Ciena Co. (NYSE:CIEN) Shares Sold by State of Wyoming

State of Wyoming reduced its holdings in shares of Ciena Co. (NYSE:CIEN) by 33.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,863 shares of the communications equipment provider’s stock after selling 6,045 shares during the period. State of Wyoming’s holdings in Ciena were worth $1,006,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in CIEN. Snowden Capital Advisors LLC purchased a new position in shares of Ciena in the 4th quarter valued at approximately $408,000. Sherbrooke Park Advisers LLC purchased a new position in shares of Ciena in the 4th quarter valued at approximately $616,000. Silvercrest Asset Management Group LLC raised its position in shares of Ciena by 464.1% in the 4th quarter. Silvercrest Asset Management Group LLC now owns 79,698 shares of the communications equipment provider’s stock valued at $6,759,000 after purchasing an additional 65,569 shares during the last quarter. Rafferty Asset Management LLC raised its position in shares of Ciena by 9.3% in the 4th quarter. Rafferty Asset Management LLC now owns 11,329 shares of the communications equipment provider’s stock valued at $961,000 after purchasing an additional 966 shares during the last quarter. Finally, Raiffeisen Bank International AG purchased a new position in shares of Ciena in the 4th quarter valued at approximately $5,618,000. 91.99% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts recently commented on CIEN shares. Citigroup decreased their price objective on shares of Ciena from $98.00 to $75.00 and set a “buy” rating for the company in a research report on Monday, April 14th. Morgan Stanley cut their price objective on Ciena from $80.00 to $76.00 and set an “equal weight” rating on the stock in a report on Wednesday, March 12th. Northland Capmk raised Ciena from a “hold” rating to a “strong-buy” rating in a report on Wednesday, March 12th. JPMorgan Chase & Co. cut their price objective on Ciena from $88.00 to $76.00 and set an “overweight” rating on the stock in a report on Thursday, April 17th. Finally, Barclays set a $100.00 price objective on Ciena and gave the company an “overweight” rating in a report on Wednesday, March 12th. Four 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 company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $77.62.

Ciena Stock Up 1.8%

Shares of CIEN opened at $81.22 on Friday. Ciena Co. has a 52 week low of $44.69 and a 52 week high of $101.44. The company has a quick ratio of 2.72, a current ratio of 3.55 and a debt-to-equity ratio of 0.54. The company has a market capitalization of $11.54 billion, a price-to-earnings ratio of 142.49, a PEG ratio of 1.54 and a beta of 1.11. The stock’s 50-day moving average price is $65.40 and its 200-day moving average price is $74.63.

Insider Transactions at Ciena

In other Ciena news, SVP David M. Rothenstein sold 2,500 shares of the stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $79.93, for a total transaction of $199,825.00. Following the transaction, the senior vice president now owns 202,370 shares in the company, valued at approximately $16,175,434.10. This represents a 1.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Brodie Gage sold 350 shares of the stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $90.16, for a total value of $31,556.00. Following the transaction, the senior vice president now owns 49,197 shares in the company, valued at $4,435,601.52. This represents a 0.71% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 52,138 shares of company stock worth $3,439,211 over the last quarter. 0.93% of the stock is currently owned by insiders.

Ciena Profile

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.