Ciena Co. (NYSE:CIEN) Stock Position Increased by Boothbay Fund Management LLC

Boothbay Fund Management LLC boosted its position in shares of Ciena Co. (NYSE:CIEN) by 14.8% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 215,027 shares of the communications equipment provider’s stock after buying an additional 27,782 shares during the period. Ciena accounts for 0.5% of Boothbay Fund Management LLC’s investment portfolio, making the stock its 28th largest position. Boothbay Fund Management LLC’s holdings in Ciena were worth $18,236,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently bought and sold shares of the company. Price T Rowe Associates Inc. MD boosted its position in shares of Ciena by 195.9% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 4,626,153 shares of the communications equipment provider’s stock valued at $392,345,000 after purchasing an additional 3,062,883 shares in the last quarter. Marshall Wace LLP boosted its holdings in Ciena by 4,215.9% during the fourth quarter. Marshall Wace LLP now owns 899,828 shares of the communications equipment provider’s stock worth $76,314,000 after buying an additional 878,979 shares in the last quarter. Stephens Investment Management Group LLC acquired a new position in Ciena in the fourth quarter worth approximately $56,997,000. Keystone Investors PTE Ltd. bought a new position in shares of Ciena in the fourth quarter valued at $45,341,000. Finally, Arrowstreet Capital Limited Partnership lifted its position in shares of Ciena by 4,484.1% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 529,555 shares of the communications equipment provider’s stock valued at $44,912,000 after acquiring an additional 518,003 shares during the last quarter. 91.99% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on CIEN. Rosenblatt Securities dropped their price target on Ciena from $73.00 to $65.00 and set a “neutral” rating on the stock in a research note on Tuesday. B. Riley reiterated a “buy” rating and issued a $89.00 target price (down from $97.00) on shares of Ciena in a report on Wednesday, March 12th. Needham & Company LLC cut their price target on shares of Ciena from $95.00 to $90.00 and set a “buy” rating on the stock in a report on Wednesday, March 12th. Northland Securities raised shares of Ciena from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $60.00 to $75.00 in a research note on Wednesday, March 12th. Finally, 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. Four investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Ciena presently has an average rating of “Moderate Buy” and a consensus price target of $77.62.

Insider Buying and Selling at Ciena

In other news, SVP Brodie Gage sold 350 shares of the company’s stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $90.16, for a total value of $31,556.00. Following the completion of the sale, the senior vice president now directly owns 49,197 shares of the company’s stock, valued at $4,435,601.52. This represents a 0.71 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Gary B. Smith sold 6,800 shares of the stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $84.86, for a total transaction of $577,048.00. Following the completion of the sale, the chief executive officer now owns 412,149 shares in the company, valued at $34,974,964.14. This represents a 1.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 49,288 shares of company stock worth $3,299,980. Insiders own 0.93% of the company’s stock.

Ciena Stock Up 2.7 %

NYSE:CIEN opened at $66.00 on Friday. The stock’s fifty day moving average price is $66.02 and its two-hundred day moving average price is $73.74. The company has a market cap of $9.38 billion, a price-to-earnings ratio of 115.79, a P/E/G ratio of 1.54 and a beta of 1.15. Ciena Co. has a 52-week low of $44.69 and a 52-week high of $101.44. 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 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.