Keystone Investors PTE Ltd. Buys Shares of 534,618 Ciena Co. (NYSE:CIEN)

Keystone Investors PTE Ltd. purchased a new position in shares of Ciena Co. (NYSE:CIEN) in the 4th quarter, HoldingsChannel.com reports. The firm purchased 534,618 shares of the communications equipment provider’s stock, valued at approximately $45,341,000. Ciena accounts for about 3.2% of Keystone Investors PTE Ltd.’s holdings, making the stock its 10th biggest position.

Other large investors also recently modified their holdings of the company. PNC Financial Services Group Inc. raised its stake in Ciena by 7.3% in the 3rd quarter. PNC Financial Services Group Inc. now owns 16,327 shares of the communications equipment provider’s stock valued at $1,006,000 after acquiring an additional 1,116 shares during the period. First Horizon Advisors Inc. increased its stake in shares of Ciena by 152.8% in the third quarter. First Horizon Advisors Inc. now owns 847 shares of the communications equipment provider’s stock worth $52,000 after purchasing an additional 512 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Ciena by 0.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 955,516 shares of the communications equipment provider’s stock valued at $58,850,000 after purchasing an additional 6,605 shares during the period. Cerity Partners LLC lifted its stake in shares of Ciena by 70.3% during the 3rd quarter. Cerity Partners LLC now owns 47,929 shares of the communications equipment provider’s stock valued at $2,952,000 after buying an additional 19,785 shares in the last quarter. Finally, Westfield Capital Management Co. LP bought a new position in Ciena in the 3rd quarter worth approximately $35,403,000. Hedge funds and other institutional investors own 91.99% of the company’s stock.

Insider Buying and Selling at Ciena

In related news, SVP Dino Diperna sold 2,682 shares of Ciena stock in a transaction on Thursday, December 26th. The shares were sold at an average price of $87.64, for a total value of $235,050.48. Following the transaction, the senior vice president now owns 50,607 shares in the company, valued at $4,435,197.48. This trade represents a 5.03 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Jason Phipps sold 5,648 shares of the business’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $84.64, for a total transaction of $478,046.72. Following the completion of the sale, the senior vice president now directly owns 109,878 shares of the company’s stock, valued at $9,300,073.92. This represents a 4.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 66,742 shares of company stock worth $5,469,173 over the last 90 days. Corporate insiders own 0.93% of the company’s stock.

Ciena Stock Performance

NYSE CIEN opened at $69.63 on Tuesday. Ciena Co. has a 52-week low of $43.30 and a 52-week high of $101.44. The company has a fifty day moving average of $80.32 and a 200-day moving average of $73.86. The company has a market capitalization of $9.90 billion, a P/E ratio of 122.16, a P/E/G ratio of 1.54 and a beta of 0.91. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.72 and a current ratio of 3.55.

Analysts Set New Price Targets

CIEN has been the topic of several recent research reports. Barclays set a $100.00 target price on Ciena and gave the stock an “overweight” rating in a research report on Wednesday, March 12th. Northland Securities upgraded Ciena from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $60.00 to $75.00 in a research note on Wednesday, March 12th. JPMorgan Chase & Co. upgraded Ciena from a “neutral” rating to an “overweight” rating and upped their price target for the company from $84.00 to $88.00 in a research report on Tuesday, January 28th. Northland Capmk upgraded shares of Ciena from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, March 12th. Finally, Stifel Nicolaus reaffirmed a “buy” rating and set a $82.00 target price (up previously from $75.00) on shares of Ciena in a report on Tuesday, December 10th. Four analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Ciena presently has a consensus rating of “Moderate Buy” and an average price target of $81.38.

About Ciena

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.