Paralel Advisors LLC lifted its position in Ciena Co. (NYSE:CIEN - Free Report) by 10.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 50,884 shares of the communications equipment provider's stock after buying an additional 4,624 shares during the period. Ciena comprises 0.2% of Paralel Advisors LLC's portfolio, making the stock its 25th largest holding. Paralel Advisors LLC's holdings in Ciena were worth $4,315,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently made changes to their positions in CIEN. Stephens Investment Management Group LLC purchased a new stake in Ciena during the 4th quarter valued at $56,997,000. Keystone Investors PTE Ltd. bought a new position in Ciena in the fourth quarter valued at about $45,341,000. Arrowstreet Capital Limited Partnership boosted its position in Ciena by 4,484.1% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 529,555 shares of the communications equipment provider's stock worth $44,912,000 after purchasing an additional 518,003 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Ciena during the 4th quarter valued at about $40,919,000. Finally, Primecap Management Co. CA boosted its holdings in shares of Ciena by 263.7% in the fourth quarter. Primecap Management Co. CA now owns 463,680 shares of the communications equipment provider's stock worth $39,325,000 after buying an additional 336,180 shares during the last quarter. Hedge funds and other institutional investors own 91.99% of the company's stock.
Insider Activity at Ciena
In other news, SVP Brodie Gage sold 350 shares of the company's stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $85.91, for a total transaction of $30,068.50. Following the transaction, the senior vice president now directly owns 49,547 shares of the company's stock, valued at approximately $4,256,582.77. This represents a 0.70 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP David M. Rothenstein sold 2,500 shares of the firm's stock in a transaction on Monday, March 24th. The stock was sold at an average price of $68.88, for a total value of $172,200.00. Following the completion of the sale, the senior vice president now directly owns 207,370 shares of the company's stock, valued at $14,283,645.60. The trade was a 1.19 % 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 valued at $3,484,670 over the last quarter. 0.93% of the stock is owned by corporate insiders.
Ciena Stock Up 1.7 %
Shares of NYSE:CIEN traded up $0.97 on Tuesday, reaching $59.47. The company had a trading volume of 582,881 shares, compared to its average volume of 2,616,854. The firm has a market capitalization of $8.45 billion, a PE ratio of 104.34, a PEG ratio of 1.54 and a beta of 1.15. The company has a current ratio of 3.55, a quick ratio of 2.72 and a debt-to-equity ratio of 0.54. Ciena Co. has a 52-week low of $43.30 and a 52-week high of $101.44. The firm's 50 day simple moving average is $71.16 and its 200-day simple moving average is $74.08.
Wall Street Analysts Forecast Growth
Several research analysts have recently weighed in on the stock. Needham & Company LLC dropped their price target on shares of Ciena from $95.00 to $90.00 and set a "buy" rating on the stock in a research note on Wednesday, March 12th. Citigroup decreased their target price on Ciena from $98.00 to $75.00 and set a "buy" rating on the stock in a research note on Monday. Northland Securities upgraded Ciena from a "market perform" rating to an "outperform" rating and raised their price objective for the company from $60.00 to $75.00 in a research report on Wednesday, March 12th. Barclays set a $100.00 price target on shares of Ciena and gave the stock an "overweight" rating in a research report on Wednesday, March 12th. Finally, JPMorgan Chase & Co. upgraded shares of Ciena from a "neutral" rating to an "overweight" rating and boosted their price objective for the company from $84.00 to $88.00 in a research report on Tuesday, January 28th. Four equities research analysts have rated the stock with a hold rating, nine have issued 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 a consensus rating of "Moderate Buy" and a consensus price target of $79.62.
Read Our Latest Research Report on Ciena
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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