Ciena Corporation $CIEN Shares Sold by AQR Capital Management LLC

AQR Capital Management LLC cut its stake in shares of Ciena Corporation (NYSE:CIEN - Free Report) by 8.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 543,628 shares of the communications equipment provider's stock after selling 51,552 shares during the period. AQR Capital Management LLC owned 0.38% of Ciena worth $32,096,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in CIEN. Bessemer Group Inc. grew its holdings in shares of Ciena by 50.0% during the 1st quarter. Bessemer Group Inc. now owns 534 shares of the communications equipment provider's stock valued at $32,000 after purchasing an additional 178 shares during the last quarter. Bayforest Capital Ltd raised its position in Ciena by 34.7% during the 1st quarter. Bayforest Capital Ltd now owns 636 shares of the communications equipment provider's stock valued at $38,000 after purchasing an additional 164 shares during the last quarter. MassMutual Private Wealth & Trust FSB raised its holdings in shares of Ciena by 66.7% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 640 shares of the communications equipment provider's stock valued at $39,000 after acquiring an additional 256 shares in the last quarter. Orion Capital Management LLC bought a new position in Ciena in the 4th quarter worth $42,000. Finally, AdvisorNet Financial Inc raised its holdings in Ciena by 9,162.5% in the first quarter. AdvisorNet Financial Inc now owns 741 shares of the communications equipment provider's stock worth $45,000 after purchasing an additional 733 shares in the last quarter. Hedge funds and other institutional investors own 91.99% of the company's stock.

Ciena Stock Down 1.2%

Shares of CIEN traded down $1.62 during mid-day trading on Friday, hitting $130.88. 1,044,907 shares of the company traded hands, compared to its average volume of 2,345,648. The company has a quick ratio of 2.52, a current ratio of 3.28 and a debt-to-equity ratio of 0.55. Ciena Corporation has a 1-year low of $49.21 and a 1-year high of $134.31. The company has a market capitalization of $18.46 billion, a PE ratio of 135.10, a price-to-earnings-growth ratio of 2.55 and a beta of 1.16. The business has a 50 day moving average of $92.98 and a 200 day moving average of $78.50.

Analysts Set New Price Targets

A number of research firms have commented on CIEN. Bank of America lifted their target price on Ciena from $95.00 to $135.00 and gave the stock a "buy" rating in a report on Friday, September 5th. Wolfe Research raised shares of Ciena to a "strong-buy" rating in a report on Tuesday, July 8th. Morgan Stanley upped their price objective on Ciena from $70.00 to $100.00 and gave the stock an "underweight" rating in a research note on Friday, September 5th. UBS Group upped their target price on shares of Ciena from $78.00 to $120.00 and gave the stock a "neutral" rating in a research report on Friday, September 5th. Finally, B. Riley reiterated a "neutral" rating and set a $113.00 target price (up from $90.00) on shares of Ciena in a research report on Friday, September 5th. Three research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $114.32.

Insider Transactions at Ciena

In related news, SVP Joseph Cumello sold 2,044 shares of the firm's stock in a transaction dated Friday, June 27th. The stock was sold at an average price of $81.64, for a total transaction of $166,872.16. Following the sale, the senior vice president directly owned 47,198 shares of the company's stock, valued at $3,853,244.72. This trade represents a 4.15% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Brodie Gage sold 350 shares of the firm's stock in a transaction that occurred on Friday, August 15th. The stock was sold at an average price of $90.94, for a total transaction of $31,829.00. Following the sale, the senior vice president directly owned 43,268 shares in the company, valued at $3,934,791.92. The trade was a 0.80% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 39,769 shares of company stock valued at $3,326,705 over the last three months. Company 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.