Paralel Advisors LLC Has $4.32 Million Stock Holdings in Ciena Co. (NYSE:CIEN)

Paralel Advisors LLC raised its holdings in Ciena Co. (NYSE:CIEN) by 10.0% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 50,884 shares of the communications equipment provider’s stock after purchasing an additional 4,624 shares during the quarter. Ciena accounts for approximately 0.2% of Paralel Advisors LLC’s investment portfolio, making the stock its 25th biggest position. Paralel Advisors LLC’s holdings in Ciena were worth $4,315,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the business. Geode Capital Management LLC boosted its holdings in shares of Ciena by 1.4% during 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 acquiring an additional 33,074 shares in the last quarter. Ritholtz Wealth Management acquired a new stake in shares of Ciena during the 4th quarter valued at $245,000. US Bancorp DE boosted its holdings in shares of Ciena by 1.5% during the 4th quarter. US Bancorp DE now owns 10,459 shares of the communications equipment provider’s stock valued at $887,000 after acquiring an additional 152 shares in the last quarter. Merit Financial Group LLC acquired a new stake in shares of Ciena during the 4th quarter valued at $421,000. Finally, Oak Thistle LLC acquired a new stake in shares of Ciena during the 4th quarter valued at $755,000. Institutional investors and hedge funds own 91.99% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on CIEN. Bank of America raised Ciena from a “neutral” rating to a “buy” rating and raised their price objective for the company from $70.00 to $95.00 in a report on Friday, December 13th. JPMorgan Chase & Co. raised Ciena from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $84.00 to $88.00 in a report on Tuesday, January 28th. Barclays set a $100.00 target price on Ciena and gave the stock an “overweight” rating in a report on Wednesday, March 12th. Rosenblatt Securities cut their target price on Ciena from $94.00 to $79.00 and set a “neutral” rating on the stock in a report on Friday, March 7th. Finally, Citigroup lifted their target price on Ciena from $84.00 to $98.00 and gave the stock a “buy” rating in a report on Friday, December 13th. Four investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Ciena currently has a consensus rating of “Moderate Buy” and a consensus price target of $81.38.

Ciena Trading Down 3.6 %

Shares of CIEN stock traded down $2.26 during mid-day trading on Thursday, hitting $59.73. The company’s stock had a trading volume of 135,113 shares, compared to its average volume of 2,009,755. The company’s fifty day simple moving average is $72.95 and its 200-day simple moving average is $74.05. Ciena Co. has a 52 week low of $43.30 and a 52 week high of $101.44. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.72 and a current ratio of 3.55. The company has a market cap of $8.49 billion, a PE ratio of 104.79, a P/E/G ratio of 1.54 and a beta of 1.15.

Insider Transactions at Ciena

In related news, SVP Brodie Gage sold 350 shares of the business’s stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $85.91, for a total value of $30,068.50. Following the completion of 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 filing with the SEC, which is available at the SEC website. Also, SVP David M. Rothenstein sold 2,500 shares of the business’s stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $68.88, for a total value of $172,200.00. Following the completion of the sale, the senior vice president now directly owns 207,370 shares of the company’s stock, valued at $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. In the last ninety days, insiders sold 49,288 shares of company stock valued at $3,484,670. 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.