Pacifica Partners Inc. Sells 2,982 Shares of Ciena Co. (NYSE:CIEN)

Pacifica Partners Inc. trimmed its position in shares of Ciena Co. (NYSE:CIEN) by 8.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 30,713 shares of the communications equipment provider’s stock after selling 2,982 shares during the period. Pacifica Partners Inc.’s holdings in Ciena were worth $1,726,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. US Bancorp DE grew its stake in shares of Ciena by 1.5% in the 4th quarter. US Bancorp DE now owns 10,459 shares of the communications equipment provider’s stock valued at $887,000 after purchasing an additional 152 shares during the period. Charles Schwab Investment Management Inc. grew its stake in shares of Ciena by 0.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 959,831 shares of the communications equipment provider’s stock valued at $81,403,000 after purchasing an additional 4,315 shares during the period. Kestra Private Wealth Services LLC bought a new stake in shares of Ciena in the 4th quarter valued at approximately $1,129,000. Choreo LLC bought a new stake in Ciena during the 4th quarter worth approximately $328,000. Finally, Institute for Wealth Management LLC. bought a new stake in Ciena during the 4th quarter worth approximately $246,000. 91.99% of the stock is currently owned by institutional investors.

Ciena Stock Down 1.9%

NYSE:CIEN opened at $79.98 on Friday. The stock’s fifty day moving average price is $68.41 and its two-hundred day moving average price is $75.48. Ciena Co. has a 52-week low of $44.69 and a 52-week high of $101.44. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.72 and a current ratio of 3.55. The company has a market cap of $11.37 billion, a price-to-earnings ratio of 140.32, a P/E/G ratio of 1.54 and a beta of 1.11.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Rosenblatt Securities decreased their price target on Ciena from $73.00 to $65.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 22nd. B. Riley restated a “buy” rating and set a $89.00 price target (down from $97.00) on shares of Ciena in a research report on Wednesday, March 12th. Evercore ISI increased their price target on Ciena from $68.00 to $82.00 and gave the stock an “in-line” rating in a research report on Friday, May 23rd. Morgan Stanley decreased their price target on Ciena from $80.00 to $76.00 and set an “equal weight” rating on the stock in a research report on Wednesday, March 12th. Finally, Needham & Company LLC decreased their price target on Ciena from $95.00 to $90.00 and set a “buy” rating on the stock in a research report on Wednesday, March 12th. Four investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Ciena presently has an average rating of “Moderate Buy” and a consensus target price of $79.69.

Insiders Place Their Bets

In other news, CEO Gary B. Smith sold 6,800 shares of the stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $76.41, for a total value of $519,588.00. Following the transaction, the chief executive officer now owns 398,549 shares of the company’s stock, valued at $30,453,129.09. This represents a 1.68% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP David M. Rothenstein sold 2,500 shares of the stock in a transaction on Monday, March 24th. The shares were sold at an average price of $68.88, for a total value of $172,200.00. Following the completion of the transaction, the senior vice president now directly owns 207,370 shares in the company, valued at approximately $14,283,645.60. This trade represents a 1.19% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 58,588 shares of company stock valued at $3,950,907. 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.