Corebridge Financial Inc. Cuts Position in Ciena Co. (NYSE:CIEN)

Corebridge Financial Inc. decreased its position in shares of Ciena Co. (NYSE:CIEN) by 3.8% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 163,420 shares of the communications equipment provider’s stock after selling 6,519 shares during the period. Corebridge Financial Inc. owned approximately 0.11% of Ciena worth $13,860,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in CIEN. FMR LLC raised its holdings in shares of Ciena by 0.5% during the 3rd quarter. FMR LLC now owns 21,664,066 shares of the communications equipment provider’s stock valued at $1,334,290,000 after buying an additional 108,407 shares in the last quarter. Vanguard Group Inc. grew its position in Ciena by 0.9% during the fourth quarter. Vanguard Group Inc. now owns 15,316,640 shares of the communications equipment provider’s stock valued at $1,299,004,000 after acquiring an additional 139,941 shares during the last quarter. State Street Corp raised its stake in shares of Ciena by 1.2% during the third quarter. State Street Corp now owns 4,439,478 shares of the communications equipment provider’s stock worth $273,427,000 after acquiring an additional 53,078 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Ciena by 1.4% in the 3rd quarter. Geode Capital Management LLC now owns 2,408,014 shares of the communications equipment provider’s stock valued at $148,348,000 after purchasing an additional 33,074 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of Ciena by 0.5% during 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 last quarter. Hedge funds and other institutional investors own 91.99% of the company’s stock.

Ciena Price Performance

CIEN stock opened at $69.23 on Wednesday. The firm has a 50-day moving average of $80.04 and a 200 day moving average of $73.98. 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 cap of $9.84 billion, a P/E ratio of 121.46, a PEG ratio of 1.54 and a beta of 0.91. Ciena Co. has a 1 year low of $43.30 and a 1 year high of $101.44.

Analyst Upgrades and Downgrades

CIEN has been the subject of several recent research reports. Citigroup boosted their price target on shares of Ciena from $84.00 to $98.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. Stifel Nicolaus restated a “buy” rating and set a $82.00 target price (up from $75.00) on shares of Ciena in a report on Tuesday, December 10th. Rosenblatt Securities reduced their price target on Ciena from $94.00 to $79.00 and set a “neutral” rating on the stock in a research report on Friday, March 7th. JPMorgan Chase & Co. upgraded Ciena from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $84.00 to $88.00 in a research report on Tuesday, January 28th. Finally, B. Riley restated a “buy” rating and issued a $89.00 target price (down previously from $97.00) on shares of Ciena in a report on Wednesday, March 12th. Four analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $81.38.

Insider Transactions at Ciena

In other news, SVP Brodie Gage sold 350 shares of the business’s stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $85.91, for a total value of $30,068.50. Following the sale, the senior vice president now directly owns 49,547 shares of the company’s stock, valued at $4,256,582.77. The trade was a 0.70 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Gary B. Smith sold 6,800 shares of Ciena stock in a transaction on Monday, March 17th. The shares were sold at an average price of $65.18, for a total value of $443,224.00. Following the transaction, the chief executive officer now owns 391,749 shares of the company’s stock, valued at $25,534,199.82. The trade was a 1.71 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 66,742 shares of company stock valued at $5,469,173. 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.