Sei Investments Co. Sells 24,006 Shares of Ciena Co. (NYSE:CIEN)

Sei Investments Co. decreased its holdings in Ciena Co. (NYSE:CIEN - Free Report) by 13.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 157,014 shares of the communications equipment provider's stock after selling 24,006 shares during the quarter. Sei Investments Co. owned 0.11% of Ciena worth $13,316,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the business. Versant Capital Management Inc boosted its stake in shares of Ciena by 925.0% during the 4th quarter. Versant Capital Management Inc now owns 328 shares of the communications equipment provider's stock worth $28,000 after acquiring an additional 296 shares during the last quarter. Picton Mahoney Asset Management bought a new position in Ciena in the 4th quarter worth $41,000. Parkside Financial Bank & Trust lifted its position in Ciena by 409.8% during the fourth quarter. Parkside Financial Bank & Trust now owns 520 shares of the communications equipment provider's stock valued at $44,000 after purchasing an additional 418 shares in the last quarter. Kieckhefer Group LLC bought a new stake in Ciena during the fourth quarter valued at about $59,000. Finally, UMB Bank n.a. grew its holdings in Ciena by 59.2% during the fourth quarter. UMB Bank n.a. now owns 718 shares of the communications equipment provider's stock valued at $61,000 after purchasing an additional 267 shares during the period. 91.99% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have recently weighed in on CIEN shares. Needham & Company LLC lowered their price objective on Ciena from $95.00 to $90.00 and set a "buy" rating on the stock in a research report on Wednesday, March 12th. Citigroup lifted their price target on shares of Ciena from $84.00 to $98.00 and gave the company a "buy" rating in a report on Friday, December 13th. Morgan Stanley reduced their price objective on shares of Ciena from $80.00 to $76.00 and set an "equal weight" rating for the company in a research note on Wednesday, March 12th. JPMorgan Chase & Co. upgraded shares of Ciena from a "neutral" rating to an "overweight" rating and lifted their target price for the company from $84.00 to $88.00 in a research note on Tuesday, January 28th. Finally, Bank of America raised shares of Ciena from a "neutral" rating to a "buy" rating and upped their target price for the stock from $70.00 to $95.00 in a report on Friday, December 13th. Four research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $81.38.

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Insider Buying and Selling

In other news, SVP Brodie Gage sold 350 shares of Ciena stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $85.91, for a total value of $30,068.50. Following the completion of the transaction, the senior vice president now owns 49,547 shares in the company, valued at approximately $4,256,582.77. The trade was a 0.70 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Gary B. Smith sold 13,600 shares of the business's stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $83.66, for a total value of $1,137,776.00. Following the transaction, the chief executive officer now directly owns 425,749 shares in the company, valued at approximately $35,618,161.34. This represents a 3.10 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 66,560 shares of company stock worth $5,406,323. Insiders own 0.93% of the company's stock.

Ciena Price Performance

NYSE:CIEN traded up $3.49 during trading hours on Wednesday, reaching $65.03. The stock had a trading volume of 3,698,431 shares, compared to its average volume of 1,975,558. The stock has a market capitalization of $9.24 billion, a PE ratio of 114.09, a PEG ratio of 1.54 and a beta of 0.91. Ciena Co. has a 52 week low of $43.30 and a 52 week high of $101.44. The company has a 50 day moving average price of $77.11 and a two-hundred day moving average price of $74.23. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.72 and a current ratio of 3.55.

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.