First Sabrepoint Capital Management LP Purchases Shares of 85,200 Ciena Co. (NYSE:CIEN)

First Sabrepoint Capital Management 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 85,200 shares of the communications equipment provider's stock, valued at approximately $7,226,000. Ciena makes up 1.9% of First Sabrepoint Capital Management LP's holdings, making the stock its 19th biggest position. First Sabrepoint Capital Management LP owned about 0.06% of Ciena as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. GAMMA Investing LLC lifted its stake in Ciena by 27.7% during the fourth quarter. GAMMA Investing LLC now owns 2,109 shares of the communications equipment provider's stock worth $179,000 after purchasing an additional 458 shares during the last quarter. Everence Capital Management Inc. bought a new stake in Ciena during the fourth quarter worth about $235,000. Fulton Bank N.A. lifted its stake in Ciena by 11.6% during the fourth quarter. Fulton Bank N.A. now owns 8,279 shares of the communications equipment provider's stock worth $702,000 after purchasing an additional 861 shares during the last quarter. Kieckhefer Group LLC bought a new stake in Ciena during the fourth quarter worth about $59,000. Finally, Compton Wealth Advisory Group LLC bought a new stake in shares of Ciena in the 4th quarter valued at about $212,000. 91.99% of the stock is currently owned by hedge funds and other institutional investors.

Ciena Trading Down 0.1%

Shares of Ciena stock traded down $0.10 on Friday, hitting $74.68. 882,241 shares of the company traded hands, compared to its average volume of 2,026,086. The stock's 50 day moving average price is $64.23 and its 200-day moving average price is $74.16. 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 52 week low of $44.69 and a 52 week high of $101.44. The company has a market cap of $10.62 billion, a PE ratio of 131.02, a PEG ratio of 1.54 and a beta of 1.11.

Insider Activity

In related news, SVP Jason Phipps sold 18,888 shares of the business'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 value of $1,131,013.44. Following the completion of the transaction, the senior vice president now owns 89,258 shares of the company's stock, valued at $5,344,769.04. The trade was a 17.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Brodie Gage sold 350 shares of the business's stock in a transaction that occurred on 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 directly 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 disclosure for this sale can be found here. Over the last quarter, insiders sold 49,288 shares of company stock valued at $3,211,852. Corporate insiders own 0.93% of the company's stock.

Wall Street Analyst Weigh In

CIEN has been the subject of a number of recent research reports. Needham & Company LLC lowered their target price on Ciena from $95.00 to $90.00 and set a "buy" rating for the company in a research note on Wednesday, March 12th. Morgan Stanley lowered their target price 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. Citigroup lowered their target price on Ciena from $98.00 to $75.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Northland Capmk raised Ciena from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, March 12th. Finally, Rosenblatt Securities lowered their target price on Ciena from $73.00 to $65.00 and set a "neutral" rating for the company in a research note on Tuesday, April 22nd. Four equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $77.62.

Ciena Company 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.