Prudential PLC purchased a new stake in Ciena Co. (NYSE:CIEN - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 5,030 shares of the communications equipment provider's stock, valued at approximately $427,000.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Annis Gardner Whiting Capital Advisors LLC raised its stake in shares of Ciena by 108.6% during the fourth quarter. Annis Gardner Whiting Capital Advisors LLC now owns 290 shares of the communications equipment provider's stock worth $25,000 after acquiring an additional 151 shares in the last quarter. Versant Capital Management Inc lifted its stake in shares of Ciena by 925.0% in the 4th quarter. Versant Capital Management Inc now owns 328 shares of the communications equipment provider's stock valued at $28,000 after acquiring an additional 296 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in Ciena by 328.2% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 364 shares of the communications equipment provider's stock valued at $30,000 after buying an additional 279 shares during the last quarter. Atlas Capital Advisors Inc. raised its holdings in Ciena by 77.2% in the fourth quarter. Atlas Capital Advisors Inc. now owns 420 shares of the communications equipment provider's stock worth $36,000 after purchasing an additional 183 shares in the last quarter. Finally, Picton Mahoney Asset Management bought a new position in shares of Ciena in the fourth quarter worth approximately $41,000. Hedge funds and other institutional investors own 91.99% of the company's stock.
Insider Buying and Selling at Ciena
In other news, SVP Brodie Gage sold 350 shares of the firm's stock in a transaction on 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 sale, the senior vice president now owns 49,197 shares of the company's stock, valued at $4,435,601.52. This trade represents a 0.71 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Gary B. Smith sold 6,800 shares of the business's stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $85.29, for a total transaction of $579,972.00. Following the sale, the chief executive officer now directly owns 418,949 shares in the company, valued at approximately $35,732,160.21. This represents a 1.60 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 49,288 shares of company stock valued at $3,484,670. Company insiders own 0.93% of the company's stock.
Wall Street Analysts Forecast Growth
A number of equities analysts have recently issued reports on the company. JPMorgan Chase & Co. upgraded Ciena from a "neutral" rating to an "overweight" rating and raised their price target for the stock from $84.00 to $88.00 in a research note on Tuesday, January 28th. Rosenblatt Securities reduced their price target on Ciena from $94.00 to $79.00 and set a "neutral" rating for the company in a research report on Friday, March 7th. Morgan Stanley cut 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. B. Riley reaffirmed a "buy" rating and set a $89.00 price target (down previously from $97.00) on shares of Ciena in a report on Wednesday, March 12th. Finally, Northland Capmk raised shares of Ciena from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, March 12th. Four investment 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 stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $81.38.
Check Out Our Latest Stock Analysis on Ciena
Ciena Trading Up 2.2 %
NYSE:CIEN traded up $1.30 during mid-day trading on Monday, hitting $60.08. 192,705 shares of the stock traded hands, compared to its average volume of 2,013,710. The firm's 50 day moving average is $71.84 and its two-hundred day moving average is $74.10. The stock has a market capitalization of $8.54 billion, a price-to-earnings ratio of 105.41, a PEG ratio of 1.54 and a beta of 1.15. Ciena Co. has a 52 week low of $43.30 and a 52 week high of $101.44. The company has a quick ratio of 2.72, a current ratio of 3.55 and a debt-to-equity ratio of 0.54.
About Ciena
(
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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