Hudson Valley Investment Advisors Inc. ADV Decreases Stake in Ciena Corporation $CIEN

Hudson Valley Investment Advisors Inc. ADV reduced its stake in Ciena Corporation (NYSE:CIEN) by 9.2% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 88,578 shares of the communications equipment provider’s stock after selling 8,965 shares during the period. Hudson Valley Investment Advisors Inc. ADV’s holdings in Ciena were worth $7,204,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Vaughan Nelson Investment Management L.P. raised its position in shares of Ciena by 375.4% in the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 1,235,696 shares of the communications equipment provider’s stock valued at $100,499,000 after purchasing an additional 975,792 shares during the last quarter. Institute for Wealth Management LLC. purchased a new position in shares of Ciena in the 2nd quarter valued at approximately $445,000. Poinciana Advisors Group LLC purchased a new position in shares of Ciena in the 2nd quarter valued at approximately $275,000. Campbell Newman Asset Management Inc. raised its position in shares of Ciena by 7.1% in the 2nd quarter. Campbell Newman Asset Management Inc. now owns 34,442 shares of the communications equipment provider’s stock valued at $2,801,000 after purchasing an additional 2,289 shares during the last quarter. Finally, Janney Montgomery Scott LLC raised its position in shares of Ciena by 29.8% in the 2nd quarter. Janney Montgomery Scott LLC now owns 6,868 shares of the communications equipment provider’s stock valued at $559,000 after purchasing an additional 1,575 shares during the last quarter. 91.99% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. Wolfe Research raised shares of Ciena to a “strong-buy” rating in a research report on Tuesday, July 8th. JPMorgan Chase & Co. raised their price target on shares of Ciena from $105.00 to $140.00 and gave the stock an “overweight” rating in a research report on Friday, September 5th. Evercore ISI raised their price target on shares of Ciena from $95.00 to $120.00 and gave the stock an “in-line” rating in a research report on Thursday, September 4th. Barclays raised their price target on shares of Ciena from $102.00 to $138.00 and gave the stock an “overweight” rating in a research report on Friday, September 5th. Finally, Zacks Research raised shares of Ciena from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, September 9th. Three equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $122.86.

Ciena Price Performance

NYSE:CIEN opened at $151.28 on Friday. The company has a debt-to-equity ratio of 0.55, a current ratio of 3.28 and a quick ratio of 2.52. The firm has a market cap of $21.34 billion, a price-to-earnings ratio of 155.96, a price-to-earnings-growth ratio of 2.11 and a beta of 1.15. The company has a 50 day moving average price of $111.66 and a 200-day moving average price of $86.30. Ciena Corporation has a 1-year low of $49.21 and a 1-year high of $154.02.

Insider Activity

In other news, SVP Brodie Gage sold 350 shares of Ciena stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $132.00, for a total transaction of $46,200.00. Following the completion of the transaction, the senior vice president directly owned 42,918 shares of the company’s stock, valued at $5,665,176. The trade was a 0.81% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Gary B. Smith sold 6,800 shares of Ciena stock in a transaction that occurred on Tuesday, July 15th. The shares were sold at an average price of $82.23, for a total transaction of $559,164.00. Following the transaction, the chief executive officer directly owned 325,557 shares of the company’s stock, valued at approximately $26,770,552.11. This trade represents a 2.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 45,724 shares of company stock valued at $5,336,431 in the last quarter. Company insiders own 0.93% of the company’s stock.

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.