Summit Financial LLC bought a new stake in Ciena Co. (NYSE:CIEN - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 6,808 shares of the communications equipment provider's stock, valued at approximately $577,000.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Versant Capital Management Inc increased its stake in shares of Ciena by 925.0% in the fourth quarter. Versant Capital Management Inc now owns 328 shares of the communications equipment provider's stock valued at $28,000 after buying an additional 296 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. grew 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 worth $30,000 after acquiring an additional 279 shares during the last quarter. Picton Mahoney Asset Management acquired a new position in Ciena in the 4th quarter valued at approximately $41,000. Parkside Financial Bank & Trust raised its stake in shares of Ciena by 409.8% during the fourth quarter. Parkside Financial Bank & Trust now owns 520 shares of the communications equipment provider's stock valued at $44,000 after acquiring an additional 418 shares during the last quarter. Finally, CIBC Private Wealth Group LLC lifted its holdings in shares of Ciena by 394.6% during the fourth quarter. CIBC Private Wealth Group LLC now owns 554 shares of the communications equipment provider's stock worth $46,000 after purchasing an additional 442 shares during the period. Institutional investors own 91.99% of the company's stock.
Ciena Stock Down 4.7 %
NYSE:CIEN traded down $2.66 during trading hours on Friday, reaching $53.53. The company had a trading volume of 5,780,351 shares, compared to its average volume of 1,996,189. The business's 50-day simple moving average is $75.40 and its two-hundred day simple moving average is $74.08. Ciena Co. has a twelve month low of $43.30 and a twelve month high of $101.44. The firm has a market cap of $7.61 billion, a price-to-earnings ratio of 93.91, a P/E/G ratio of 1.54 and a beta of 1.15. The company has a quick ratio of 2.72, a current ratio of 3.55 and a debt-to-equity ratio of 0.54.
Analyst Upgrades and Downgrades
CIEN has been the subject of a number of recent research reports. Stifel Nicolaus restated a "buy" rating and issued a $82.00 price objective (up from $75.00) on shares of Ciena in a report on Tuesday, December 10th. Northland Capmk raised Ciena from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, March 12th. Rosenblatt Securities cut their price objective on Ciena from $94.00 to $79.00 and set a "neutral" rating on the stock in a research note on Friday, March 7th. B. Riley reissued a "buy" rating and set a $89.00 target price (down previously from $97.00) on shares of Ciena in a research report on Wednesday, March 12th. Finally, Morgan Stanley dropped their price target on shares of Ciena from $80.00 to $76.00 and set an "equal weight" rating on the stock in a research report on Wednesday, March 12th. 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. According to MarketBeat.com, Ciena has a consensus rating of "Moderate Buy" and a consensus price target of $81.38.
View Our Latest Analysis on Ciena
Insider Activity
In related news, Director Bruce L. Claflin sold 16,912 shares of the stock in a transaction on Monday, January 6th. The stock was sold at an average price of $84.96, for a total value of $1,436,843.52. Following the transaction, the director now directly owns 59,347 shares in the company, valued at $5,042,121.12. This trade represents a 22.18 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Brodie Gage sold 350 shares of Ciena stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $85.91, for a total transaction of $30,068.50. Following the completion of the sale, the senior vice president now directly owns 49,547 shares of the company's stock, valued at approximately $4,256,582.77. The trade was a 0.70 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 66,200 shares of company stock worth $4,921,513 in the last three months. Company insiders own 0.93% of the company's stock.
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.
See Also
Before you consider Ciena, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Ciena wasn't on the list.
While Ciena currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Thinking about investing in Meta, Roblox, or Unity? Enter your email to learn what streetwise investors need to know about the metaverse and public markets before making an investment.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
