Madison Investment Advisors LLC bought a new stake in Ciena Co. (NYSE:CIEN - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 46,537 shares of the communications equipment provider's stock, valued at approximately $3,947,000.
A number of other hedge funds and other institutional investors have also modified their holdings of CIEN. Versant Capital Management Inc grew its position in Ciena by 925.0% in the fourth quarter. Versant Capital Management Inc now owns 328 shares of the communications equipment provider's stock worth $28,000 after acquiring an additional 296 shares during the period. Parkside Financial Bank & Trust lifted its stake in shares of Ciena by 409.8% in the 4th quarter. Parkside Financial Bank & Trust now owns 520 shares of the communications equipment provider's stock valued at $44,000 after purchasing an additional 418 shares during the last quarter. First Horizon Advisors Inc. grew its holdings in shares of Ciena by 152.8% during the 3rd quarter. First Horizon Advisors Inc. now owns 847 shares of the communications equipment provider's stock worth $52,000 after purchasing an additional 512 shares during the period. Kieckhefer Group LLC purchased a new position in shares of Ciena during the 4th quarter worth $59,000. Finally, UMB Bank n.a. increased its position in shares of Ciena by 59.2% during the 4th quarter. UMB Bank n.a. now owns 718 shares of the communications equipment provider's stock worth $61,000 after purchasing an additional 267 shares during the last quarter. 91.99% of the stock is owned by institutional investors and hedge funds.
Ciena Stock Down 2.1 %
Shares of CIEN traded down $1.40 during midday trading on Tuesday, hitting $64.28. The company had a trading volume of 1,672,445 shares, compared to its average volume of 1,904,542. Ciena Co. has a 1 year low of $43.30 and a 1 year high of $101.44. The firm 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 debt-to-equity ratio of 0.54, a quick ratio of 2.72 and a current ratio of 3.55. The company's 50-day simple moving average is $81.92 and its 200-day simple moving average is $73.48.
Insider Activity at Ciena
In other news, CEO Gary B. Smith sold 13,600 shares of the firm'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 owns 425,749 shares of the company's stock, valued at approximately $35,618,161.34. This trade represents a 3.10 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Dino Diperna sold 2,682 shares of the business's stock in a transaction that occurred on Thursday, December 26th. The stock was sold at an average price of $87.64, for a total value of $235,050.48. Following the sale, the senior vice president now owns 50,607 shares of the company's stock, valued at approximately $4,435,197.48. The trade was a 5.03 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 59,942 shares of company stock valued at $5,025,949 over the last 90 days. 0.93% of the stock is owned by corporate insiders.
Analyst Upgrades and Downgrades
Several research analysts have weighed in on the stock. Northland Securities raised shares of Ciena from a "market perform" rating to an "outperform" rating and increased their target price for the stock from $60.00 to $75.00 in a research note on Wednesday, March 12th. B. Riley restated a "buy" rating and issued a $89.00 price objective (down from $97.00) on shares of Ciena in a report on Wednesday, March 12th. Citigroup lifted their target price on shares of Ciena from $84.00 to $98.00 and gave the company a "buy" rating in a report on Friday, December 13th. Rosenblatt Securities decreased their price target on Ciena from $94.00 to $79.00 and set a "neutral" rating on the stock in a research note on Friday, March 7th. Finally, Stifel Nicolaus restated 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 assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $81.38.
Check Out Our Latest Research Report on CIEN
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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