Corebridge Financial Inc. Sells 6,519 Shares of Ciena Co. (NYSE:CIEN)

Corebridge Financial Inc. reduced its position in Ciena Co. (NYSE:CIEN) by 3.8% in the fourth quarter, Holdings Channel.com reports. The fund owned 163,420 shares of the communications equipment provider’s stock after selling 6,519 shares during the period. Corebridge Financial Inc.’s holdings in Ciena were worth $13,860,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in CIEN. Greenleaf Trust raised its stake in shares of 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. US Bancorp DE raised its position in Ciena by 1.5% in the 4th quarter. US Bancorp DE now owns 10,459 shares of the communications equipment provider’s stock worth $887,000 after buying an additional 152 shares during the last quarter. Coldstream Capital Management Inc. lifted its stake in Ciena by 3.8% during the 3rd quarter. Coldstream Capital Management Inc. now owns 4,742 shares of the communications equipment provider’s stock valued at $292,000 after acquiring an additional 175 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its holdings in shares of Ciena by 0.7% during the 4th quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 31,897 shares of the communications equipment provider’s stock valued at $2,705,000 after acquiring an additional 220 shares during the last quarter. Finally, CIBC Asset Management Inc grew its stake in shares of Ciena by 5.3% in the fourth quarter. CIBC Asset Management Inc now owns 4,469 shares of the communications equipment provider’s stock worth $379,000 after acquiring an additional 226 shares during the period. 91.99% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Morgan Stanley lowered their price objective on shares of Ciena from $80.00 to $76.00 and set an “equal weight” rating on the stock in a research report on Wednesday, March 12th. Needham & Company LLC dropped their price target on Ciena from $95.00 to $90.00 and set a “buy” rating on the stock 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 report on Wednesday, March 12th. Citigroup raised their target price on Ciena from $84.00 to $98.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. Finally, Stifel Nicolaus reaffirmed a “buy” rating and set a $82.00 price target (up previously from $75.00) on shares of Ciena in a research report on Tuesday, December 10th. Four equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Ciena has a consensus rating of “Moderate Buy” and an average price target of $81.38.

Ciena Stock Performance

CIEN opened at $69.23 on Wednesday. The company has a 50 day simple moving average of $80.04 and a two-hundred day simple moving average of $73.98. 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 $9.84 billion, a P/E ratio of 121.46, a PEG ratio of 1.54 and a beta of 0.91. Ciena Co. has a 1-year low of $43.30 and a 1-year high of $101.44.

Insider Buying and Selling

In other news, Director Bruce L. Claflin sold 16,912 shares of the business’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $84.96, for a total value of $1,436,843.52. Following the transaction, the director now owns 59,347 shares of the company’s stock, valued at approximately $5,042,121.12. The trade was a 22.18 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Gary B. Smith sold 6,800 shares of the firm’s stock in a transaction on Monday, March 17th. The shares were sold at an average price of $65.18, for a total transaction of $443,224.00. Following the transaction, the chief executive officer now directly owns 391,749 shares of the company’s stock, valued at $25,534,199.82. The trade was a 1.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 66,742 shares of company stock valued at $5,469,173. Company insiders own 0.93% of the company’s stock.

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.