Intech Investment Management LLC raised its stake in Ciena Co. (NYSE:CIEN - Free Report) by 42.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 65,547 shares of the communications equipment provider's stock after acquiring an additional 19,665 shares during the period. Intech Investment Management LLC's holdings in Ciena were worth $5,559,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently 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 purchasing an additional 296 shares during the period. Picton Mahoney Asset Management bought a new stake in Ciena in the fourth quarter valued at $41,000. Parkside Financial Bank & Trust boosted its holdings in shares of 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 acquiring an additional 418 shares during the period. First Horizon Advisors Inc. grew its position in shares of Ciena by 152.8% during the third quarter. First Horizon Advisors Inc. now owns 847 shares of the communications equipment provider's stock worth $52,000 after acquiring an additional 512 shares during the last quarter. Finally, Kieckhefer Group LLC acquired a new stake in shares of Ciena in the 4th quarter worth about $59,000. 91.99% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
Several research analysts have commented on the stock. Northland Securities upgraded shares of Ciena from a "market perform" rating to an "outperform" rating and upped their target price for the stock from $60.00 to $75.00 in a research report on Wednesday, March 12th. Stifel Nicolaus reissued a "buy" rating and issued a $82.00 price objective (up from $75.00) on shares of Ciena in a report on Tuesday, December 10th. Morgan Stanley cut their target price on Ciena from $80.00 to $76.00 and set an "equal weight" rating on the stock in a research note on Wednesday, March 12th. Citigroup increased their price target on Ciena from $84.00 to $98.00 and gave the stock a "buy" rating in a research note on Friday, December 13th. Finally, Northland Capmk upgraded shares of Ciena from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, March 12th. Four equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $81.38.
Get Our Latest Stock Analysis on Ciena
Ciena Price Performance
Ciena stock traded down $0.16 during mid-day trading on Friday, hitting $65.47. The company's stock had a trading volume of 2,537,351 shares, compared to its average volume of 1,908,725. Ciena Co. has a twelve month low of $43.30 and a twelve month high of $101.44. The stock's fifty day moving average price is $80.57 and its two-hundred day moving average price is $73.60. The stock has a market capitalization of $9.31 billion, a P/E ratio of 114.86, 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.
Insider Activity at Ciena
In other Ciena news, CEO Gary B. Smith sold 6,800 shares of the firm's stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $65.18, for a total value of $443,224.00. Following the completion of the transaction, the chief executive officer now directly owns 391,749 shares in the company, valued at $25,534,199.82. This trade represents a 1.71 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Bruce L. Claflin sold 16,912 shares of the business's stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $84.96, for a total transaction of $1,436,843.52. Following the sale, the director now owns 59,347 shares in the company, valued at $5,042,121.12. This represents a 22.18 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 66,742 shares of company stock worth $5,469,173 in the last quarter. 0.93% of the stock is owned by company insiders.
About Ciena
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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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