Trexquant Investment LP bought a new position in shares of Ciena Co. (NYSE:CIEN - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 89,752 shares of the communications equipment provider's stock, valued at approximately $7,612,000. Trexquant Investment LP owned approximately 0.06% of Ciena as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently modified their holdings of CIEN. Point72 Asset Management L.P. bought a new position in Ciena during the 3rd quarter worth approximately $57,861,000. Stephens Investment Management Group LLC bought a new position in shares of Ciena in the fourth quarter worth approximately $56,997,000. Keystone Investors PTE Ltd. purchased a new position in shares of Ciena in the fourth quarter worth $45,341,000. Arrowstreet Capital Limited Partnership raised its holdings in Ciena by 4,484.1% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 529,555 shares of the communications equipment provider's stock valued at $44,912,000 after buying an additional 518,003 shares during the last quarter. Finally, Raymond James Financial Inc. purchased a new stake in Ciena during the 4th quarter valued at $40,919,000. Hedge funds and other institutional investors own 91.99% of the company's stock.
Ciena Stock Up 14.8 %
NYSE CIEN traded up $8.00 during mid-day trading on Wednesday, reaching $62.03. The stock had a trading volume of 3,358,124 shares, compared to its average volume of 2,016,962. The company has a fifty day moving average price of $72.95 and a 200 day moving average price of $74.05. The company has a debt-to-equity ratio of 0.54, a current ratio of 3.55 and a quick ratio of 2.72. Ciena Co. has a 1 year low of $43.30 and a 1 year high of $101.44. The stock has a market cap of $8.82 billion, a PE ratio of 108.83, a price-to-earnings-growth ratio of 1.54 and a beta of 1.15.
Insider Activity
In other Ciena news, CEO Gary B. Smith sold 6,800 shares of the business's stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $85.29, for a total transaction of $579,972.00. Following the completion of the sale, the chief executive officer now directly owns 418,949 shares in the company, valued at $35,732,160.21. The trade was a 1.60 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Jason Phipps sold 18,888 shares of the company's stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $59.88, for a total transaction of $1,131,013.44. Following the sale, the senior vice president now directly 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 have sold a total of 49,288 shares of company stock valued at $3,484,670 over the last ninety days. 0.93% of the stock is currently owned by corporate insiders.
Wall Street Analyst Weigh In
Several research firms recently issued reports on CIEN. Rosenblatt Securities cut their target price on Ciena from $94.00 to $79.00 and set a "neutral" rating on the stock in a research note on Friday, March 7th. Northland Securities raised Ciena from a "market perform" rating to an "outperform" rating and raised their price target for the stock from $60.00 to $75.00 in a research note on Wednesday, March 12th. B. Riley reissued a "buy" rating and set a $89.00 price objective (down from $97.00) on shares of Ciena in a research report on Wednesday, March 12th. Needham & Company LLC dropped their target price on shares of Ciena from $95.00 to $90.00 and set a "buy" rating for the company in a research report on Wednesday, March 12th. Finally, JPMorgan Chase & Co. upgraded shares of Ciena from a "neutral" rating to an "overweight" rating and boosted their price target for the company from $84.00 to $88.00 in a research report on Tuesday, January 28th. Four equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $81.38.
Check Out Our Latest Stock Analysis on Ciena
Ciena Company Profile
(
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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