Ciena Co. (NYSE:CIEN) Shares Bought by Trust Point Inc.

Trust Point Inc. grew its holdings in Ciena Co. (NYSE:CIEN) by 28.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,687 shares of the communications equipment provider’s stock after acquiring an additional 1,047 shares during the period. Trust Point Inc.’s holdings in Ciena were worth $398,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also modified their holdings of CIEN. Hoese & Co LLP purchased a new position in shares of Ciena in the 3rd quarter valued at about $25,000. UMB Bank n.a. boosted its stake in shares of Ciena by 424.4% in the 3rd quarter. UMB Bank n.a. now owns 451 shares of the communications equipment provider’s stock valued at $28,000 after buying an additional 365 shares during the period. Versant Capital Management Inc boosted its stake in shares of Ciena by 925.0% in the 4th quarter. Versant Capital Management Inc now owns 328 shares of the communications equipment provider’s stock valued at $28,000 after buying an additional 296 shares during the period. First Horizon Advisors Inc. boosted its stake in shares of Ciena by 152.8% in the 3rd quarter. First Horizon Advisors Inc. now owns 847 shares of the communications equipment provider’s stock valued at $52,000 after buying an additional 512 shares during the period. Finally, Kieckhefer Group LLC purchased a new position in shares of Ciena in the 4th quarter valued at about $59,000. 91.99% of the stock is currently owned by institutional investors and hedge funds.

Ciena Trading Up 5.3 %

NYSE:CIEN opened at $92.15 on Thursday. The firm has a market cap of $13.10 billion, a P/E ratio of 161.67, a PEG ratio of 1.55 and a beta of 0.88. The company has a current ratio of 3.55, a quick ratio of 2.72 and a debt-to-equity ratio of 0.54. The stock’s 50 day simple moving average is $83.16 and its 200-day simple moving average is $68.01. Ciena Co. has a 12-month low of $43.30 and a 12-month high of $101.44.

Ciena (NYSE:CIEN) last released its earnings results on Thursday, December 12th. The communications equipment provider reported $0.54 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.66 by ($0.12). The company had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.10 billion. Ciena had a net margin of 2.09% and a return on equity of 4.72%. The company’s revenue for the quarter was down .5% on a year-over-year basis. During the same period in the previous year, the firm posted $0.56 EPS. Equities analysts anticipate that Ciena Co. will post 1.6 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Morgan Stanley cut Ciena from an “overweight” rating to an “equal weight” rating and set a $63.00 price objective for the company. in a research note on Monday, October 28th. Evercore ISI cut Ciena from an “outperform” rating to an “in-line” rating and set a $65.00 target price for the company. in a research note on Tuesday, October 15th. Needham & Company LLC restated a “buy” rating and set a $95.00 target price on shares of Ciena in a research note on Friday, January 10th. Rosenblatt Securities boosted their target price on Ciena from $75.00 to $94.00 and gave the stock a “neutral” rating in a research note on Friday, December 13th. Finally, Stifel Nicolaus restated a “buy” rating and set a $82.00 target price (up previously from $75.00) on shares of Ciena in a research note on Tuesday, December 10th. Six research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $78.77.

Insider Activity

In related news, SVP David M. Rothenstein sold 3,500 shares of Ciena stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $89.09, for a total value of $311,815.00. Following the sale, the senior vice president now directly owns 192,997 shares in the company, valued at $17,194,102.73. The trade was a 1.78 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Joseph Cumello sold 1,289 shares of Ciena stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $68.99, for a total value of $88,928.11. Following the completion of the sale, the senior vice president now owns 39,486 shares in the company, valued at approximately $2,724,139.14. This trade represents a 3.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 57,581 shares of company stock valued at $4,875,548. Company insiders own 0.83% 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.