Sherbrooke Park Advisers LLC Takes Position in Ciena Co. (NYSE:CIEN)

Sherbrooke Park Advisers LLC purchased a new stake in Ciena Co. (NYSE:CIEN) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 7,264 shares of the communications equipment provider’s stock, valued at approximately $616,000.

Several other hedge funds have also modified their holdings of CIEN. Price T Rowe Associates Inc. MD lifted its holdings in shares of Ciena by 195.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 4,626,153 shares of the communications equipment provider’s stock valued at $392,345,000 after buying an additional 3,062,883 shares during the period. Polar Capital Holdings Plc raised its holdings in Ciena by 113.7% during the fourth quarter. Polar Capital Holdings Plc now owns 2,169,406 shares of the communications equipment provider’s stock worth $183,987,000 after purchasing an additional 1,154,260 shares during the last quarter. Marshall Wace LLP raised its holdings in Ciena by 4,215.9% during the fourth quarter. Marshall Wace LLP now owns 899,828 shares of the communications equipment provider’s stock worth $76,314,000 after purchasing an additional 878,979 shares during the last quarter. Stephens Investment Management Group LLC acquired a new position in Ciena during the fourth quarter worth $56,997,000. Finally, Janus Henderson Group PLC raised its holdings in Ciena by 971.7% during the fourth quarter. Janus Henderson Group PLC now owns 729,722 shares of the communications equipment provider’s stock worth $61,891,000 after purchasing an additional 661,630 shares during the last quarter. 91.99% of the stock is owned by institutional investors and hedge funds.

Ciena Price Performance

Ciena stock opened at $81.22 on Friday. The company has a debt-to-equity ratio of 0.54, a current ratio of 3.55 and a quick ratio of 2.72. The company has a market capitalization of $11.54 billion, a PE ratio of 142.49, a price-to-earnings-growth ratio of 1.54 and a beta of 1.11. Ciena Co. has a one year low of $44.69 and a one year high of $101.44. The business has a 50 day simple moving average of $65.40 and a 200 day simple moving average of $74.56.

Analyst Ratings Changes

Several equities analysts recently issued reports on CIEN shares. JPMorgan Chase & Co. reduced their price objective on Ciena from $88.00 to $76.00 and set an “overweight” rating for the company in a report on Thursday, April 17th. Morgan Stanley lowered their price objective 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. Rosenblatt Securities lowered their price target on Ciena from $73.00 to $65.00 and set a “neutral” rating for the company in a research report on Tuesday, April 22nd. Citigroup reduced their price objective on Ciena from $98.00 to $75.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. Finally, Northland Securities upgraded Ciena from a “market perform” rating to an “outperform” rating and boosted their price objective for the stock from $60.00 to $75.00 in a research note on Wednesday, March 12th. Four investment 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. Based on data from MarketBeat.com, Ciena presently has an average rating of “Moderate Buy” and a consensus target price of $77.62.

Insider Activity at Ciena

In related news, SVP Brodie Gage sold 350 shares of Ciena stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $90.16, for a total transaction of $31,556.00. Following the completion of the sale, the senior vice president now directly owns 49,197 shares of the company’s stock, valued at $4,435,601.52. The trade was a 0.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Jason Phipps sold 18,888 shares of the business’s stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $59.88, for a total value of $1,131,013.44. Following the completion of the transaction, the senior vice president now directly owns 89,258 shares of the company’s stock, valued at approximately $5,344,769.04. The trade was a 17.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 52,138 shares of company stock valued at $3,439,211 in the last three months. Corporate insiders own 0.93% of the company’s stock.

Ciena Company 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.