Intrust Bank NA Lowers Position in Ciena Co. (NYSE:CIEN)

Intrust Bank NA decreased its stake in shares of Ciena Co. (NYSE:CIEN) by 22.7% during the 4th quarter, Holdings Channel reports. The institutional investor owned 2,777 shares of the communications equipment provider’s stock after selling 816 shares during the period. Intrust Bank NA’s holdings in Ciena were worth $236,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Pictet Asset Management Holding SA boosted its holdings in Ciena by 10.2% during the 4th quarter. Pictet Asset Management Holding SA now owns 21,862 shares of the communications equipment provider’s stock worth $1,854,000 after acquiring an additional 2,026 shares during the last quarter. New Age Alpha Advisors LLC bought a new position in shares of Ciena during the fourth quarter valued at about $7,625,000. Norges Bank purchased a new position in Ciena during the fourth quarter worth about $7,356,000. WINTON GROUP Ltd grew its position in Ciena by 242.4% in the 4th quarter. WINTON GROUP Ltd now owns 104,167 shares of the communications equipment provider’s stock worth $8,834,000 after purchasing an additional 73,741 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Ciena by 328.2% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 364 shares of the communications equipment provider’s stock valued at $30,000 after buying an additional 279 shares during the last quarter. Institutional investors own 91.99% of the company’s stock.

Analyst Upgrades and Downgrades

CIEN has been the subject of several recent analyst reports. Barclays set a $100.00 target price on Ciena and gave the company an “overweight” rating in a report on Wednesday, March 12th. JPMorgan Chase & Co. raised Ciena from a “neutral” rating to an “overweight” rating and raised their target price for the company from $84.00 to $88.00 in a research report on Tuesday, January 28th. Stifel Nicolaus reissued a “buy” rating and issued a $82.00 price target (up from $75.00) on shares of Ciena in a report on Tuesday, December 10th. Bank of America upgraded shares of Ciena from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $70.00 to $95.00 in a report on Friday, December 13th. Finally, Needham & Company LLC lowered their price objective on shares of Ciena from $95.00 to $90.00 and set a “buy” rating on the stock in a research report on Wednesday, March 12th. Four equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $81.38.

Insider Transactions at Ciena

In other Ciena news, CEO Gary B. Smith sold 6,800 shares of the stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 391,749 shares in the company, valued at $25,534,199.82. This represents a 1.71 % 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 firm’s stock in a transaction on Monday, March 24th. The shares were sold at an average price of $68.88, for a total transaction of $172,200.00. Following the completion of the transaction, the senior vice president now directly owns 207,370 shares of the company’s stock, valued at approximately $14,283,645.60. The trade was a 1.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 66,560 shares of company stock valued at $5,406,323 over the last three months. Company insiders own 0.93% of the company’s stock.

Ciena Stock Down 2.2 %

Ciena stock opened at $61.50 on Monday. The firm has a 50 day simple moving average of $78.74 and a 200 day simple moving average of $74.21. The company has a current ratio of 3.55, a quick ratio of 2.72 and a debt-to-equity ratio of 0.54. Ciena Co. has a 1-year low of $43.30 and a 1-year high of $101.44. The firm has a market capitalization of $8.74 billion, a price-to-earnings ratio of 107.90, a P/E/G ratio of 1.54 and a beta of 0.91.

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.