Ciena Co. (NYSE:CIEN) Shares Purchased by Primecap Management Co. CA

Primecap Management Co. CA lifted its holdings in shares of Ciena Co. (NYSE:CIEN - Free Report) by 263.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 463,680 shares of the communications equipment provider's stock after purchasing an additional 336,180 shares during the quarter. Primecap Management Co. CA owned about 0.33% of Ciena worth $39,325,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of CIEN. Greenleaf Trust grew its position in Ciena by 2.8% in the 4th quarter. Greenleaf Trust now owns 4,978 shares of the communications equipment provider's stock valued at $422,000 after acquiring an additional 136 shares in the last quarter. US Bancorp DE grew its position in Ciena by 1.5% in the 4th quarter. US Bancorp DE now owns 10,459 shares of the communications equipment provider's stock valued at $887,000 after acquiring an additional 152 shares in the last quarter. Coldstream Capital Management Inc. grew its position in Ciena by 3.8% in the 3rd quarter. Coldstream Capital Management Inc. now owns 4,742 shares of the communications equipment provider's stock valued at $292,000 after acquiring an additional 175 shares in the last quarter. CIBC Asset Management Inc grew its position in Ciena by 5.3% in the 4th quarter. CIBC Asset Management Inc now owns 4,469 shares of the communications equipment provider's stock valued at $379,000 after acquiring an additional 226 shares in the last quarter. Finally, QRG Capital Management Inc. grew its position in Ciena by 4.9% in the 4th quarter. QRG Capital Management Inc. now owns 4,914 shares of the communications equipment provider's stock valued at $417,000 after acquiring an additional 228 shares in the last quarter. 91.99% of the stock is currently owned by hedge funds and other institutional investors.

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Analyst Ratings Changes

CIEN has been the subject of several research reports. B. Riley reaffirmed a "buy" rating and issued a $89.00 target price (down from $97.00) on shares of Ciena in a research report on Wednesday, March 12th. Barclays set a $100.00 price objective on Ciena and gave the company an "overweight" rating in a research note on Wednesday, March 12th. Citigroup lifted their price objective on Ciena from $84.00 to $98.00 and gave the company a "buy" rating in a research note on Friday, December 13th. Morgan Stanley decreased their price objective on Ciena from $80.00 to $76.00 and set an "equal weight" rating for the company in a research note on Wednesday, March 12th. Finally, Needham & Company LLC decreased their price objective on Ciena from $95.00 to $90.00 and set a "buy" rating for the company in a research note on Wednesday, March 12th. Four 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. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $81.38.

Ciena Stock Down 0.2 %

CIEN stock traded down $0.16 during trading on Friday, hitting $65.47. 2,537,351 shares of the company's stock were exchanged, compared to its average volume of 1,908,488. The business has a 50-day moving average price of $80.57 and a two-hundred day moving average price of $73.48. The stock has a market capitalization of $9.31 billion, a price-to-earnings ratio of 114.86, a PEG ratio of 1.54 and a beta of 0.91. Ciena Co. has a 52-week low of $43.30 and a 52-week high of $101.44. The company has a current ratio of 3.55, a quick ratio of 2.72 and a debt-to-equity ratio of 0.54.

Insider Buying and Selling at Ciena

In other Ciena news, SVP Brodie Gage sold 350 shares of the business's stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $85.91, for a total value of $30,068.50. Following the completion of the sale, the senior vice president now owns 49,547 shares in the company, valued at approximately $4,256,582.77. The trade was a 0.70 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Jason Phipps sold 5,648 shares of the business's stock in a transaction that occurred on Thursday, January 2nd. The shares were 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 approximately $9,300,073.92. This represents a 4.89 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 66,742 shares of company stock worth $5,469,173. 0.93% of the stock is owned by insiders.

Ciena 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.