Ciena Co. (NYSE:CIEN) Shares Acquired by Arrowstreet Capital Limited Partnership

Arrowstreet Capital Limited Partnership boosted its holdings in Ciena Co. (NYSE:CIEN) by 4,484.1% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 529,555 shares of the communications equipment provider’s stock after purchasing an additional 518,003 shares during the quarter. Arrowstreet Capital Limited Partnership owned about 0.37% of Ciena worth $44,912,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Geode Capital Management LLC boosted its holdings in shares of Ciena by 1.4% in the 3rd quarter. Geode Capital Management LLC now owns 2,408,014 shares of the communications equipment provider’s stock valued at $148,348,000 after buying an additional 33,074 shares in the last quarter. Ritholtz Wealth Management purchased a new stake in Ciena in the fourth quarter valued at $245,000. US Bancorp DE boosted its stake in Ciena by 1.5% in the fourth quarter. US Bancorp DE now owns 10,459 shares of the communications equipment provider’s stock valued at $887,000 after acquiring an additional 152 shares in the last quarter. Merit Financial Group LLC purchased a new position in shares of Ciena during the fourth quarter worth about $421,000. Finally, Oak Thistle LLC acquired a new stake in shares of Ciena during the fourth quarter worth about $755,000. 91.99% of the stock is currently owned by hedge funds and other institutional investors.

Ciena Stock Performance

NYSE CIEN opened at $61.53 on Wednesday. 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 business’s 50 day moving average is $77.71 and its two-hundred day moving average is $74.29. The stock has a market capitalization of $8.75 billion, a price-to-earnings ratio of 107.96, a PEG ratio of 1.54 and a beta of 0.91. Ciena Co. has a 12-month low of $43.30 and a 12-month high of $101.44.

Wall Street Analysts Forecast Growth

CIEN has been the subject of a number of research analyst reports. Morgan Stanley decreased their target price on Ciena from $80.00 to $76.00 and set an “equal weight” rating for the company in a research report on Wednesday, March 12th. Northland Capmk raised Ciena from a “hold” rating to a “strong-buy” rating in a report on Wednesday, March 12th. Rosenblatt Securities cut their target price on shares of Ciena from $94.00 to $79.00 and set a “neutral” rating on the stock in a report on Friday, March 7th. Northland Securities upgraded shares of Ciena from a “market perform” rating to an “outperform” rating and increased their price target for the stock from $60.00 to $75.00 in a research note on Wednesday, March 12th. Finally, B. Riley restated a “buy” rating and issued a $89.00 price objective (down from $97.00) on shares of Ciena in a research note on Wednesday, March 12th. Four analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $81.38.

Insider Buying and Selling

In other news, SVP Jason Phipps sold 5,648 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $84.64, for a total transaction of $478,046.72. Following the sale, the senior vice president now owns 109,878 shares of the company’s stock, valued at $9,300,073.92. The trade was a 4.89 % 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 13,600 shares of the company’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $83.66, for a total value of $1,137,776.00. Following the completion of the sale, the chief executive officer now owns 425,749 shares in the company, valued at approximately $35,618,161.34. This represents a 3.10 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 66,560 shares of company stock valued at $5,406,323 over the last quarter. 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.