Russell Investments Group Ltd. boosted its position in shares of Ciena Co. (NYSE:CIEN - Free Report) by 11.9% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 326,654 shares of the communications equipment provider's stock after buying an additional 34,736 shares during the quarter. Russell Investments Group Ltd. owned approximately 0.23% of Ciena worth $27,757,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently made changes to their positions in CIEN. Annis Gardner Whiting Capital Advisors LLC boosted its stake in Ciena by 108.6% in the fourth quarter. Annis Gardner Whiting Capital Advisors LLC now owns 290 shares of the communications equipment provider's stock valued at $25,000 after acquiring an additional 151 shares during the last quarter. Versant Capital Management Inc boosted its position 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 worth $28,000 after purchasing an additional 296 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in Ciena by 328.2% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 364 shares of the communications equipment provider's stock valued at $30,000 after purchasing an additional 279 shares during the last quarter. Atlas Capital Advisors Inc. lifted its stake in Ciena by 77.2% in the fourth quarter. Atlas Capital Advisors Inc. now owns 420 shares of the communications equipment provider's stock valued at $36,000 after buying an additional 183 shares during the period. Finally, Picton Mahoney Asset Management acquired a new stake in shares of Ciena in the 4th quarter valued at approximately $41,000. Institutional investors own 91.99% of the company's stock.
Analyst Ratings Changes
Several research analysts recently commented on the company. Northland Securities raised Ciena from a "market perform" rating to an "outperform" rating and increased their price target for the company from $60.00 to $75.00 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. Rosenblatt Securities decreased their target price on Ciena from $94.00 to $79.00 and set a "neutral" rating on the stock in a report on Friday, March 7th. 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, JPMorgan Chase & Co. upgraded shares of Ciena from a "neutral" rating to an "overweight" rating and upped their price objective for the company from $84.00 to $88.00 in a report on Tuesday, January 28th. Four analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Ciena presently has a consensus rating of "Moderate Buy" and a consensus target price of $81.38.
Check Out Our Latest Stock Analysis on Ciena
Ciena Price Performance
NYSE CIEN traded up $1.24 during midday trading on Monday, hitting $60.02. The company had a trading volume of 223,832 shares, compared to its average volume of 2,631,014. The firm has a 50-day moving average price of $71.84 and a 200-day moving average price of $74.10. The company has a market capitalization of $8.53 billion, a PE ratio of 105.30, a P/E/G 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 twelve month low of $43.30 and a twelve month high of $101.44.
Insider Activity at Ciena
In other news, SVP Brodie Gage sold 350 shares of Ciena 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 transaction, the senior vice president now owns 49,197 shares in the company, valued at approximately $4,435,601.52. This trade represents a 0.71 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Jason Phipps sold 18,888 shares of the company's stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $59.88, for a total value of $1,131,013.44. Following the sale, the senior vice president now owns 89,258 shares of the company's stock, valued at approximately $5,344,769.04. This represents a 17.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders 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.
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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