Point72 Asset Management L.P. Sells 684,643 Shares of Ciena Co. (NYSE:CIEN)

Point72 Asset Management L.P. cut its stake in Ciena Co. (NYSE:CIEN - Free Report) by 72.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 254,810 shares of the communications equipment provider's stock after selling 684,643 shares during the quarter. Point72 Asset Management L.P. owned 0.18% of Ciena worth $21,610,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of CIEN. Greenleaf Trust increased its stake in Ciena by 2.8% during the 4th quarter. Greenleaf Trust now owns 4,978 shares of the communications equipment provider's stock worth $422,000 after purchasing an additional 136 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC lifted 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 worth $25,000 after purchasing an additional 151 shares in the last quarter. Bessemer Group Inc. boosted its holdings in Ciena by 73.7% during the fourth quarter. Bessemer Group Inc. now owns 356 shares of the communications equipment provider's stock worth $30,000 after purchasing an additional 151 shares during the last quarter. US Bancorp DE increased its stake in Ciena by 1.5% in the 4th quarter. US Bancorp DE now owns 10,459 shares of the communications equipment provider's stock valued at $887,000 after buying an additional 152 shares during the last quarter. Finally, Atlas Capital Advisors Inc. boosted its stake 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 buying an additional 183 shares during the last quarter. 91.99% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

CIEN has been the subject of a number of analyst reports. Citigroup decreased their price target on Ciena from $98.00 to $75.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Needham & Company LLC cut their target price on shares of Ciena from $95.00 to $90.00 and set a "buy" rating for the company in a research note on Wednesday, March 12th. JPMorgan Chase & Co. dropped their price objective on Ciena from $88.00 to $76.00 and set an "overweight" rating on the stock in a research note on Thursday, April 17th. B. Riley reaffirmed a "buy" rating and issued a $89.00 price objective (down from $97.00) on shares of Ciena in a research report on Wednesday, March 12th. Finally, Rosenblatt Securities decreased their target price on Ciena from $73.00 to $65.00 and set a "neutral" rating on the stock in a report on Tuesday, April 22nd. Four 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. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $77.62.

Ciena Price Performance

NYSE CIEN traded down $1.17 on Wednesday, hitting $79.88. 1,248,673 shares of the company's stock were exchanged, compared to its average volume of 2,029,365. Ciena Co. has a 52 week low of $44.69 and a 52 week high of $101.44. The stock has a 50-day moving average of $66.07 and a 200-day moving average of $74.87. The company has a current ratio of 3.55, a quick ratio of 2.72 and a debt-to-equity ratio of 0.54. The stock 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.

Insider Transactions at Ciena

In other news, CEO Gary B. Smith sold 6,800 shares of the firm's stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $76.41, for a total transaction of $519,588.00. Following the completion of the transaction, the chief executive officer now owns 398,549 shares of the company's stock, valued at approximately $30,453,129.09. This trade represents a 1.68% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Brodie Gage sold 350 shares of the stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $78.67, for a total value of $27,534.50. Following the completion of the sale, the senior vice president now owns 46,233 shares of the company's stock, valued at $3,637,150.11. The trade was a 0.75% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 58,588 shares of company stock worth $3,950,907. Corporate insiders own 0.93% of the company's stock.

About Ciena

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.