Point72 Asset Management L.P. Sells 684,643 Shares of Ciena Co. (NYSE:CIEN)

Point72 Asset Management L.P. lessened its stake in Ciena Co. (NYSE:CIEN) by 72.9% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 254,810 shares of the communications equipment provider’s stock after selling 684,643 shares during the quarter. Point72 Asset Management L.P. owned about 0.18% of Ciena worth $21,610,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in CIEN. Ritholtz Wealth Management acquired a new stake in shares of Ciena in the 4th quarter valued at approximately $245,000. US Bancorp DE increased its position in shares of Ciena by 1.5% in the 4th quarter. US Bancorp DE now owns 10,459 shares of the communications equipment provider’s stock valued at $887,000 after buying an additional 152 shares in the last quarter. Merit Financial Group LLC bought a new position in Ciena during the fourth quarter worth about $421,000. Charles Schwab Investment Management Inc. increased its holdings in shares of Ciena by 0.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 959,831 shares of the communications equipment provider’s stock worth $81,403,000 after acquiring an additional 4,315 shares in the last quarter. Finally, Kestra Private Wealth Services LLC acquired a new stake in shares of Ciena during the fourth quarter worth about $1,129,000. Institutional investors own 91.99% of the company’s stock.

Insider Activity

In related news, CEO Gary B. Smith sold 6,800 shares of the business’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $76.41, for a total transaction of $519,588.00. Following the transaction, the chief executive officer now directly owns 398,549 shares of the company’s stock, valued at approximately $30,453,129.09. The trade was a 1.68% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP David M. Rothenstein sold 2,500 shares of the firm’s stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $79.93, for a total value of $199,825.00. Following the sale, the senior vice president now directly owns 202,370 shares of the company’s stock, valued at $16,175,434.10. This represents a 1.22% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 52,138 shares of company stock valued at $3,439,211 in the last quarter. Company insiders own 0.93% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on CIEN shares. Morgan Stanley lowered their target price on Ciena from $80.00 to $76.00 and set an “equal weight” rating for the company in a research note on Wednesday, March 12th. JPMorgan Chase & Co. lowered their price objective on shares of Ciena from $88.00 to $76.00 and set an “overweight” rating for the company in a research report on Thursday, April 17th. Needham & Company LLC reduced their target price on shares of Ciena from $95.00 to $90.00 and set a “buy” rating for the company in a research note on Wednesday, March 12th. Northland Capmk raised Ciena from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, March 12th. Finally, Citigroup reduced their price objective on Ciena from $98.00 to $75.00 and set a “buy” rating for the company in a research report on Monday, April 14th. Four equities 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 company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $77.62.

Ciena Price Performance

Shares of CIEN opened at $81.22 on Friday. The company has a current ratio of 3.55, a quick ratio of 2.72 and a debt-to-equity ratio of 0.54. The company’s fifty day simple moving average is $65.40 and its 200 day simple moving average is $74.63. Ciena Co. has a 1-year low of $44.69 and a 1-year high of $101.44. The company has a market cap of $11.54 billion, a price-to-earnings ratio of 142.49, a PEG ratio of 1.54 and a beta of 1.11.

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.