Summit Financial LLC Purchases New Stake in Ciena Co. (NYSE:CIEN)

Summit Financial LLC acquired a new position in Ciena Co. (NYSE:CIEN) in the fourth quarter, HoldingsChannel reports. The institutional investor acquired 6,808 shares of the communications equipment provider’s stock, valued at approximately $577,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Versant Capital Management Inc lifted its position 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 worth $28,000 after buying an additional 296 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in Ciena by 328.2% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 364 shares of the communications equipment provider’s stock worth $30,000 after acquiring an additional 279 shares during the last quarter. Picton Mahoney Asset Management bought a new position in Ciena in the fourth quarter worth about $41,000. Parkside Financial Bank & Trust grew its holdings in shares of Ciena by 409.8% during the fourth quarter. Parkside Financial Bank & Trust now owns 520 shares of the communications equipment provider’s stock valued at $44,000 after purchasing an additional 418 shares during the last quarter. Finally, CIBC Private Wealth Group LLC raised its position in shares of Ciena by 394.6% during the 4th quarter. CIBC Private Wealth Group LLC now owns 554 shares of the communications equipment provider’s stock worth $46,000 after purchasing an additional 442 shares during the period. Institutional investors own 91.99% of the company’s stock.

Insiders Place Their Bets

In related news, SVP Jason Phipps sold 18,888 shares of Ciena stock in a transaction 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 transaction, the senior vice president now directly owns 89,258 shares in the company, valued at $5,344,769.04. The trade was a 17.47 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Brodie Gage sold 350 shares of the company’s stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $85.91, for a total value of $30,068.50. Following the sale, the senior vice president now directly owns 49,547 shares of the company’s stock, valued at approximately $4,256,582.77. This represents a 0.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 66,200 shares of company stock worth $4,921,513. 0.93% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. Northland Securities upgraded Ciena from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $60.00 to $75.00 in a research report on Wednesday, March 12th. B. Riley restated a “buy” rating and set a $89.00 price target (down previously from $97.00) on shares of Ciena in a research report on Wednesday, March 12th. Bank of America upgraded shares of Ciena from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $70.00 to $95.00 in a research report on Friday, December 13th. Needham & Company LLC decreased their target price on shares of Ciena from $95.00 to $90.00 and set a “buy” rating for the company in a research report on Wednesday, March 12th. Finally, Barclays set a $100.00 price target on Ciena and gave the company an “overweight” rating in a report on Wednesday, March 12th. Four research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Ciena has a consensus rating of “Moderate Buy” and a consensus price target of $81.38.

Ciena Stock Up 5.7 %

CIEN opened at $65.03 on Thursday. 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 capitalization of $9.24 billion, a PE ratio of 114.09, a P/E/G ratio of 1.54 and a beta of 0.91. The stock’s fifty day moving average is $77.11 and its 200-day moving average is $74.23. Ciena Co. has a one year low of $43.30 and a one year high of $101.44.

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.