Ciena Co. (NYSE:CIEN) Shares Sold by Fmr LLC

Fmr LLC lessened its stake in shares of Ciena Co. (NYSE:CIEN) by 0.6% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 21,534,746 shares of the communications equipment provider’s stock after selling 129,320 shares during the period. Fmr LLC owned about 15.15% of Ciena worth $1,826,362,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. MIG Capital LLC acquired a new stake in shares of Ciena during the fourth quarter valued at approximately $332,000. Russell Investments Group Ltd. grew its stake in Ciena by 11.9% during the 4th quarter. Russell Investments Group Ltd. now owns 326,654 shares of the communications equipment provider’s stock valued at $27,757,000 after acquiring an additional 34,736 shares in the last quarter. Envestnet Asset Management Inc. increased its holdings in shares of Ciena by 5.6% in the 4th quarter. Envestnet Asset Management Inc. now owns 362,558 shares of the communications equipment provider’s stock valued at $30,749,000 after purchasing an additional 19,078 shares during the period. Dynamic Technology Lab Private Ltd purchased a new stake in shares of Ciena in the fourth quarter worth approximately $254,000. Finally, Gladstone Capital Management LLP acquired a new stake in shares of Ciena during the fourth quarter worth approximately $2,298,000. 91.99% of the stock is owned by institutional investors.

Ciena Price Performance

NYSE CIEN opened at $53.53 on Monday. The stock has a market capitalization of $7.61 billion, a PE ratio of 93.91, a P/E/G ratio of 1.54 and a beta of 1.15. The stock has a 50-day simple moving average of $75.40 and a 200 day simple moving average of $74.33. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.72 and a current ratio of 3.55. Ciena Co. has a twelve month low of $43.30 and a twelve month high of $101.44.

Insider Activity

In related news, SVP Jason Phipps sold 18,888 shares of the business’s stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $59.88, for a total transaction of $1,131,013.44. Following the transaction, the senior vice president now directly owns 89,258 shares in the company, valued at $5,344,769.04. The trade was a 17.47 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Brodie Gage sold 350 shares of the company’s stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $85.91, for a total value of $30,068.50. Following the completion of the transaction, the senior vice president now directly owns 49,547 shares of the company’s stock, valued at approximately $4,256,582.77. This trade represents a 0.70 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 49,288 shares of company stock valued at $3,484,670. 0.93% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. Northland Capmk upgraded shares of Ciena from a “hold” rating to a “strong-buy” rating in a report on Wednesday, March 12th. B. Riley restated a “buy” rating and issued a $89.00 target price (down previously from $97.00) on shares of Ciena in a research note on Wednesday, March 12th. Morgan Stanley cut their price target on Ciena from $80.00 to $76.00 and set an “equal weight” rating for the company in a research note on Wednesday, March 12th. Rosenblatt Securities reduced their target price on shares of Ciena from $94.00 to $79.00 and set a “neutral” rating for the company in a research note on Friday, March 7th. Finally, Needham & Company LLC dropped their price target on shares of Ciena from $95.00 to $90.00 and set a “buy” rating on the stock in a research note 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 given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target 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.