Ciena Co. (NYSE:CIEN) Shares Sold by Riverwater Partners LLC

Riverwater Partners LLC decreased its holdings in shares of Ciena Co. (NYSE:CIEN) by 1.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 17,604 shares of the communications equipment provider’s stock after selling 246 shares during the quarter. Riverwater Partners LLC’s holdings in Ciena were worth $1,493,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. Prudential PLC acquired a new stake in Ciena in the 4th quarter valued at about $427,000. Annis Gardner Whiting Capital Advisors LLC grew its position in shares of Ciena by 108.6% in the fourth quarter. Annis Gardner Whiting Capital Advisors LLC now owns 290 shares of the communications equipment provider’s stock valued at $25,000 after purchasing an additional 151 shares in the last quarter. Atlas Capital Advisors Inc. increased its holdings in shares of Ciena by 77.2% in the fourth quarter. Atlas Capital Advisors Inc. now owns 420 shares of the communications equipment provider’s stock valued at $36,000 after purchasing an additional 183 shares during the last quarter. ExodusPoint Capital Management LP purchased a new position in Ciena during the fourth quarter worth approximately $6,946,000. Finally, Westpac Banking Corp acquired a new position in Ciena during the fourth quarter worth $1,797,000. 91.99% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CIEN has been the subject of a number of recent research reports. Northland Capmk raised Ciena from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, March 12th. Northland Securities raised shares of Ciena from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $60.00 to $75.00 in a research note on Wednesday, March 12th. Citigroup increased their price target on shares of Ciena from $84.00 to $98.00 and gave the company a “buy” rating in a research note on Friday, December 13th. B. Riley reaffirmed 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. Finally, Rosenblatt Securities decreased their price objective on Ciena from $94.00 to $79.00 and set a “neutral” rating on the stock in a report on Friday, March 7th. Four analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Ciena presently has a consensus rating of “Moderate Buy” and a consensus price target of $81.38.

Insider Buying and Selling at Ciena

In other Ciena news, SVP Brodie Gage sold 350 shares of the business’s stock in a transaction on 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 owns 49,197 shares in the company, valued at $4,435,601.52. The trade was a 0.71 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Gary B. Smith sold 6,800 shares of the stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $85.29, for a total value of $579,972.00. Following the completion of the sale, the chief executive officer now owns 418,949 shares in the company, valued at approximately $35,732,160.21. The trade was a 1.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 66,200 shares of company stock valued at $4,921,513 in the last three months. 0.93% of the stock is owned by corporate insiders.

Ciena Price Performance

CIEN stock opened at $53.53 on Friday. The business’s fifty day moving average price is $75.40 and its 200 day moving average price is $74.08. Ciena Co. has a 12-month low of $43.30 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 company has a market capitalization of $7.61 billion, a PE ratio of 93.91, a P/E/G ratio of 1.54 and a beta of 1.15.

About Ciena

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.