State of Wyoming Sells 6,045 Shares of Ciena Co. (NYSE:CIEN)

State of Wyoming reduced its holdings in shares of Ciena Co. (NYSE:CIEN - Free Report) by 33.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 11,863 shares of the communications equipment provider's stock after selling 6,045 shares during the quarter. State of Wyoming's holdings in Ciena were worth $1,006,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Ritholtz Wealth Management purchased a new stake in Ciena in the 4th quarter worth approximately $245,000. US Bancorp DE raised its stake in Ciena by 1.5% during the 4th quarter. US Bancorp DE now owns 10,459 shares of the communications equipment provider's stock worth $887,000 after acquiring an additional 152 shares during the period. Merit Financial Group LLC bought a new stake in Ciena during the 4th quarter worth approximately $421,000. Charles Schwab Investment Management Inc. raised its position in shares of Ciena by 0.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 959,831 shares of the communications equipment provider's stock valued at $81,403,000 after buying an additional 4,315 shares during the last quarter. Finally, Kestra Private Wealth Services LLC bought a new stake in Ciena in the fourth quarter worth $1,129,000. 91.99% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on CIEN shares. Needham & Company LLC cut their price objective on shares of Ciena from $95.00 to $90.00 and set a "buy" rating on the stock in a report on Wednesday, March 12th. Northland Securities raised Ciena from a "market perform" rating to an "outperform" rating and increased their price target for the company from $60.00 to $75.00 in a report on Wednesday, March 12th. Morgan Stanley reduced their target price on shares of Ciena from $80.00 to $76.00 and set an "equal weight" rating on the stock in a report on Wednesday, March 12th. Barclays set a $100.00 target price on shares of Ciena and gave the company an "overweight" rating in a research report on Wednesday, March 12th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Ciena from $88.00 to $76.00 and set an "overweight" rating on the stock in a research report on Thursday, April 17th. Four equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $77.62.

Insider Buying and Selling

In other news, SVP Jason Phipps sold 18,888 shares of the company's stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $59.88, for a total transaction of $1,131,013.44. Following the sale, the senior vice president now owns 89,258 shares in the company, valued at $5,344,769.04. This represents a 17.47% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Gary B. Smith sold 6,800 shares of the stock in a transaction on Tuesday, April 15th. The shares were sold at an average price of $59.54, for a total value of $404,872.00. Following the completion of the sale, the chief executive officer now owns 375,680 shares in the company, valued at approximately $22,367,987.20. This trade represents a 1.78% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 58,588 shares of company stock valued at $3,950,907 over the last ninety days. 0.93% of the stock is owned by company insiders.

Ciena Stock Performance

Shares of Ciena stock traded down $1.17 during midday trading on Wednesday, hitting $79.88. The company had a trading volume of 1,248,673 shares, compared to its average volume of 2,029,365. The business's 50 day simple moving average is $66.07 and its two-hundred day simple moving average is $74.87. The stock has a market cap of $11.36 billion, a PE ratio of 140.15, a P/E/G ratio of 1.54 and a beta of 1.11. The company has a debt-to-equity ratio of 0.54, a current ratio of 3.55 and a quick ratio of 2.72. Ciena Co. has a 1-year low of $44.69 and a 1-year high of $101.44.

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.