Madison Asset Management LLC increases stock position in Ciena Co. (NYSE:CIEN)

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Madison Asset Management LLC increased its stake in Ciena Co. shares. (NYSE:CIEN – Free Report) in the fourth quarter up 42.9%, according to its most recent Form 13F filing with the SEC. The fund owned 327,949 shares of the communications equipment supplier, after buying an additional 98,527 shares during the period. Madison Asset Management LLC owned approximately 0.23% of Ciena worth $14,761,000 as of the most recent SEC filing.

Other hedge funds have also increased or decreased their stakes in the company. Johnson Financial Group Inc. bought a new position in Ciena stock in the fourth quarter worth approximately $61,000. Mitsubishi UFJ Trust & Banking Corp bought a new stake in shares of Ciena in the third quarter valued at $101,000. Operase Advisors LLC increased its position in shares of Ciena by 19.0% in the third quarter. Operose Advisors LLC now owns 3,214 shares of the communications equipment provider’s stock valued at $152,000 after purchasing an additional 514 shares in the last quarter. Claret Asset Management Corp bought a new stake in shares of Ciena during the third quarter valued at $203,000. Finally, Coldstream purchased Capital Management Inc. a new stake in Ciena worth approximately $204,000 in the fourth quarter. Institutional investors own 91.99% of the company’s shares.

Insiders place their bets

In other news, SVP Brodie Gage sold 533 shares of the company’s stock in a transaction dated Monday, April 1st. The shares sold at an average price of $49.61, for a total transaction of $26,442.13. Following the completion of the transaction, the senior vice president now directly owns 41,372 shares of the company’s stock, valued at $2,052,464.92. The sale was disclosed in a legal filing with the SEC, which can be accessed via this hyperlink. In related news, SVP Brodie Gage sold 533 shares of Ciena stock in a transaction on Monday, April 1. The shares sold at an average price of $49.61, for a total value of $26,442.13. Following the sale, the senior vice president now owns 41,372 shares of the company’s stock, valued at $2,052,464.92. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Joseph Cumello sold 1,288 shares of the company’s stock in a transaction dated Wednesday, May 15. The shares sold at an average price of $49.00, for a total transaction of $63,112.00. Following the completion of the sale, the senior vice president now directly owns 49,883 shares of the company’s stock, valued at $2,444,267. The explanation of this sale can be found here. Insiders sold a total of 25,141 shares of the company’s stock, worth $1,214,404, in the last quarter. Insiders own 0.83% of the company’s shares.

Analyst upgrades and downgrades

Several brokers have recently given their opinions on CIEN. Citigroup started reporting on Ciena on Friday, April 12, with a research report. They set a sell rating and a $44.00 price target for the stock. Needham & Company LLC raised their target price on shares of Ciena from $60.00 to $65.00 and gave the stock a “buy” rating in a research note on Monday, March 4. BNP Paribas initiated coverage on Ciena shares in a research report on Thursday, April 11. They set an “outperform” rating and a $57.00 price target for the company. JPMorgan Chase & Co. lowered his price objective on Ciena from $67.00 to $60.00 and set an “overweight” rating for the company in a research note on Thursday. Finally, Rosenblatt Securities downgraded Ciena from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $65.00 to $52.50 in a research note on Thursday. One analyst has rated the stock with a sell rating, three have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Ciena currently has an average rating of “Moderate Buy” and an average price target of $57.39.

Read our latest stock report on Ciena

Ciena is trading 0.7% higher

NYSE CIEN traded down $0.32 during trading on Friday, reaching $48.17. There were 2,088,869 shares of the company traded, compared to the average volume of 1,143,499. The company has a market cap of $6.97 billion, a price-to-earnings ratio of 31.28, a PEG ratio of 3.28, and a beta of 1.00. The stock has a fifty-day moving average of $47.74 and a two-hundred-day moving average of $49.23. The company has a debt-to-equity ratio of 0.53, a current ratio of 4.29 and a quick ratio of 3.12. Ciena Co. has a 12-month low of $39.94 and a 12-month high of $63.24.

Ciena (NYSE:CIEN – Get Free Report) last published its quarterly results on Thursday, March 7. The communications equipment supplier reported $0.66 earnings per share for the quarter, topping the consensus estimate of $0.48 by $0.18. Ciena had a return on equity of 9.92% and a net margin of 5.22%. The company had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.02 billion. During the same period last year, the company earned earnings per share of $0.48. Ciena’s revenue for the quarter fell 1.8% compared to the same quarter last year. As a group, sell-side analysts expect Ciena Co. will post earnings per share of 1.43 for the current year.

Ciena Company Profile

(Free report)

Ciena Corporation provides hardware and software services for the delivery of video, data, voice, metro, aggregation, and access communications networks worldwide. The company’s Networking Platforms segment provides coherent optical transport convergence, open optical networks, optical transport network switching, IP routing and switching services.

Read further

Would you like to see which other hedge funds own CIEN? Visit HoldingsChannel.com for the latest 13F filings and insider transactions for Ciena Co. (NYSE:CIEN – Free Report).

Quarterly Institutional Ownership for Ciena (NYSE:CIEN)

This instant news alert was generated by narrative science technology and financial data from MarketBeat to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat editorial staff before publication. Send any questions or comments about this story to [email protected].

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