Tocqueville Asset Management L.P. reduced its position in shares of Ciena Co. (NYSE:CIEN) by 14.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 206,050 shares of the communications equipment provider’s stock after selling 35,000 shares during the period. Tocqueville Asset Management L.P. owned approximately 0.14% of Ciena worth $6,437,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently made changes to their positions in CIEN. Alliancebernstein L.P. raised its position in Ciena by 52.0% during the third quarter. Alliancebernstein L.P. now owns 4,588,525 shares of the communications equipment provider’s stock valued at $143,346,000 after purchasing an additional 1,568,877 shares in the last quarter. Renaissance Technologies LLC increased its holdings in shares of Ciena by 493.9% during the third quarter. Renaissance Technologies LLC now owns 1,232,195 shares of the communications equipment provider’s stock worth $38,494,000 after buying an additional 1,024,721 shares in the last quarter. Victory Capital Management Inc. increased its holdings in shares of Ciena by 89.4% during the second quarter. Victory Capital Management Inc. now owns 2,153,725 shares of the communications equipment provider’s stock worth $57,095,000 after buying an additional 1,016,354 shares in the last quarter. LSV Asset Management increased its holdings in shares of Ciena by 56.6% during the second quarter. LSV Asset Management now owns 2,734,607 shares of the communications equipment provider’s stock worth $72,494,000 after buying an additional 988,292 shares in the last quarter. Finally, Waratah Capital Advisors Ltd. acquired a new position in shares of Ciena during the third quarter worth $13,287,000.
Shares of Ciena stock opened at $31.28 on Friday. The company has a current ratio of 1.97, a quick ratio of 1.76 and a debt-to-equity ratio of 0.33. Ciena Co. has a twelve month low of $20.30 and a twelve month high of $35.04. The firm has a market capitalization of $4.60 billion, a P/E ratio of 20.99, a price-to-earnings-growth ratio of 1.41 and a beta of 1.24.
In related news, SVP James E. Moylan, Jr. sold 1,963 shares of the business’s stock in a transaction on Wednesday, November 14th. The shares were sold at an average price of $33.35, for a total value of $65,466.05. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Jason Phipps sold 1,581 shares of the business’s stock in a transaction on Monday, September 24th. The stock was sold at an average price of $30.98, for a total transaction of $48,979.38. The disclosure for this sale can be found here. In the last three months, insiders sold 80,275 shares of company stock worth $2,512,068. 1.38% of the stock is currently owned by insiders.
CIEN has been the subject of several research analyst reports. Argus upped their price target on shares of Ciena to $38.00 and gave the stock an “average” rating in a report on Wednesday, September 5th. They noted that the move was a valuation call. ValuEngine upgraded shares of Ciena from a “hold” rating to a “buy” rating in a report on Friday, August 17th. MKM Partners upped their price target on shares of Ciena to $36.00 and gave the stock a “buy” rating in a report on Friday, August 31st. William Blair reiterated a “buy” rating on shares of Ciena in a report on Friday, August 31st. Finally, B. Riley upped their price target on shares of Ciena from $31.50 to $36.00 and gave the stock a “buy” rating in a report on Friday, August 31st. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $33.05.
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Ciena Company Profile
Ciena Corporation provides hardware, software, and services that support the transport, switching, aggregation, service delivery, and management of voice, video, and data 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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