Hudson Valley Investment Advisors Inc. ADV Sells 8,965 Shares of Ciena Corporation $CIEN

Hudson Valley Investment Advisors Inc. ADV decreased its position in shares of Ciena Corporation (NYSE:CIEN) by 9.2% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 88,578 shares of the communications equipment provider’s stock after selling 8,965 shares during the period. Hudson Valley Investment Advisors Inc. ADV owned approximately 0.06% of Ciena worth $7,204,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also bought and sold shares of the company. Ion Asset Management Ltd. increased its position in Ciena by 6.3% during the first quarter. Ion Asset Management Ltd. now owns 1,356,752 shares of the communications equipment provider’s stock valued at $81,989,000 after acquiring an additional 80,426 shares during the last quarter. Vaughan Nelson Investment Management L.P. grew its holdings in shares of Ciena by 375.4% in the second quarter. Vaughan Nelson Investment Management L.P. now owns 1,235,696 shares of the communications equipment provider’s stock worth $100,499,000 after purchasing an additional 975,792 shares during the last quarter. Nuveen LLC bought a new position in shares of Ciena in the first quarter worth about $70,065,000. Analog Century Management LP grew its holdings in shares of Ciena by 33.0% in the first quarter. Analog Century Management LP now owns 841,311 shares of the communications equipment provider’s stock worth $50,840,000 after purchasing an additional 208,509 shares during the last quarter. Finally, Woodline Partners LP bought a new position in shares of Ciena in the first quarter worth about $49,221,000. Institutional investors own 91.99% of the company’s stock.

Insider Activity

In other news, CEO Gary B. Smith sold 6,800 shares of the firm’s stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $149.88, for a total value of $1,019,184.00. Following the sale, the chief executive officer directly owned 282,070 shares in the company, valued at approximately $42,276,651.60. This trade represents a 2.35% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Brodie Gage sold 350 shares of the firm’s stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $132.00, for a total transaction of $46,200.00. Following the completion of the sale, the senior vice president owned 42,918 shares in the company, valued at $5,665,176. This represents a 0.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 45,724 shares of company stock valued at $5,336,431 over the last 90 days. 0.93% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

CIEN has been the topic of a number of research analyst reports. Wall Street Zen upgraded shares of Ciena from a “hold” rating to a “buy” rating in a report on Friday, September 5th. Weiss Ratings restated a “hold (c)” rating on shares of Ciena in a report on Saturday, September 27th. Rosenblatt Securities upgraded shares of Ciena from a “neutral” rating to a “buy” rating and upped their price target for the stock from $127.50 to $175.00 in a report on Friday, September 26th. Zacks Research upgraded shares of Ciena from a “hold” rating to a “strong-buy” rating in a report on Tuesday, September 9th. Finally, Morgan Stanley upped their price target on shares of Ciena from $70.00 to $100.00 and gave the stock an “underweight” rating in a report on Friday, September 5th. Three investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Ciena has an average rating of “Moderate Buy” and an average price target of $122.86.

Ciena Stock Down 0.9%

NYSE:CIEN opened at $151.28 on Friday. Ciena Corporation has a fifty-two week low of $49.21 and a fifty-two week high of $154.02. The stock has a market capitalization of $21.34 billion, a P/E ratio of 155.96, a P/E/G ratio of 2.11 and a beta of 1.15. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.52 and a current ratio of 3.28. The company’s 50-day simple moving average is $111.66 and its 200-day simple moving average is $86.30.

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.