AlphaOne Investment Services LLC raised its position in Ciena Co. (NYSE:CIEN) by 11,253.2% in the fourth quarter, Holdings Channel reports. The institutional investor owned 68,119 shares of the communications equipment provider’s stock after purchasing an additional 67,519 shares during the period. AlphaOne Investment Services LLC’s holdings in Ciena were worth $1,426,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors have also recently modified their holdings of CIEN. Neuberger Berman Group LLC lifted its stake in Ciena by 169.5% in the third quarter. Neuberger Berman Group LLC now owns 4,217,455 shares of the communications equipment provider’s stock valued at $92,657,000 after buying an additional 2,652,791 shares during the last quarter. Rubric Capital Management LP purchased a new stake in Ciena in the third quarter valued at approximately $33,373,000. Boston Partners purchased a new stake in Ciena in the fourth quarter valued at approximately $31,035,000. Becker Capital Management Inc. purchased a new stake in Ciena in the third quarter valued at approximately $27,188,000. Finally, Westfield Capital Management Co. LP lifted its stake in Ciena by 21.5% in the third quarter. Westfield Capital Management Co. LP now owns 2,594,285 shares of the communications equipment provider’s stock valued at $56,996,000 after buying an additional 459,190 shares during the last quarter.
Ciena Co. (NYSE:CIEN) opened at $23.34 on Monday. Ciena Co. has a twelve month low of $19.40 and a twelve month high of $27.98. The firm has a market capitalization of $3,368.42, a price-to-earnings ratio of 16.67, a P/E/G ratio of 1.49 and a beta of 1.67. The company has a current ratio of 1.93, a quick ratio of 1.68 and a debt-to-equity ratio of 0.27.
Ciena announced that its board has authorized a stock buyback plan on Thursday, December 7th that permits the company to repurchase $300.00 million in outstanding shares. This repurchase authorization permits the communications equipment provider to reacquire shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company’s board believes its shares are undervalued.
Several research firms have recently commented on CIEN. Zacks Investment Research upgraded Ciena from a “sell” rating to a “hold” rating in a research note on Monday, February 12th. Goldman Sachs Group upgraded Ciena from a “neutral” rating to a “buy” rating and set a $27.00 price target for the company in a research note on Monday, January 15th. UBS Group cut their price target on Ciena from $29.00 to $27.00 and set a “buy” rating for the company in a research note on Friday, December 8th. BMO Capital Markets cut their price target on Ciena to $25.00 and set an “outperform” rating for the company in a research note on Friday, December 8th. Finally, Needham & Company LLC cut their price target on Ciena from $26.00 to $24.00 and set a “buy” rating for the company in a research note on Friday, December 8th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $28.48.
In other Ciena news, CEO Gary B. Smith sold 8,000 shares of the company’s stock in a transaction on Friday, December 15th. The stock was sold at an average price of $21.38, for a total value of $171,040.00. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Andrew C. Petrik sold 3,800 shares of the company’s stock in a transaction on Thursday, December 21st. The shares were sold at an average price of $21.22, for a total value of $80,636.00. The disclosure for this sale can be found here. Insiders have sold 228,743 shares of company stock worth $4,925,411 in the last ninety days. 1.38% of the stock is currently owned by corporate insiders.
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Ciena Company Profile
Ciena Corporation is a network strategy and technology company, which provides solutions that enable a range of network operators to adopt communication architectures and deliver an array of services, relied upon by enterprise and consumer end users. It provides equipment, software and services that support the transport, switching, aggregation, service delivery and management of voice, video and data traffic on communications networks.
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