SkyOak Wealth LLC Buys 1,500 Shares of Ciena Co. (NYSE:CIEN)

SkyOak Wealth LLC increased its stake in Ciena Co. (NYSE:CIEN) by 19.8% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 9,087 shares of the communications equipment provider’s stock after purchasing an additional 1,500 shares during the quarter. SkyOak Wealth LLC’s holdings in Ciena were worth $771,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Versant Capital Management Inc raised its position in Ciena by 925.0% during the fourth quarter. Versant Capital Management Inc now owns 328 shares of the communications equipment provider’s stock worth $28,000 after acquiring an additional 296 shares in the last quarter. Hoese & Co LLP acquired a new position in shares of Ciena during the 3rd quarter worth about $25,000. UMB Bank n.a. raised its holdings in shares of Ciena by 424.4% in the 3rd quarter. UMB Bank n.a. now owns 451 shares of the communications equipment provider’s stock valued at $28,000 after purchasing an additional 365 shares during the period. Kieckhefer Group LLC acquired a new stake in Ciena in the 4th quarter valued at about $59,000. Finally, First Horizon Advisors Inc. grew its holdings in Ciena by 152.8% during 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 during the period. 91.99% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have issued reports on CIEN shares. Barclays upped their price objective on Ciena from $67.00 to $97.00 and gave the company an “overweight” rating in a research note on Friday, December 13th. BNP Paribas downgraded Ciena from an “outperform” rating to a “neutral” rating and raised their price target for the company from $59.00 to $67.00 in a report on Wednesday, October 9th. Bank of America raised shares of Ciena from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $70.00 to $95.00 in a research report on Friday, December 13th. Rosenblatt Securities increased their price objective on shares of Ciena from $75.00 to $94.00 and gave the company a “neutral” rating in a research report on Friday, December 13th. Finally, Citigroup lifted their target price on shares of Ciena from $84.00 to $98.00 and gave the stock a “buy” rating in a report on Friday, December 13th. Six investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, Ciena presently has an average rating of “Moderate Buy” and a consensus target price of $78.77.

Ciena Trading Up 3.0 %

Shares of CIEN stock opened at $87.20 on Friday. The stock has a market cap of $12.39 billion, a P/E ratio of 152.98, a price-to-earnings-growth ratio of 1.46 and a beta of 0.89. Ciena Co. has a 1 year low of $43.30 and a 1 year high of $101.44. 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 stock has a 50 day simple moving average of $82.06 and a 200 day simple moving average of $67.20.

Ciena (NYSE:CIEN) last released its earnings results on Thursday, December 12th. The communications equipment provider reported $0.54 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.66 by ($0.12). The company had revenue of $1.12 billion for the quarter, compared to analyst estimates of $1.10 billion. Ciena had a return on equity of 4.72% and a net margin of 2.09%. The business’s revenue for the quarter was down .5% compared to the same quarter last year. During the same period last year, the company posted $0.56 earnings per share. On average, research analysts predict that Ciena Co. will post 1.59 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, SVP Joseph Cumello sold 1,289 shares of the firm’s stock in a transaction on Friday, November 15th. The stock was sold at an average price of $68.99, for a total transaction of $88,928.11. Following the sale, the senior vice president now owns 39,486 shares of the company’s stock, valued at $2,724,139.14. This trade represents a 3.16 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Brodie Gage sold 350 shares of the company’s stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $85.91, for a total value of $30,068.50. Following the completion of the transaction, the senior vice president now directly owns 49,547 shares of the company’s stock, valued at approximately $4,256,582.77. The trade was a 0.70 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 50,781 shares of company stock worth $4,298,500. Corporate insiders own 0.83% of the company’s stock.

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.