Diamond Hill Capital Management Inc. trimmed its position in shares of Ciena Co. (NYSE:CIEN - Free Report) by 49.2% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 881,131 shares of the communications equipment provider's stock after selling 854,828 shares during the quarter. Diamond Hill Capital Management Inc. owned approximately 0.62% of Ciena worth $74,729,000 at the end of the most recent quarter.
Other large investors have also bought and sold shares of the company. Versant Capital Management Inc boosted its position in Ciena by 925.0% during the 4th quarter. Versant Capital Management Inc now owns 328 shares of the communications equipment provider's stock valued at $28,000 after acquiring an additional 296 shares in the last quarter. Parkside Financial Bank & Trust boosted its position in Ciena by 409.8% during the 4th quarter. Parkside Financial Bank & Trust now owns 520 shares of the communications equipment provider's stock valued at $44,000 after acquiring an additional 418 shares in the last quarter. First Horizon Advisors Inc. boosted its position in Ciena by 152.8% during the 3rd quarter. First Horizon Advisors Inc. now owns 847 shares of the communications equipment provider's stock valued at $52,000 after acquiring an additional 512 shares in the last quarter. Kieckhefer Group LLC bought a new stake in Ciena during the 4th quarter valued at approximately $59,000. Finally, UMB Bank n.a. boosted its position in Ciena by 59.2% during the 4th quarter. UMB Bank n.a. now owns 718 shares of the communications equipment provider's stock valued at $61,000 after acquiring an additional 267 shares in the last quarter. 91.99% of the stock is owned by institutional investors.
Analysts Set New Price Targets
A number of analysts have recently commented on CIEN shares. Bank of America raised Ciena from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $70.00 to $95.00 in a research report on Friday, December 13th. B. Riley reissued a "buy" rating and issued a $89.00 price target (down from $97.00) on shares of Ciena in a research report on Wednesday, March 12th. Northland Capmk raised Ciena from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, March 12th. Citigroup boosted their price target on Ciena from $84.00 to $98.00 and gave the stock a "buy" rating in a research report on Friday, December 13th. Finally, Northland Securities raised 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 report on Wednesday, March 12th. Four research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Ciena currently has an average rating of "Moderate Buy" and a consensus price target of $81.38.
View Our Latest Stock Analysis on Ciena
Ciena Stock Performance
CIEN traded down $1.40 during mid-day trading on Tuesday, reaching $64.28. 1,672,445 shares of the company traded hands, compared to its average volume of 1,904,542. The stock has a market capitalization of $9.14 billion, a P/E ratio of 112.77, a P/E/G ratio of 1.54 and a beta of 0.91. 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's fifty day moving average price is $81.92 and its 200-day moving average price is $73.48. Ciena Co. has a 52-week low of $43.30 and a 52-week high of $101.44.
Insider Buying and Selling at Ciena
In other Ciena news, SVP Dino Diperna sold 2,682 shares of the business's stock in a transaction on Thursday, December 26th. The shares were sold at an average price of $87.64, for a total transaction of $235,050.48. Following the completion of the sale, the senior vice president now directly owns 50,607 shares in the company, valued at approximately $4,435,197.48. The trade was a 5.03 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Jason Phipps sold 5,648 shares of the company's stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $84.64, for a total value of $478,046.72. Following the completion of the sale, the senior vice president now owns 109,878 shares of the company's stock, valued at $9,300,073.92. This trade represents a 4.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 59,942 shares of company stock worth $5,025,949. Insiders own 0.93% of the company's stock.
Ciena 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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