Hood River Capital Management LLC Lowers Stock Position in Ciena Co. (NYSE:CIEN)

Hood River Capital Management LLC lowered its position in shares of Ciena Co. (NYSE:CIEN - Free Report) by 31.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 556,249 shares of the communications equipment provider's stock after selling 249,732 shares during the period. Hood River Capital Management LLC owned about 0.39% of Ciena worth $47,175,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of CIEN. Pinebridge Investments L.P. lifted its stake in shares of Ciena by 42.7% in the 4th quarter. Pinebridge Investments L.P. now owns 47,105 shares of the communications equipment provider's stock valued at $3,995,000 after acquiring an additional 14,093 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of Ciena by 195.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 4,626,153 shares of the communications equipment provider's stock worth $392,345,000 after purchasing an additional 3,062,883 shares during the last quarter. Manchester Global Management UK Ltd increased its stake in shares of Ciena by 80.4% in the fourth quarter. Manchester Global Management UK Ltd now owns 268,640 shares of the communications equipment provider's stock worth $22,783,000 after buying an additional 119,762 shares during the period. Hsbc Holdings PLC raised its holdings in Ciena by 321.6% during the 4th quarter. Hsbc Holdings PLC now owns 19,426 shares of the communications equipment provider's stock valued at $1,648,000 after buying an additional 14,818 shares during the last quarter. Finally, Stifel Financial Corp increased its position in shares of Ciena by 1.4% in the fourth quarter. Stifel Financial Corp now owns 107,222 shares of the communications equipment provider's stock valued at $9,094,000 after acquiring an additional 1,448 shares during the period. Institutional investors own 91.99% of the company's stock.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Needham & Company LLC cut 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. 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. Northland Capmk upgraded Ciena from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, March 12th. Northland Securities raised Ciena from a "market perform" rating to an "outperform" rating and upped their price objective for the stock from $60.00 to $75.00 in a research note on Wednesday, March 12th. Finally, Rosenblatt Securities lowered their target price on Ciena from $73.00 to $65.00 and set a "neutral" rating for the company in a research report on Tuesday. Four investment 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 data from MarketBeat, Ciena currently has a consensus rating of "Moderate Buy" and a consensus price target of $77.62.

Ciena Stock Performance

CIEN stock opened at $59.51 on Wednesday. The firm has a market cap of $8.46 billion, a price-to-earnings ratio of 104.41, a PEG ratio of 1.54 and a beta of 1.15. Ciena Co. has a one year low of $43.53 and a one year high of $101.44. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.72 and a current ratio of 3.55. The firm has a 50-day simple moving average of $67.53 and a two-hundred day simple moving average of $73.81.

Insider Activity

In other news, SVP David M. Rothenstein sold 2,500 shares of the firm's stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $68.88, for a total transaction of $172,200.00. Following the sale, the senior vice president now owns 207,370 shares of the company's stock, valued at $14,283,645.60. This trade represents a 1.19 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Brodie Gage sold 350 shares of the company's stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $90.16, for a total value 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. The trade was a 0.71 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 49,288 shares of company stock worth $3,299,980 over the last 90 days. 0.93% of the stock is currently owned by corporate insiders.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.