Fmr LLC Has $1.83 Billion Stake in Ciena Co. (NYSE:CIEN)

FMR LLC lessened its position in shares of Ciena Co. (NYSE:CIEN - Free Report) by 0.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 21,534,746 shares of the communications equipment provider's stock after selling 129,320 shares during the period. FMR LLC owned approximately 15.15% of Ciena worth $1,826,362,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in the company. Stephens Investment Management Group LLC acquired a new stake in Ciena in the 4th quarter worth about $56,997,000. Keystone Investors PTE Ltd. acquired a new stake in shares of Ciena in the fourth quarter valued at approximately $45,341,000. Arrowstreet Capital Limited Partnership boosted its stake in shares of Ciena by 4,484.1% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 529,555 shares of the communications equipment provider's stock valued at $44,912,000 after buying an additional 518,003 shares during the period. Raymond James Financial Inc. acquired a new stake in Ciena during the fourth quarter worth approximately $40,919,000. Finally, Primecap Management Co. CA increased its stake 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 acquiring an additional 336,180 shares during the period. Institutional investors own 91.99% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on CIEN. Northland Securities raised Ciena from a "market perform" rating to an "outperform" rating and increased their target price for the stock from $60.00 to $75.00 in a report on Wednesday, March 12th. Citigroup increased their price objective on shares of Ciena from $84.00 to $98.00 and gave the stock a "buy" rating in a research note on Friday, December 13th. Needham & Company LLC dropped their target price on shares of Ciena from $95.00 to $90.00 and set a "buy" rating for the company in a research report on Wednesday, March 12th. Rosenblatt Securities reduced their price target on shares of Ciena from $94.00 to $79.00 and set a "neutral" rating on the stock in a research report on Friday, March 7th. Finally, Bank of America upgraded shares of Ciena from a "neutral" rating to a "buy" rating and boosted their price objective for the company from $70.00 to $95.00 in a research report on Friday, December 13th. Four research 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. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $81.38.

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Ciena Trading Up 0.6 %

NYSE:CIEN traded up $0.34 during mid-day trading on Friday, hitting $58.70. 2,033,102 shares of the company's stock were exchanged, compared to its average volume of 2,021,305. Ciena Co. has a fifty-two week low of $43.30 and a fifty-two week 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. The firm has a market capitalization of $8.34 billion, a P/E ratio of 102.99, a PEG ratio of 1.54 and a beta of 1.15. The company has a 50 day simple moving average of $71.84 and a 200-day simple moving average of $74.02.

Insider Activity

In other news, SVP Jason Phipps sold 18,888 shares of the firm's stock in a transaction dated 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 directly owns 89,258 shares in the company, valued at $5,344,769.04. This trade represents a 17.47 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Brodie Gage sold 350 shares of the company'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 owns 49,547 shares in the company, valued at $4,256,582.77. The trade was a 0.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 49,288 shares of company stock valued at $3,484,670. Insiders own 0.93% of the company's stock.

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.