lowers Stock Holdings in Ciena Co. (NYSE:CIEN)

FIL Ltd decreased its holdings in shares of Ciena Co. (NYSE:CIEN - Free Report) by 46.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,444,991 shares of the communications equipment provider's stock after selling 1,239,171 shares during the quarter. FIL Ltd owned about 1.02% of Ciena worth $122,550,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Captrust Financial Advisors increased its position in shares of Ciena by 28.7% during the 3rd quarter. Captrust Financial Advisors now owns 7,951 shares of the communications equipment provider's stock worth $490,000 after purchasing an additional 1,775 shares during the last quarter. HighTower Advisors LLC raised its stake in shares of Ciena by 6.3% in the 3rd quarter. HighTower Advisors LLC now owns 45,426 shares of the communications equipment provider's stock valued at $2,777,000 after acquiring an additional 2,693 shares during the period. Quantinno Capital Management LP lifted its holdings in shares of Ciena by 11.9% in the 3rd quarter. Quantinno Capital Management LP now owns 20,107 shares of the communications equipment provider's stock worth $1,238,000 after acquiring an additional 2,137 shares during the last quarter. Stifel Financial Corp boosted its position in shares of Ciena by 3.1% during the 3rd quarter. Stifel Financial Corp now owns 105,774 shares of the communications equipment provider's stock worth $6,515,000 after purchasing an additional 3,153 shares during the period. Finally, State Street Corp increased its holdings in 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 purchasing an additional 53,078 shares during the last quarter. Hedge funds and other institutional investors own 91.99% of the company's stock.

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Insider Activity at Ciena

In other Ciena news, SVP Jason Phipps sold 18,888 shares of Ciena 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 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 filing with the SEC, which is available at this hyperlink. Also, CEO Gary B. Smith sold 6,800 shares of the business's stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $85.29, for a total value of $579,972.00. Following the completion of the sale, the chief executive officer now owns 418,949 shares of the company's stock, valued at approximately $35,732,160.21. This represents a 1.60 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 49,288 shares of company stock valued at $3,484,670 over the last three months. 0.93% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

CIEN has been the topic of a number of research reports. Rosenblatt Securities decreased their price target on Ciena from $94.00 to $79.00 and set a "neutral" rating on the stock in a research note on Friday, March 7th. Barclays set a $100.00 target price on Ciena and gave the company an "overweight" rating in a report on Wednesday, March 12th. Northland Securities upgraded shares of Ciena from a "market perform" rating to an "outperform" rating and boosted their price target for the stock from $60.00 to $75.00 in a research note on Wednesday, March 12th. Needham & Company LLC lowered their price objective on shares of Ciena from $95.00 to $90.00 and set a "buy" rating for the company in a research note on Wednesday, March 12th. Finally, Northland Capmk raised shares of Ciena from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, March 12th. Four analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Ciena currently has an average rating of "Moderate Buy" and an average target price of $81.38.

Ciena Stock Up 1.5 %

Shares of CIEN traded up $0.89 during mid-day trading on Monday, reaching $59.67. The company's stock had a trading volume of 298,673 shares, compared to its average volume of 2,014,207. The company has a debt-to-equity ratio of 0.54, a current ratio of 3.55 and a quick ratio of 2.72. Ciena Co. has a 12-month low of $43.30 and a 12-month high of $101.44. The stock has a market cap of $8.48 billion, a PE ratio of 104.69, a price-to-earnings-growth ratio of 1.54 and a beta of 1.15. The company's 50 day moving average is $71.84 and its 200 day moving average is $74.10.

About Ciena

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.