Commonwealth of Pennsylvania Public School Empls Retrmt SYS Raises Stock Position in Ciena Co. (NYSE:CIEN)

Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its stake in Ciena Co. (NYSE:CIEN) by 0.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 31,897 shares of the communications equipment provider’s stock after purchasing an additional 220 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in Ciena were worth $2,705,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. Point72 Asset Management L.P. purchased a new position in shares of Ciena in the 3rd quarter worth $57,861,000. Stephens Investment Management Group LLC purchased a new position in Ciena in the fourth quarter worth about $56,997,000. Westfield Capital Management Co. LP bought a new stake in shares of Ciena during the 3rd quarter valued at about $35,403,000. Raymond James Financial Inc. purchased a new stake in shares of Ciena during the 4th quarter valued at about $40,919,000. Finally, Primecap Management Co. CA increased its position in shares of Ciena by 263.7% during the 4th quarter. Primecap Management Co. CA now owns 463,680 shares of the communications equipment provider’s stock valued at $39,325,000 after purchasing an additional 336,180 shares during the last quarter. 91.99% of the stock is currently owned by hedge funds and other institutional investors.

Ciena Price Performance

Ciena stock opened at $69.63 on Tuesday. Ciena Co. has a 52-week low of $43.30 and a 52-week high of $101.44. The company has a market cap of $9.90 billion, a price-to-earnings ratio of 122.16, a PEG ratio of 1.54 and a beta of 0.91. The firm’s fifty day moving average is $80.32 and its 200 day moving average is $73.86. The company has a quick ratio of 2.72, a current ratio of 3.55 and a debt-to-equity ratio of 0.54.

Insider Activity

In other news, SVP Brodie Gage sold 350 shares of the business’s stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $85.91, for a total transaction of $30,068.50. Following the transaction, the senior vice president now owns 49,547 shares of the company’s stock, valued at approximately $4,256,582.77. The trade was a 0.70 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Dino Diperna sold 2,682 shares of the stock in a transaction on Thursday, December 26th. The shares were sold at an average price of $87.64, for a total value of $235,050.48. Following the sale, the senior vice president now owns 50,607 shares in the company, valued at $4,435,197.48. The trade was a 5.03 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 66,742 shares of company stock worth $5,469,173. 0.93% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Citigroup boosted their price objective on shares of Ciena from $84.00 to $98.00 and gave the company a “buy” rating in a research report on Friday, December 13th. Stifel Nicolaus reissued a “buy” rating and set a $82.00 price target (up from $75.00) on shares of Ciena in a report on Tuesday, December 10th. JPMorgan Chase & Co. raised Ciena from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $84.00 to $88.00 in a report on Tuesday, January 28th. Bank of America raised shares of Ciena from a “neutral” rating to a “buy” rating and increased their price objective for the company from $70.00 to $95.00 in a report on Friday, December 13th. Finally, Northland Securities upgraded shares of Ciena from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $60.00 to $75.00 in a research report on Wednesday, March 12th. Four equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $81.38.

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.