Thrivent Financial for Lutherans Cuts Position in Ciena Co. (NYSE:CIEN)

Thrivent Financial for Lutherans trimmed its position in Ciena Co. (NYSE:CIEN - Free Report) by 3.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,613,819 shares of the communications equipment provider's stock after selling 102,205 shares during the period. Ciena makes up approximately 0.4% of Thrivent Financial for Lutherans' investment portfolio, making the stock its 27th largest holding. Thrivent Financial for Lutherans owned 1.84% of Ciena worth $221,678,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Geode Capital Management LLC increased its position in shares of Ciena by 1.4% in the third quarter. Geode Capital Management LLC now owns 2,408,014 shares of the communications equipment provider's stock valued at $148,348,000 after acquiring an additional 33,074 shares during the last quarter. Ritholtz Wealth Management acquired a new stake in shares of Ciena in the fourth quarter valued at about $245,000. US Bancorp DE increased its position in shares of Ciena by 1.5% in the fourth 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 during the last quarter. Merit Financial Group LLC acquired a new stake in shares of Ciena in the fourth quarter valued at about $421,000. Finally, FMR LLC increased its position in shares of Ciena by 0.5% in the third quarter. FMR LLC now owns 21,664,066 shares of the communications equipment provider's stock valued at $1,334,290,000 after acquiring an additional 108,407 shares during the last quarter. 91.99% of the stock is currently owned by institutional investors.

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Analysts Set New Price Targets

CIEN has been the topic of a number of recent analyst reports. Needham & Company LLC lowered their price target on Ciena from $95.00 to $90.00 and set a "buy" rating on the stock in a research report on Wednesday, March 12th. Northland Securities raised Ciena from a "market perform" rating to an "outperform" rating and boosted their price target for the stock from $60.00 to $75.00 in a research report on Wednesday, March 12th. Morgan Stanley lowered their price target on Ciena from $80.00 to $76.00 and set an "equal weight" rating on the stock in a research report on Wednesday, March 12th. B. Riley reissued a "buy" rating and set a $89.00 price target (down previously from $97.00) on shares of Ciena in a research report on Wednesday, March 12th. Finally, Northland Capmk raised Ciena from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, March 12th. Four analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Ciena presently has a consensus rating of "Moderate Buy" and an average price target of $81.38.

Ciena Stock Down 0.2 %

Ciena stock traded down $0.16 during midday trading on Friday, reaching $65.47. The stock had a trading volume of 2,537,351 shares, compared to its average volume of 1,908,488. Ciena Co. has a 12 month low of $43.30 and a 12 month high of $101.44. The company has a market capitalization of $9.31 billion, a P/E ratio of 114.86, a PEG ratio of 1.54 and a beta of 0.91. The company has a fifty day moving average price of $80.57 and a two-hundred day moving average price of $73.48. 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 Activity at Ciena

In other Ciena news, SVP Brodie Gage sold 350 shares of Ciena stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $90.16, for a total transaction of $31,556.00. Following the completion of the transaction, the senior vice president now owns 49,197 shares in the company, valued at approximately $4,435,601.52. The trade was a 0.71 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Dino Diperna sold 2,682 shares of Ciena stock in a transaction dated Thursday, December 26th. The shares were sold at an average price of $87.64, for a total value of $235,050.48. Following the transaction, the senior vice president now owns 50,607 shares of the company's stock, valued at $4,435,197.48. This trade represents a 5.03 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 66,742 shares of company stock valued at $5,469,173 in the last three months. Corporate insiders own 0.93% of the company's stock.

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.