Comerica Bank Has $4.26 Million Holdings in Ciena Co. (NYSE:CIEN)

Comerica Bank reduced its position in shares of Ciena Co. (NYSE:CIEN - Free Report) by 44.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 50,168 shares of the communications equipment provider's stock after selling 40,262 shares during the quarter. Comerica Bank's holdings in Ciena were worth $4,255,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the company. Annis Gardner Whiting Capital Advisors LLC boosted its position in shares of 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 period. Versant Capital Management Inc increased its holdings in Ciena by 925.0% in the 4th 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. raised its position in shares of Ciena by 328.2% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 364 shares of the communications equipment provider's stock valued at $30,000 after buying an additional 279 shares in the last quarter. Bessemer Group Inc. lifted its holdings in shares of Ciena by 73.7% during the 4th quarter. Bessemer Group Inc. now owns 356 shares of the communications equipment provider's stock worth $30,000 after acquiring an additional 151 shares during the period. Finally, Atlas Capital Advisors Inc. boosted its position in shares of Ciena by 77.2% during the 4th quarter. Atlas Capital Advisors Inc. now owns 420 shares of the communications equipment provider's stock worth $36,000 after acquiring an additional 183 shares in the last quarter. Institutional investors and hedge funds own 91.99% of the company's stock.

Ciena Trading Up 0.0 %

CIEN opened at $72.86 on Tuesday. Ciena Co. has a twelve month low of $44.69 and a twelve month high of $101.44. The company has a fifty day moving average of $64.45 and a 200-day moving average of $73.94. The stock has a market cap of $10.36 billion, a PE ratio of 127.83, a price-to-earnings-growth ratio of 1.54 and a beta of 1.11. The company has a quick ratio of 2.72, a current ratio of 3.55 and a debt-to-equity ratio of 0.54.

Insiders Place Their Bets

In other news, SVP Brodie Gage sold 350 shares of Ciena stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $90.16, for a total value of $31,556.00. Following the completion of the sale, the senior vice president now owns 49,197 shares in the company, valued at $4,435,601.52. The trade was a 0.71 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP David M. Rothenstein sold 2,500 shares of the stock in a transaction on Monday, March 24th. The stock was sold at an average price of $68.88, for a total transaction of $172,200.00. Following the transaction, the senior vice president now directly owns 207,370 shares in the company, valued at approximately $14,283,645.60. This represents a 1.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 49,288 shares of company stock worth $3,211,852. Company insiders own 0.93% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on CIEN shares. Citigroup decreased their price target on Ciena from $98.00 to $75.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Northland Securities raised shares of Ciena from a "market perform" rating to an "outperform" rating and boosted their target price for the stock from $60.00 to $75.00 in a research note on Wednesday, March 12th. Northland Capmk upgraded Ciena from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, March 12th. B. Riley restated a "buy" rating and set a $89.00 price objective (down previously from $97.00) on shares of Ciena in a research report on Wednesday, March 12th. Finally, Barclays set a $100.00 target price on Ciena and gave the company an "overweight" rating in a research report on Wednesday, March 12th. Four investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price 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.

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