MIG Capital LLC Acquires Shares of 3,920 Ciena Co. (NYSE:CIEN)

MIG Capital LLC acquired a new stake in shares of Ciena Co. (NYSE:CIEN) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 3,920 shares of the communications equipment provider’s stock, valued at approximately $332,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in CIEN. Russell Investments Group Ltd. increased its holdings in Ciena by 11.9% during the 4th quarter. Russell Investments Group Ltd. now owns 326,654 shares of the communications equipment provider’s stock worth $27,757,000 after purchasing an additional 34,736 shares in the last quarter. Envestnet Asset Management Inc. grew its holdings in Ciena by 5.6% during the fourth quarter. Envestnet Asset Management Inc. now owns 362,558 shares of the communications equipment provider’s stock worth $30,749,000 after buying an additional 19,078 shares in the last quarter. Dynamic Technology Lab Private Ltd purchased a new stake in Ciena in the 4th quarter valued at $254,000. Gladstone Capital Management LLP bought a new position in Ciena during the 4th quarter valued at $2,298,000. Finally, Hel Ved Capital Management Ltd purchased a new position in Ciena during the 4th quarter worth $4,079,000. 91.99% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

CIEN has been the topic of a number of recent analyst reports. B. Riley reissued a “buy” rating and set a $89.00 price target (down from $97.00) on shares of Ciena in a research report on Wednesday, March 12th. Northland Capmk raised Ciena from a “hold” rating to a “strong-buy” rating in a report on Wednesday, March 12th. Barclays set a $100.00 price target on Ciena and gave the stock an “overweight” rating in a report on Wednesday, March 12th. Needham & Company LLC reduced their price objective on Ciena from $95.00 to $90.00 and set a “buy” rating for the company in a research note on Wednesday, March 12th. Finally, Bank of America upgraded Ciena from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $70.00 to $95.00 in a research note on Friday, December 13th. Four 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 stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $81.38.

Ciena Price Performance

Shares of NYSE CIEN opened at $53.53 on Friday. Ciena Co. has a twelve month low of $43.30 and a twelve month high of $101.44. The firm has a market capitalization of $7.61 billion, a P/E ratio of 93.91, a P/E/G ratio of 1.54 and a beta of 1.15. The company has a quick ratio of 2.72, a current ratio of 3.55 and a debt-to-equity ratio of 0.54. The stock’s 50-day simple moving average is $75.40 and its two-hundred day simple moving average is $74.21.

Insider Activity at Ciena

In other Ciena news, SVP Jason Phipps sold 18,888 shares of the business’s stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $59.88, for a total value of $1,131,013.44. Following the completion of the sale, the senior vice president now owns 89,258 shares in the company, valued at approximately $5,344,769.04. The trade was a 17.47 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Gary B. Smith sold 6,800 shares of the firm’s stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $85.29, for a total transaction of $579,972.00. Following the completion of the transaction, the chief executive officer now owns 418,949 shares in the company, valued at $35,732,160.21. This represents a 1.60 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 66,200 shares of company stock valued at $4,921,513. Corporate insiders own 0.93% of the company’s stock.

Ciena 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.