Point72 Asset Management L.P. Sells 684,643 Shares of Ciena Co. (NYSE:CIEN)

Point72 Asset Management L.P. lowered its stake in Ciena Co. (NYSE:CIEN) by 72.9% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 254,810 shares of the communications equipment provider’s stock after selling 684,643 shares during the period. Point72 Asset Management L.P.’s holdings in Ciena were worth $21,610,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Annis Gardner Whiting Capital Advisors LLC increased its holdings in Ciena by 108.6% in the 4th quarter. Annis Gardner Whiting Capital Advisors LLC now owns 290 shares of the communications equipment provider’s stock valued at $25,000 after buying an additional 151 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in shares of Ciena by 328.2% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 364 shares of the communications equipment provider’s stock worth $30,000 after acquiring an additional 279 shares in the last quarter. Bessemer Group Inc. increased its stake in Ciena by 73.7% in the fourth quarter. Bessemer Group Inc. now owns 356 shares of the communications equipment provider’s stock valued at $30,000 after acquiring an additional 151 shares during the last quarter. Atlas Capital Advisors Inc. raised its position in Ciena by 77.2% during 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 in the last quarter. Finally, Picton Mahoney Asset Management bought a new stake in Ciena during the fourth quarter worth $41,000. Institutional investors and hedge funds own 91.99% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently issued reports on CIEN shares. 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 note on Wednesday, March 12th. Northland Securities upgraded Ciena from a “market perform” rating to an “outperform” rating and lifted their target price for the company from $60.00 to $75.00 in a research report on Wednesday, March 12th. Barclays set a $100.00 target price on shares of Ciena and gave the stock an “overweight” rating in a report on Wednesday, March 12th. Needham & Company LLC decreased their price target on shares of Ciena from $95.00 to $90.00 and set a “buy” rating on the stock in a report on Wednesday, March 12th. Finally, Northland Capmk raised shares of Ciena from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, March 12th. Four research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $77.62.

Ciena Price Performance

CIEN stock opened at $81.22 on Friday. The company has a market capitalization of $11.54 billion, a P/E ratio of 142.49, a PEG ratio of 1.54 and a beta of 1.11. The company has a fifty day moving average price of $65.40 and a 200-day moving average price of $74.63. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.72 and a current ratio of 3.55. Ciena Co. has a 52-week low of $44.69 and a 52-week high of $101.44.

Insider Activity at Ciena

In other news, SVP Brodie Gage sold 350 shares of the business’s stock in a transaction that occurred 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 transaction, the senior vice president now owns 49,197 shares in the company, valued at approximately $4,435,601.52. The trade was a 0.71% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Jason Phipps sold 18,888 shares of the company’s stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $59.88, for a total transaction of $1,131,013.44. Following the completion of the sale, the senior vice president now directly owns 89,258 shares in the company, valued at approximately $5,344,769.04. This represents 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 worth $3,439,211 over the last three months. 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.