Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Ciena Co. (NYSE:CIEN - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 76,642 shares of the communications equipment provider's stock, valued at approximately $6,500,000. Connor Clark & Lunn Investment Management Ltd. owned about 0.05% of Ciena at the end of the most recent quarter.
A number of other large investors have also recently added to or reduced their stakes in the company. Geode Capital Management LLC lifted its stake in shares of Ciena by 1.4% during the 3rd quarter. Geode Capital Management LLC now owns 2,408,014 shares of the communications equipment provider's stock worth $148,348,000 after buying an additional 33,074 shares during the last quarter. Ritholtz Wealth Management acquired a new stake in shares of Ciena during the 4th quarter worth about $245,000. US Bancorp DE lifted its stake in shares of Ciena by 1.5% during the 4th quarter. US Bancorp DE now owns 10,459 shares of the communications equipment provider's stock worth $887,000 after buying an additional 152 shares during the last quarter. Merit Financial Group LLC acquired a new stake in shares of Ciena during the 4th quarter worth about $421,000. Finally, FMR LLC lifted its stake in shares of Ciena by 0.5% during the 3rd quarter. FMR LLC now owns 21,664,066 shares of the communications equipment provider's stock worth $1,334,290,000 after buying an additional 108,407 shares during the last quarter. Institutional investors and hedge funds own 91.99% of the company's stock.
Insider Buying and Selling
In related news, SVP Jason Phipps sold 5,648 shares of Ciena stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $84.64, for a total value of $478,046.72. Following the transaction, the senior vice president now directly owns 109,878 shares of the company's stock, valued at $9,300,073.92. The trade was a 4.89 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Brodie Gage sold 350 shares of Ciena stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $85.91, for a total transaction of $30,068.50. Following the completion of the sale, the senior vice president now owns 49,547 shares in the company, valued at approximately $4,256,582.77. This trade represents a 0.70 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 66,742 shares of company stock worth $5,469,173. Insiders own 0.93% of the company's stock.
Wall Street Analyst Weigh In
A number of analysts have recently issued reports on CIEN shares. Needham & Company LLC cut their target price 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. Northland Securities raised shares of Ciena from a "market perform" rating to an "outperform" rating and raised their price target for the stock from $60.00 to $75.00 in a research report on Wednesday, March 12th. Bank of America raised shares of Ciena from a "neutral" rating to a "buy" rating and raised their price target for the stock from $70.00 to $95.00 in a research report on Friday, December 13th. B. Riley reaffirmed a "buy" rating and set a $89.00 price target (down from $97.00) on shares of Ciena in a research report on Wednesday, March 12th. Finally, Stifel Nicolaus reaffirmed a "buy" rating and set a $82.00 price target (up from $75.00) on shares of Ciena in a research report on Tuesday, December 10th. Four research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $81.38.
Read Our Latest Research Report on Ciena
Ciena Stock Up 2.4 %
CIEN stock traded up $1.51 during midday trading on Wednesday, reaching $65.84. 1,657,639 shares of the company's stock traded hands, compared to its average volume of 2,660,478. Ciena Co. has a 52 week low of $43.30 and a 52 week high of $101.44. The company has a quick ratio of 2.72, a current ratio of 3.55 and a debt-to-equity ratio of 0.54. The company has a market cap of $9.36 billion, a price-to-earnings ratio of 115.52, a P/E/G ratio of 1.54 and a beta of 0.91. The firm's fifty day moving average price is $81.57 and its 200-day moving average price is $73.53.
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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