Providence Capital Advisors LLC Sells 1,154 Shares of Ciena Co. (NYSE:CIEN)

Providence Capital Advisors LLC reduced its position in Ciena Co. (NYSE:CIEN) by 1.4% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 83,095 shares of the communications equipment provider’s stock after selling 1,154 shares during the period. Ciena makes up about 1.4% of Providence Capital Advisors LLC’s investment portfolio, making the stock its 19th biggest position. Providence Capital Advisors LLC owned approximately 0.06% of Ciena worth $7,047,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. raised its position in shares of Ciena by 7.3% during 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 purchasing an additional 1,116 shares during the period. Charles Schwab Investment Management Inc. raised its stake in Ciena by 0.7% during the 3rd 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 boosted its stake in Ciena by 70.3% in the 3rd quarter. Cerity Partners LLC now owns 47,929 shares of the communications equipment provider’s stock worth $2,952,000 after purchasing an additional 19,785 shares during the period. Bank of Montreal Can grew its holdings in Ciena by 44.0% during the 3rd quarter. Bank of Montreal Can now owns 48,883 shares of the communications equipment provider’s stock valued at $3,021,000 after buying an additional 14,946 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Ciena by 10.8% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 34,198 shares of the communications equipment provider’s stock valued at $2,106,000 after buying an additional 3,336 shares during the last quarter. 91.99% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms recently weighed in on CIEN. Rosenblatt Securities cut their target price on shares of Ciena from $94.00 to $79.00 and set a “neutral” rating for the company in a research note on Friday, March 7th. 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 note on Wednesday, March 12th. Bank of America upgraded Ciena from a “neutral” rating to a “buy” rating and boosted their target price for the company from $70.00 to $95.00 in a research report on Friday, December 13th. Stifel Nicolaus restated a “buy” rating and issued a $82.00 price target (up from $75.00) on shares of Ciena in a report on Tuesday, December 10th. Finally, Northland Capmk upgraded shares of Ciena from a “hold” rating to a “strong-buy” rating in a report on Wednesday, March 12th. Four equities research 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 stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $81.38.

Insider Activity at Ciena

In other news, SVP David M. Rothenstein sold 2,500 shares of the firm’s stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $68.88, for a total value of $172,200.00. Following the completion of the transaction, the senior vice president now directly owns 207,370 shares in the company, valued at $14,283,645.60. This trade represents a 1.19 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Brodie Gage sold 350 shares of the company’s stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $90.16, for a total value of $31,556.00. Following the completion of the sale, the senior vice president now owns 49,197 shares in the company, valued at approximately $4,435,601.52. This represents a 0.71 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 66,560 shares of company stock valued at $5,406,323 over the last 90 days. Insiders own 0.93% of the company’s stock.

Ciena Stock Down 4.6 %

Ciena stock opened at $62.75 on Friday. The company has a quick ratio of 2.72, a current ratio of 3.55 and a debt-to-equity ratio of 0.54. The firm has a market cap of $8.92 billion, a P/E ratio of 110.08, a P/E/G ratio of 1.54 and a beta of 0.91. Ciena Co. has a twelve month low of $43.30 and a twelve month high of $101.44. The business has a fifty day moving average of $79.21 and a two-hundred day moving average of $73.85.

Ciena Company 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.