Sherbrooke Park Advisers LLC bought a new position in Ciena Co. (NYSE:CIEN - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 7,264 shares of the communications equipment provider's stock, valued at approximately $616,000.
Other institutional investors also recently modified their holdings of the company. Greenleaf Trust boosted its position in Ciena by 2.8% in the fourth quarter. Greenleaf Trust now owns 4,978 shares of the communications equipment provider's stock worth $422,000 after purchasing an additional 136 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC grew its stake in Ciena by 108.6% in the 4th 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 during the period. Bessemer Group Inc. grew its stake in Ciena by 73.7% in the 4th quarter. Bessemer Group Inc. now owns 356 shares of the communications equipment provider's stock valued at $30,000 after purchasing an additional 151 shares during the period. US Bancorp DE grew 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 purchasing an additional 152 shares during the period. Finally, Atlas Capital Advisors Inc. grew its stake in Ciena by 77.2% in the 4th quarter. Atlas Capital Advisors Inc. now owns 420 shares of the communications equipment provider's stock valued at $36,000 after purchasing an additional 183 shares during the period. 91.99% of the stock is owned by institutional investors.
Analysts Set New Price Targets
A number of research analysts have issued reports on CIEN shares. B. Riley restated a "buy" rating and issued a $89.00 price objective (down previously from $97.00) on shares of Ciena in a research note on Wednesday, March 12th. Northland Securities upgraded Ciena from a "market perform" rating to an "outperform" rating and upped their price objective for the company from $60.00 to $75.00 in a research note on Wednesday, March 12th. Needham & Company LLC reduced their price objective on Ciena from $95.00 to $90.00 and set a "buy" rating for the company in a research note on Wednesday, March 12th. Citigroup decreased their target price on Ciena from $98.00 to $75.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Finally, Barclays set a $100.00 target price on Ciena and gave the stock an "overweight" rating in a research report on Wednesday, March 12th. Four equities 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's stock. According to data from MarketBeat, Ciena presently has a consensus rating of "Moderate Buy" and a consensus target price of $77.62.
Check Out Our Latest Analysis on CIEN
Insider Transactions at Ciena
In related news, CEO Gary B. Smith sold 6,800 shares of Ciena stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $79.89, for a total transaction of $543,252.00. Following the completion of the sale, the chief executive officer now owns 362,080 shares of the company's stock, valued at approximately $28,926,571.20. This trade represents a 1.84% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Brodie Gage sold 350 shares of Ciena 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 sale, the senior vice president now directly owns 46,233 shares of the company's stock, valued at $3,637,150.11. This represents a 0.75% decrease in their position. The disclosure for this sale can be found here. Insiders sold 58,588 shares of company stock valued at $3,950,907 over the last three months. Company insiders own 0.93% of the company's stock.
Ciena Stock Performance
Shares of Ciena stock traded down $0.04 during trading hours on Tuesday, reaching $80.95. The company had a trading volume of 761,474 shares, compared to its average volume of 2,029,516. Ciena Co. has a one year low of $44.69 and a one year high of $101.44. The business has a fifty day simple moving average of $65.70 and a 200 day simple moving average of $74.82. 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 firm has a market cap of $11.51 billion, a PE ratio of 142.02, a price-to-earnings-growth ratio of 1.54 and a beta of 1.11.
Ciena Profile
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Free Report)
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.
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