Ciena Co. (NYSE:CIEN) Shares Sold by Perkins Capital Management Inc.

Perkins Capital Management Inc. reduced its position in Ciena Co. (NYSE:CIEN) by 4.1% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 14,150 shares of the communications equipment provider’s stock after selling 600 shares during the period. Perkins Capital Management Inc.’s holdings in Ciena were worth $1,200,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. FMR LLC increased its position in shares of Ciena by 0.5% in the third quarter. FMR LLC now owns 21,664,066 shares of the communications equipment provider’s stock worth $1,334,290,000 after acquiring an additional 108,407 shares in the last quarter. Vanguard Group Inc. boosted its position in Ciena by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 15,316,640 shares of the communications equipment provider’s stock worth $1,299,004,000 after purchasing an additional 139,941 shares during the period. State Street Corp increased its holdings in Ciena by 1.2% in the 3rd quarter. State Street Corp now owns 4,439,478 shares of the communications equipment provider’s stock valued at $273,427,000 after purchasing an additional 53,078 shares in the last quarter. Geode Capital Management LLC raised its position in Ciena by 1.4% in the third quarter. Geode Capital Management LLC now owns 2,408,014 shares of the communications equipment provider’s stock valued at $148,348,000 after purchasing an additional 33,074 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of Ciena by 0.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 959,831 shares of the communications equipment provider’s stock worth $81,403,000 after purchasing an additional 4,315 shares in the last quarter. Institutional investors and hedge funds own 91.99% of the company’s stock.

Insider Activity at Ciena

In related news, SVP Jason Phipps sold 5,648 shares of the stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $84.64, for a total transaction of $478,046.72. Following the sale, the senior vice president now owns 109,878 shares in the company, valued at $9,300,073.92. This represents a 4.89 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Brodie Gage sold 350 shares of Ciena 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 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 ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 66,742 shares of company stock valued at $5,469,173. Corporate insiders own 0.93% of the company’s stock.

Ciena Trading Down 0.2 %

NYSE:CIEN opened at $65.47 on Monday. The company has a market cap of $9.31 billion, a PE ratio of 114.86, a P/E/G ratio of 1.54 and a beta of 0.91. The business’s 50 day moving average is $80.57 and its two-hundred day moving average is $73.74. The company has a quick ratio of 2.72, a current ratio of 3.55 and a debt-to-equity ratio of 0.54. Ciena Co. has a 52 week low of $43.30 and a 52 week high of $101.44.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on CIEN shares. Bank of America upgraded Ciena from a “neutral” rating to a “buy” rating and increased their target price for the company from $70.00 to $95.00 in a research note on Friday, December 13th. Rosenblatt Securities decreased 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. JPMorgan Chase & Co. raised shares of Ciena from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $84.00 to $88.00 in a research note on Tuesday, January 28th. Barclays set a $100.00 price objective on shares of Ciena and gave the stock an “overweight” rating in a report on Wednesday, March 12th. Finally, B. Riley restated a “buy” rating and set a $89.00 target price (down from $97.00) on shares of Ciena in a research note on Wednesday, March 12th. Four investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Ciena presently has an average rating of “Moderate Buy” and a consensus price target of $81.38.

Ciena Company 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.