Mizuho Securities Co. Ltd. purchased a new stake in Ciena Co. (NYSE:CIEN) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 1,000 shares of the communications equipment provider’s stock, valued at approximately $37,000.
Other institutional investors also recently modified their holdings of the company. Huntington National Bank bought a new stake in Ciena in the 4th quarter valued at $29,000. Investors Research Corp bought a new stake in Ciena in the 1st quarter valued at $39,000. PRW Wealth Management LLC bought a new position in shares of Ciena during the 4th quarter worth about $38,000. Ffcm LLC lifted its holdings in shares of Ciena by 355.7% during the 4th quarter. Ffcm LLC now owns 1,276 shares of the communications equipment provider’s stock worth $43,000 after acquiring an additional 996 shares during the period. Finally, First Hawaiian Bank lifted its holdings in shares of Ciena by 393.0% during the 4th quarter. First Hawaiian Bank now owns 1,474 shares of the communications equipment provider’s stock worth $50,000 after acquiring an additional 1,175 shares during the period. 94.44% of the stock is owned by hedge funds and other institutional investors.
Shares of Ciena stock opened at $34.61 on Monday. The stock has a market cap of $5.40 billion, a P/E ratio of 30.90, a PEG ratio of 1.35 and a beta of 1.02. The company has a quick ratio of 2.52, a current ratio of 2.98 and a debt-to-equity ratio of 0.33. Ciena Co. has a 12-month low of $22.99 and a 12-month high of $45.70.
A number of equities analysts have recently commented on the stock. Nomura raised their price objective on shares of Ciena from $40.00 to $50.00 and gave the stock a “buy” rating in a report on Wednesday, March 6th. Citigroup raised their price objective on shares of Ciena to $50.00 and gave the stock a “buy” rating in a report on Wednesday, March 6th. Argus reaffirmed an “average” rating and set a $53.00 price objective on shares of Ciena in a report on Wednesday, March 6th. Piper Jaffray Companies raised their price objective on shares of Ciena to $41.00 and gave the stock a “neutral” rating in a report on Tuesday, March 5th. Finally, BMO Capital Markets raised their price objective on shares of Ciena from $42.00 to $50.00 and gave the stock an “outperform” rating in a report on Wednesday, March 6th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Ciena presently has an average rating of “Buy” and a consensus target price of $42.13.
In other Ciena news, Director Thomas Michael Nevens sold 7,000 shares of the firm’s stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $34.24, for a total value of $239,680.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP James E. Moylan, Jr. sold 2,000 shares of the firm’s stock in a transaction dated Tuesday, February 19th. The shares were sold at an average price of $41.55, for a total transaction of $83,100.00. The disclosure for this sale can be found here. Insiders have sold a total of 214,774 shares of company stock valued at $8,385,849 in the last quarter. 1.20% of the stock is currently owned by corporate insiders.
Ciena Company Profile
Ciena Corporation provides network hardware, software, and services that support the transport, switching, aggregation, service delivery, and management of video, data, and voice traffic on communications networks worldwide. The company's Networking Platforms segment offers hardware networking solutions optimized for the convergence of coherent optical transport, optical transport network switching, and packet switching.
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