Commonwealth Equity Services LLC lessened its holdings in shares of Ciena Co. (NYSE:CIEN) by 2.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 21,072 shares of the communications equipment provider’s stock after selling 497 shares during the quarter. Commonwealth Equity Services LLC’s holdings in Ciena were worth $714,000 as of its most recent SEC filing.
A number of other hedge funds have also made changes to their positions in the business. Raymond James & Associates boosted its stake in Ciena by 626.7% in the fourth quarter. Raymond James & Associates now owns 106,894 shares of the communications equipment provider’s stock worth $3,625,000 after buying an additional 92,185 shares in the last quarter. Texas Permanent School Fund increased its holdings in shares of Ciena by 3.5% during the fourth quarter. Texas Permanent School Fund now owns 92,909 shares of the communications equipment provider’s stock valued at $3,151,000 after acquiring an additional 3,184 shares in the last quarter. Stephens Inc. AR bought a new position in shares of Ciena during the fourth quarter valued at $329,000. Ffcm LLC increased its holdings in shares of Ciena by 355.7% during the fourth quarter. Ffcm LLC now owns 1,276 shares of the communications equipment provider’s stock valued at $43,000 after acquiring an additional 996 shares in the last quarter. Finally, BlackRock Inc. increased its holdings in Ciena by 9.6% in the 4th quarter. BlackRock Inc. now owns 17,899,503 shares of the communications equipment provider’s stock worth $606,974,000 after buying an additional 1,561,445 shares in the last quarter. Institutional investors and hedge funds own 93.44% of the company’s stock.
CIEN traded up $0.41 during trading hours on Monday, reaching $38.40. 2,962,119 shares of the company’s stock traded hands, compared to its average volume of 2,606,549. Ciena Co. has a 52-week low of $22.99 and a 52-week high of $45.70. The stock has a market cap of $6.02 billion, a P/E ratio of 34.29, a PEG ratio of 1.44 and a beta of 1.03. The company has a quick ratio of 2.52, a current ratio of 2.98 and a debt-to-equity ratio of 0.33.
Several equities research analysts recently commented on the company. Northland Securities upgraded Ciena from a “market perform” rating to an “outperform” rating and set a $42.00 price objective for the company in a report on Monday. ValuEngine cut Ciena from a “strong-buy” rating to a “buy” rating in a research report on Monday, April 1st. JPMorgan Chase & Co. set a $45.00 target price on Ciena and gave the stock a “buy” rating in a research report on Friday, March 22nd. Zacks Investment Research raised Ciena from a “hold” rating to a “strong-buy” rating and set a $46.00 target price on the stock in a research report on Friday, March 8th. Finally, UBS Group set a $42.00 target price on Ciena and gave the stock a “hold” rating in a research report on Thursday, March 7th. Nine research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $42.30.
In related news, SVP Scott Mcfeely sold 1,000 shares of the company’s stock in a transaction dated Friday, February 15th. The stock was sold at an average price of $39.97, for a total transaction of $39,970.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, SVP Stephen B. Alexander sold 2,500 shares of the company’s stock in a transaction dated Tuesday, January 15th. The shares were sold at an average price of $36.79, for a total value of $91,975.00. The disclosure for this sale can be found here. Insiders sold a total of 198,822 shares of company stock valued at $7,874,145 over the last quarter. Company insiders own 1.20% of the company’s stock.
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Ciena Company Profile
Ciena Corp. engages in the provision of network and communication infrastructure. It operates through the following segments: Converged Packet Optical; Packet Networking; Optical Transport; and Software and Services. The Converged Packet Optical segment develops and sells optical processors, switching systems, and operating system software.
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