Parallel Advisors LLC reduced its stake in shares of Ciena Co. (NYSE:CIEN) by 16.1% during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 6,339 shares of the communications equipment provider’s stock after selling 1,216 shares during the period. Parallel Advisors LLC’s holdings in Ciena were worth $249,000 as of its most recent filing with the SEC.
A number of other hedge funds also recently made changes to their positions in the business. JPMorgan Chase & Co. raised its holdings in Ciena by 0.3% during the 2nd quarter. JPMorgan Chase & Co. now owns 2,929,324 shares of the communications equipment provider’s stock worth $121,861,000 after buying an additional 8,269 shares during the period. Invesco Ltd. raised its holdings in Ciena by 35.6% during the 2nd quarter. Invesco Ltd. now owns 2,367,784 shares of the communications equipment provider’s stock worth $97,386,000 after buying an additional 621,927 shares during the period. Nuveen Asset Management LLC acquired a new stake in Ciena during the 2nd quarter worth approximately $77,706,000. Ion Asset Management Ltd. acquired a new stake in shares of Ciena in the second quarter valued at approximately $74,161,000. Finally, Holocene Advisors LP acquired a new stake in shares of Ciena in the second quarter valued at approximately $53,362,000. Hedge funds and other institutional investors own 88.63% of the company’s stock.
CIEN traded up $0.30 during trading on Friday, reaching $37.45. 1,666,054 shares of the stock were exchanged, compared to its average volume of 2,702,497. The stock has a market cap of $5.76 billion, a P/E ratio of 33.44, a price-to-earnings-growth ratio of 0.94 and a beta of 1.06. Ciena Co. has a twelve month low of $30.33 and a twelve month high of $46.78. The stock’s 50 day moving average price is $37.80 and its two-hundred day moving average price is $39.91. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.45 and a current ratio of 2.90.
In other Ciena news, SVP Scott Mcfeely sold 1,000 shares of Ciena stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $41.11, for a total transaction of $41,110.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO James E. Moylan, Jr. sold 2,000 shares of Ciena stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $36.96, for a total transaction of $73,920.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 47,688 shares of company stock worth $1,877,809. 1.20% of the stock is owned by corporate insiders.
CIEN has been the topic of a number of recent research reports. Nomura reiterated a “buy” rating and issued a $43.00 price objective (down from $47.00) on shares of Ciena in a report on Wednesday, October 2nd. Stifel Nicolaus set a $54.00 price objective on shares of Ciena and gave the company a “buy” rating in a report on Friday, September 6th. Piper Jaffray Companies set a $46.00 price objective on shares of Ciena and gave the company a “hold” rating in a report on Friday, September 6th. Evercore ISI initiated coverage on shares of Ciena in a report on Wednesday, September 11th. They issued an “outperform” rating and a $48.00 price objective on the stock. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Ciena from $53.00 to $50.00 and set an “overweight” rating on the stock in a report on Friday, September 6th. Nine analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Ciena presently has a consensus rating of “Buy” and an average target price of $48.35.
Ciena Company Profile
Ciena Corporation provides network hardware, software, and services that support the transport, switching, aggregation, service delivery, and management of video, data, and voice traffic on communications networks worldwide. The company's Networking Platforms segment offers hardware networking solutions optimized for the convergence of coherent optical transport, optical transport network switching, and packet switching.
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