By otakuyassine3@gmail.com 
Mitsubishi UFJ Asset Management Co. Ltd. increased its position in shares of Ciena Co. (NYSE:CIEN – Free Report) by 328.2% during the 4th quarter, HoldingsChannel reports. The fund owned 364 shares of the communications equipment provider’s stock after purchasing an additional 279 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Ciena were worth $30,000 at the end of the most recent quarter.
Other hedge funds have also added to or reduced their stakes in the company. Keystone Investors PTE Ltd. acquired a new position in Ciena during the 4th quarter valued at about $45,341,000. Modern Wealth Management LLC acquired a new position in Ciena in the fourth quarter valued at approximately $239,000. EntryPoint Capital LLC bought a new position in Ciena in the fourth quarter valued at approximately $404,000. Prudential Financial Inc. grew its holdings in Ciena by 21.9% during the 4th quarter. Prudential Financial Inc. now owns 22,049 shares of the communications equipment provider’s stock worth $1,870,000 after acquiring an additional 3,961 shares during the period. Finally, Vanguard Group Inc. raised its position in shares of Ciena by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 15,316,640 shares of the communications equipment provider’s stock valued at $1,299,004,000 after acquiring an additional 139,941 shares during the last quarter. Institutional investors own 91.99% of the company’s stock.
Wall Street Analyst Weigh In
A number of brokerages recently commented on CIEN. Stifel Nicolaus reaffirmed a “buy” rating and set a $82.00 price objective (up from $75.00) on shares of Ciena in a research note on Tuesday, December 10th. Barclays set a $100.00 price target on Ciena and gave the company an “overweight” rating in a research note on Wednesday, March 12th. Rosenblatt Securities reduced their price objective on shares of Ciena from $94.00 to $79.00 and set a “neutral” rating on the stock in a research note on Friday, March 7th. JPMorgan Chase & Co. raised shares of Ciena from a “neutral” rating to an “overweight” rating and upped their target price for the company from $84.00 to $88.00 in a research note on Tuesday, January 28th. Finally, Morgan Stanley reduced their price target 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 equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $81.38.
Get Our Latest Stock Analysis on CIEN
Ciena Stock Down 4.7 %
NYSE:CIEN opened at $53.53 on Friday. The stock has a 50-day simple moving average of $75.40 and a 200 day simple moving average of $74.08. Ciena Co. has a 52-week low of $43.30 and a 52-week high of $101.44. The company has a market cap of $7.61 billion, a PE ratio of 93.91, a PEG ratio of 1.54 and a beta of 1.15. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.72 and a current ratio of 3.55.
Insider Transactions at Ciena
In related news, Director Bruce L. Claflin sold 16,912 shares of the stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $84.96, for a total transaction of $1,436,843.52. Following the completion of the transaction, the director now directly owns 59,347 shares of the company’s stock, valued at approximately $5,042,121.12. This represents a 22.18 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Brodie Gage sold 350 shares of the firm’s stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $85.91, for a total transaction of $30,068.50. Following the completion of the transaction, the senior vice president now directly owns 49,547 shares of the company’s stock, valued at $4,256,582.77. This represents a 0.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 66,200 shares of company stock valued at $4,921,513 in the last ninety days. 0.93% of the stock is currently owned by corporate 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.
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