Bryce Point Capital LLC Invests $911,000 in Ciena Co. (NYSE:CIEN)

Bryce Point Capital LLC acquired a new stake in shares of Ciena Co. (NYSE:CIEN) during the fourth quarter, HoldingsChannel.com reports. The fund acquired 10,736 shares of the communications equipment provider’s stock, valued at approximately $911,000.

Other institutional investors have also made changes to their positions in the company. Point72 Asset Management L.P. acquired a new position in Ciena during the third quarter valued at approximately $57,861,000. Stephens Investment Management Group LLC bought a new stake in shares of Ciena during the 4th quarter worth $56,997,000. Keystone Investors PTE Ltd. acquired a new position in Ciena in the 4th quarter valued at $45,341,000. Arrowstreet Capital Limited Partnership raised its holdings in Ciena by 4,484.1% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 529,555 shares of the communications equipment provider’s stock worth $44,912,000 after acquiring an additional 518,003 shares during the period. Finally, Raymond James Financial Inc. bought a new position in Ciena in the 4th quarter worth $40,919,000. 91.99% of the stock is owned by institutional investors.

Insider Activity

In other Ciena news, SVP Jason Phipps sold 18,888 shares of Ciena stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $59.88, for a total transaction of $1,131,013.44. Following the completion of the transaction, the senior vice president now directly owns 89,258 shares of the company’s stock, valued at approximately $5,344,769.04. This trade represents a 17.47 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Brodie Gage sold 350 shares of the business’s stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $85.91, for a total transaction of $30,068.50. Following the completion of the sale, the senior vice president now owns 49,547 shares in the company, valued at $4,256,582.77. This represents a 0.70 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 66,200 shares of company stock worth $4,921,513. Company insiders own 0.93% of the company’s stock.

Ciena Stock Performance

NYSE CIEN opened at $65.03 on Thursday. The stock has a market cap of $9.24 billion, a P/E ratio of 114.09, a PEG ratio of 1.54 and a beta of 0.91. The company has a quick ratio of 2.72, a current ratio of 3.55 and a debt-to-equity ratio of 0.54. Ciena Co. has a twelve month low of $43.30 and a twelve month high of $101.44. The company’s 50-day simple moving average is $77.11 and its 200 day simple moving average is $74.23.

Analyst Upgrades and Downgrades

CIEN has been the subject of several research analyst reports. Northland Securities raised Ciena from a “market perform” rating to an “outperform” rating and boosted their price objective for the stock from $60.00 to $75.00 in a research report on Wednesday, March 12th. JPMorgan Chase & Co. upgraded Ciena from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $84.00 to $88.00 in a report on Tuesday, January 28th. Morgan Stanley lowered their price objective on shares of Ciena from $80.00 to $76.00 and set an “equal weight” rating on the stock in a research note on Wednesday, March 12th. B. Riley reaffirmed a “buy” rating and set a $89.00 target price (down previously from $97.00) on shares of Ciena in a research report on Wednesday, March 12th. Finally, Rosenblatt Securities dropped their price objective on shares of Ciena from $94.00 to $79.00 and set a “neutral” rating on the stock in a report on Friday, March 7th. Four equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average 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.