Corebridge Financial Inc. Has $13.86 Million Stock Position in Ciena Co. (NYSE:CIEN)

Corebridge Financial Inc. decreased its position in Ciena Co. (NYSE:CIEN - Free Report) by 3.8% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 163,420 shares of the communications equipment provider's stock after selling 6,519 shares during the quarter. Corebridge Financial Inc. owned about 0.11% of Ciena worth $13,860,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in CIEN. Greenleaf Trust increased its stake in shares of Ciena by 2.8% during the 4th quarter. Greenleaf Trust now owns 4,978 shares of the communications equipment provider's stock worth $422,000 after purchasing an additional 136 shares during the last quarter. US Bancorp DE raised its holdings in Ciena by 1.5% during the fourth quarter. US Bancorp DE now owns 10,459 shares of the communications equipment provider's stock valued at $887,000 after buying an additional 152 shares in the last quarter. Coldstream Capital Management Inc. lifted its position in shares of Ciena by 3.8% in the third quarter. Coldstream Capital Management Inc. now owns 4,742 shares of the communications equipment provider's stock worth $292,000 after buying an additional 175 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its stake in shares of Ciena by 0.7% during the 4th quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 31,897 shares of the communications equipment provider's stock worth $2,705,000 after acquiring an additional 220 shares in the last quarter. Finally, CIBC Asset Management Inc increased its holdings in shares of Ciena by 5.3% during the 4th quarter. CIBC Asset Management Inc now owns 4,469 shares of the communications equipment provider's stock valued at $379,000 after acquiring an additional 226 shares during the last quarter. Institutional investors and hedge funds own 91.99% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Barclays set a $100.00 target price on Ciena and gave the stock an "overweight" rating in a research report on Wednesday, March 12th. Northland Capmk raised shares of Ciena from a "hold" rating to a "strong-buy" rating in a report on Wednesday, March 12th. Bank of America upgraded shares of Ciena from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $70.00 to $95.00 in a report on Friday, December 13th. Citigroup boosted their price objective on Ciena from $84.00 to $98.00 and gave the stock a "buy" rating in a research report on Friday, December 13th. Finally, Morgan Stanley lowered their target price on Ciena from $80.00 to $76.00 and set an "equal weight" rating on the stock in a report on Wednesday, March 12th. 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. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $81.38.

Ciena Price Performance

Shares of Ciena stock traded down $1.36 during trading on Friday, hitting $61.50. 2,157,720 shares of the company's stock traded hands, compared to its average volume of 1,959,097. The company has a market cap of $8.74 billion, a PE ratio of 107.90, a PEG ratio of 1.54 and a beta of 0.91. The firm's fifty day moving average price is $78.74 and its 200 day moving average price is $74.21. Ciena Co. has a twelve month low of $43.30 and a twelve month high of $101.44. The company has a debt-to-equity ratio of 0.54, a current ratio of 3.55 and a quick ratio of 2.72.

Insiders Place Their Bets

In related news, SVP Brodie Gage sold 350 shares of Ciena stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $90.16, for a total transaction of $31,556.00. Following the completion of the transaction, the senior vice president now directly owns 49,197 shares of the company's stock, valued at $4,435,601.52. This trade represents a 0.71 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Gary B. Smith sold 13,600 shares of the company's stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $83.66, for a total transaction of $1,137,776.00. Following the sale, the chief executive officer now directly owns 425,749 shares in the company, valued at $35,618,161.34. This represents a 3.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 66,560 shares of company stock worth $5,406,323 over the last quarter. Company 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.