Point72 Hong Kong Ltd Takes Position in Ciena Co. (NYSE:CIEN)

Point72 Hong Kong Ltd acquired a new stake in Ciena Co. (NYSE:CIEN) in the fourth quarter, Holdings Channel reports. The institutional investor acquired 18,309 shares of the communications equipment provider’s stock, valued at approximately $1,553,000.

A number of other institutional investors also recently made changes to their positions in the business. Polar Capital Holdings Plc boosted its stake in shares of Ciena by 113.7% in the 4th quarter. Polar Capital Holdings Plc now owns 2,169,406 shares of the communications equipment provider’s stock valued at $183,987,000 after purchasing an additional 1,154,260 shares in the last quarter. ProShare Advisors LLC boosted its stake in shares of Ciena by 7.9% in the 4th quarter. ProShare Advisors LLC now owns 6,756 shares of the communications equipment provider’s stock valued at $573,000 after purchasing an additional 492 shares in the last quarter. Quantinno Capital Management LP boosted its stake in shares of Ciena by 49.3% in the 4th quarter. Quantinno Capital Management LP now owns 30,023 shares of the communications equipment provider’s stock valued at $2,546,000 after purchasing an additional 9,916 shares in the last quarter. Nissay Asset Management Corp Japan ADV boosted its stake in shares of Ciena by 11.0% in the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 33,995 shares of the communications equipment provider’s stock valued at $2,946,000 after purchasing an additional 3,359 shares in the last quarter. Finally, Occudo Quantitative Strategies LP purchased a new stake in shares of Ciena in the 4th quarter valued at $1,019,000. Hedge funds and other institutional investors own 91.99% of the company’s stock.

Ciena Trading Up 0.3%

NYSE:CIEN opened at $79.76 on Friday. The company has a 50-day moving average price of $65.06 and a 200-day moving average price of $74.45. Ciena Co. has a 12 month low of $44.69 and a 12 month high of $101.44. The company has a current ratio of 3.55, a quick ratio of 2.72 and a debt-to-equity ratio of 0.54. The stock has a market cap of $11.34 billion, a price-to-earnings ratio of 139.93, a P/E/G ratio of 1.54 and a beta of 1.11.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Rosenblatt Securities cut their price objective on shares of Ciena from $73.00 to $65.00 and set a “neutral” rating for the company in a research note on Tuesday, April 22nd. Barclays set a $100.00 price target on shares of Ciena and gave the company an “overweight” rating in a research report on Wednesday, March 12th. B. Riley reissued a “buy” rating and set a $89.00 price target (down previously from $97.00) on shares of Ciena in a research report on Wednesday, March 12th. JPMorgan Chase & Co. dropped their price target on shares of Ciena from $88.00 to $76.00 and set an “overweight” rating for the company in a research report on Thursday, April 17th. Finally, Northland Capmk raised shares of Ciena from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, March 12th. Four investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $77.62.

Insider Transactions at Ciena

In related news, SVP Brodie Gage sold 350 shares of the stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $90.16, for a total value of $31,556.00. Following the completion of the transaction, the senior vice president now directly owns 49,197 shares in the company, valued at $4,435,601.52. This trade represents a 0.71% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Gary B. Smith sold 6,800 shares of the stock in a transaction dated Thursday, May 1st. The stock was sold at an average price of $71.90, for a total transaction of $488,920.00. Following the completion of the transaction, the chief executive officer now owns 368,880 shares of the company’s stock, valued at approximately $26,522,472. The trade was a 1.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 49,288 shares of company stock valued at $3,211,852. Company insiders own 0.93% of the company’s stock.

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.