Point72 Hong Kong Ltd Makes New $1.55 Million Investment in Ciena Co. (NYSE:CIEN)

Point72 Hong Kong Ltd acquired a new stake in shares of Ciena Co. (NYSE:CIEN - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 18,309 shares of the communications equipment provider's stock, valued at approximately $1,553,000.

A number of other institutional investors also recently bought and sold shares of the stock. Polar Capital Holdings Plc raised its holdings in Ciena by 113.7% in the fourth quarter. Polar Capital Holdings Plc now owns 2,169,406 shares of the communications equipment provider's stock worth $183,987,000 after purchasing an additional 1,154,260 shares in the last quarter. ProShare Advisors LLC grew its position in Ciena by 7.9% during the 4th quarter. ProShare Advisors LLC now owns 6,756 shares of the communications equipment provider's stock valued at $573,000 after purchasing an additional 492 shares during the last quarter. Quantinno Capital Management LP increased its position in shares of Ciena by 49.3% during the fourth quarter. Quantinno Capital Management LP now owns 30,023 shares of the communications equipment provider's stock valued at $2,546,000 after acquiring an additional 9,916 shares in the last quarter. Nissay Asset Management Corp Japan ADV raised its stake in shares of Ciena by 11.0% in the fourth quarter. Nissay Asset Management Corp Japan ADV now owns 33,995 shares of the communications equipment provider's stock worth $2,946,000 after purchasing an additional 3,359 shares during the last quarter. Finally, Occudo Quantitative Strategies LP bought a new position in Ciena during the 4th quarter valued at about $1,019,000. 91.99% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently commented on CIEN shares. JPMorgan Chase & Co. cut their price objective on Ciena from $88.00 to $76.00 and set an "overweight" rating for the company in a report on Thursday, April 17th. Needham & Company LLC cut their price target on Ciena from $95.00 to $90.00 and set a "buy" rating for the company in a research note on Wednesday, March 12th. Rosenblatt Securities cut their price objective on shares of Ciena from $73.00 to $65.00 and set a "neutral" rating for the company in a report on Tuesday, April 22nd. Northland Securities upgraded Ciena from a "market perform" rating to an "outperform" rating and boosted their target price for the stock from $60.00 to $75.00 in a research report on Wednesday, March 12th. Finally, B. Riley reissued a "buy" rating and issued a $89.00 price objective (down from $97.00) on shares of Ciena in a research note on Wednesday, March 12th. Four research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $77.62.

Ciena Trading Down 0.3%

Shares of NYSE:CIEN traded down $0.23 on Monday, hitting $81.01. 761,832 shares of the company's stock were exchanged, compared to its average volume of 2,030,396. The stock has a market capitalization of $11.52 billion, a price-to-earnings ratio of 142.13, a price-to-earnings-growth ratio of 1.54 and a beta of 1.11. Ciena Co. has a 12 month low of $44.69 and a 12 month high of $101.44. The business's 50 day simple moving average is $65.40 and its two-hundred day simple moving average is $74.70. The company has a debt-to-equity ratio of 0.54, a current ratio of 3.55 and a quick ratio of 2.72.

Insider Buying and Selling at Ciena

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 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 owns 89,258 shares of the company's stock, valued at approximately $5,344,769.04. This represents a 17.47% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Brodie Gage sold 350 shares of Ciena stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $90.16, for a total transaction of $31,556.00. Following the transaction, the senior vice president now directly owns 49,197 shares in the company, valued at approximately $4,435,601.52. The trade was a 0.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 58,938 shares of company stock valued at $3,982,463 in 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.