Tocqueville Asset Management L.P. lessened its stake in shares of Ciena Co. (NYSE:CIEN) by 14.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 206,050 shares of the communications equipment provider’s stock after selling 35,000 shares during the quarter. Tocqueville Asset Management L.P.’s holdings in Ciena were worth $6,437,000 at the end of the most recent reporting period.
Other hedge funds also recently added to or reduced their stakes in the company. Signaturefd LLC boosted its position in shares of Ciena by 484.4% during the 2nd quarter. Signaturefd LLC now owns 5,534 shares of the communications equipment provider’s stock worth $147,000 after purchasing an additional 4,587 shares in the last quarter. CenterStar Asset Management LLC bought a new position in shares of Ciena during the 3rd quarter worth about $159,000. Moneta Group Investment Advisors LLC boosted its position in shares of Ciena by 102.0% during the 2nd quarter. Moneta Group Investment Advisors LLC now owns 6,140 shares of the communications equipment provider’s stock worth $163,000 after purchasing an additional 3,100 shares in the last quarter. O Shaughnessy Asset Management LLC acquired a new stake in shares of Ciena in the 3rd quarter worth about $198,000. Finally, Financial Gravity Wealth Inc. acquired a new stake in shares of Ciena in the 3rd quarter worth about $199,000.
NYSE:CIEN opened at $31.28 on Friday. The company has a quick ratio of 1.76, a current ratio of 1.97 and a debt-to-equity ratio of 0.33. The stock has a market capitalization of $4.60 billion, a price-to-earnings ratio of 20.99, a PEG ratio of 1.41 and a beta of 1.24. Ciena Co. has a 52 week low of $20.30 and a 52 week high of $35.04.
A number of equities research analysts recently weighed in on CIEN shares. Stifel Nicolaus started coverage on shares of Ciena in a report on Tuesday, October 23rd. They issued a “buy” rating and a $35.00 target price on the stock. UBS Group lowered shares of Ciena from a “buy” rating to a “neutral” rating and upped their target price for the stock from $29.50 to $33.00 in a report on Wednesday, September 26th. Zacks Investment Research upgraded shares of Ciena from a “hold” rating to a “buy” rating and set a $35.00 target price on the stock in a report on Wednesday, September 5th. ValuEngine upgraded shares of Ciena from a “hold” rating to a “buy” rating in a report on Friday, August 17th. Finally, Morgan Stanley lowered shares of Ciena from an “overweight” rating to an “equal weight” rating and upped their target price for the stock from $30.00 to $32.00 in a report on Thursday, September 13th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and twelve have issued a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $33.05.
In other Ciena news, CEO Gary B. Smith sold 9,600 shares of the stock in a transaction dated Wednesday, September 19th. The shares were sold at an average price of $30.57, for a total value of $293,472.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP David M. Rothenstein sold 2,000 shares of the stock in a transaction dated Monday, October 15th. The shares were sold at an average price of $29.15, for a total transaction of $58,300.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 80,275 shares of company stock valued at $2,512,068. Company insiders own 1.38% of the company’s stock.
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Ciena Corporation provides hardware, software, and services that support the transport, switching, aggregation, service delivery, and management of voice, video, and data traffic on communications networks worldwide. The company's Networking Platforms segment offers hardware networking solutions optimized for the convergence of coherent optical transport, optical transport network switching, and packet switching.
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