ThornTree Capital Partners LP Grows Stock Holdings in Ciena Co. (NYSE:CIEN)

ThornTree Capital Partners LP increased its holdings in shares of Ciena Co. (NYSE:CIEN - Free Report) by 1.9% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 611,992 shares of the communications equipment provider's stock after purchasing an additional 11,683 shares during the period. Ciena makes up approximately 6.7% of ThornTree Capital Partners LP's holdings, making the stock its 2nd largest position. ThornTree Capital Partners LP owned 0.43% of Ciena worth $51,903,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Annis Gardner Whiting Capital Advisors LLC boosted its holdings in Ciena by 108.6% during 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 purchasing an additional 151 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings 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 worth $30,000 after buying an additional 279 shares in the last quarter. Bessemer Group Inc. raised its holdings in shares of Ciena by 73.7% in the 4th quarter. Bessemer Group Inc. now owns 356 shares of the communications equipment provider's stock worth $30,000 after buying an additional 151 shares in the last quarter. Atlas Capital Advisors Inc. raised its holdings in shares of Ciena by 77.2% in the 4th quarter. Atlas Capital Advisors Inc. now owns 420 shares of the communications equipment provider's stock worth $36,000 after buying an additional 183 shares in the last quarter. Finally, Picton Mahoney Asset Management acquired a new position in shares of Ciena in the 4th quarter worth approximately $41,000. Institutional investors own 91.99% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. Needham & Company LLC dropped their target price on Ciena from $95.00 to $90.00 and set a "buy" rating for the company in a report on Wednesday, March 12th. Northland Securities raised Ciena from a "market perform" rating to an "outperform" rating and increased their target price for the stock from $60.00 to $75.00 in a report on Wednesday, March 12th. Barclays set a $100.00 target price on Ciena and gave the stock an "overweight" rating in a report on Wednesday, March 12th. Northland Capmk raised Ciena from a "hold" rating to a "strong-buy" rating in a report on Wednesday, March 12th. Finally, Citigroup dropped their target price on Ciena from $98.00 to $75.00 and set a "buy" rating for the company in a report on Monday, April 14th. Four 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's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $77.62.

Insider Transactions at Ciena

In other Ciena news, SVP Jason Phipps sold 18,888 shares of the business's stock in a transaction 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 sale, the senior vice president now directly 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 transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP David M. Rothenstein sold 2,500 shares of the company's stock in a transaction dated Monday, March 24th. The shares were 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 of the company's stock, valued at approximately $14,283,645.60. This trade represents a 1.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 58,588 shares of company stock valued at $3,950,907 in the last 90 days. 0.93% of the stock is currently owned by corporate insiders.

Ciena Trading Down 1.4%

NYSE CIEN traded down $1.17 on Wednesday, reaching $79.88. The company had a trading volume of 1,248,673 shares, compared to its average volume of 2,029,365. The company has a debt-to-equity ratio of 0.54, a current ratio of 3.55 and a quick ratio of 2.72. The business has a 50 day moving average of $66.07 and a two-hundred day moving average of $74.87. Ciena Co. has a fifty-two week low of $44.69 and a fifty-two week high of $101.44. The firm has a market cap of $11.36 billion, a price-to-earnings ratio of 140.15, a P/E/G ratio of 1.54 and a beta of 1.11.

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.