Ausbil Investment Management Ltd Decreases Stock Holdings in Ciena Corporation $CIEN

Key Points

• Ausbil Investment Management Ltd has reduced its holdings in Ciena Corporation by 60.1% during the second quarter, now owning 3,861 shares worth approximately $314,000.
• Other institutional investors have significantly increased their stakes in Ciena, with Inspire Investing LLC growing its position by 516.6% and Amundi increasing its stake by 322.8% in the first quarter.
• Ciena's stock has seen a price increase, now trading at $142.13 with an average rating of "Moderate Buy" from analysts and a consensus price target of $122.86.

Ausbil Investment Management Ltd reduced its holdings in shares of Ciena Corporation (NYSE:CIEN - Free Report) by 60.1% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,861 shares of the communications equipment provider's stock after selling 5,818 shares during the quarter. Ausbil Investment Management Ltd's holdings in Ciena were worth $314,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Inspire Investing LLC grew its stake in Ciena by 516.6% during the first quarter. Inspire Investing LLC now owns 18,719 shares of the communications equipment provider's stock worth $1,131,000 after buying an additional 15,683 shares during the period. Amundi boosted its stake in shares of Ciena by 322.8% in the first quarter. Amundi now owns 34,035 shares of the communications equipment provider's stock valued at $1,912,000 after purchasing an additional 25,986 shares during the period. Connective Portfolio Management LLC purchased a new position in shares of Ciena in the second quarter valued at $651,000. Oliver Lagore Vanvalin Investment Group purchased a new position in shares of Ciena in the second quarter valued at $180,000. Finally, Cambridge Investment Research Advisors Inc. purchased a new position in shares of Ciena in the first quarter valued at $219,000. 91.99% of the stock is currently owned by hedge funds and other institutional investors.

Ciena Stock Up 3.6%

Ciena stock opened at $142.13 on Friday. The stock has a market cap of $20.05 billion, a price-to-earnings ratio of 146.53, a PEG ratio of 2.01 and a beta of 1.16. The company has a current ratio of 3.28, a quick ratio of 2.52 and a debt-to-equity ratio of 0.55. The company's 50-day moving average price is $105.39 and its two-hundred day moving average price is $83.50. Ciena Corporation has a 52 week low of $49.21 and a 52 week high of $143.79.

Analyst Ratings Changes

Several research analysts have recently weighed in on CIEN shares. Zacks Research upgraded shares of Ciena from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, September 9th. Barclays upped their target price on shares of Ciena from $102.00 to $138.00 and gave the company an "overweight" rating in a research note on Friday, September 5th. Needham & Company LLC increased their price objective on shares of Ciena from $90.00 to $130.00 and gave the company a "buy" rating in a research note on Friday, September 5th. Northland Securities set a $100.00 price objective on shares of Ciena in a research note on Monday, June 30th. Finally, UBS Group increased their price objective on shares of Ciena from $78.00 to $120.00 and gave the company a "neutral" rating in a research note on Friday, September 5th. Three research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $122.86.

Insider Buying and Selling at Ciena

In other news, SVP Jason Phipps sold 2,325 shares of Ciena stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $80.50, for a total value of $187,162.50. Following the transaction, the senior vice president owned 84,833 shares of the company's stock, valued at $6,829,056.50. The trade was a 2.67% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Gary B. Smith sold 6,800 shares of the firm's stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $92.93, for a total transaction of $631,924.00. Following the completion of the transaction, the chief executive officer owned 305,157 shares of the company's stock, valued at approximately $28,358,240.01. The trade was a 2.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 46,186 shares of company stock worth $4,787,846. 0.93% of the stock is currently owned by company insiders.

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.

Want to see what other hedge funds are holding CIEN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Ciena Corporation (NYSE:CIEN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.