Harvest Fund Management Co. Ltd Invests $253,000 in Ciena Co. (NYSE:CIEN)

Harvest Fund Management Co. Ltd purchased a new position in shares of Ciena Co. (NYSE:CIEN) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 2,978 shares of the communications equipment provider’s stock, valued at approximately $253,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Point72 Asset Management L.P. acquired a new position in Ciena in the 3rd quarter valued at about $57,861,000. Stephens Investment Management Group LLC acquired a new position in Ciena in the 4th quarter valued at about $56,997,000. Westfield Capital Management Co. LP acquired a new position in Ciena in the 3rd quarter valued at about $35,403,000. Raymond James Financial Inc. acquired a new position in Ciena in the 4th quarter valued at about $40,919,000. Finally, Primecap Management Co. CA raised its stake in Ciena by 263.7% in the 4th quarter. Primecap Management Co. CA now owns 463,680 shares of the communications equipment provider’s stock valued at $39,325,000 after purchasing an additional 336,180 shares during the last quarter. Institutional investors and hedge funds own 91.99% of the company’s stock.

Insider Activity

In related news, SVP Brodie Gage sold 350 shares of the firm’s stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $90.16, for a total transaction of $31,556.00. Following the transaction, the senior vice president now directly owns 49,197 shares in the company, valued at $4,435,601.52. This trade represents a 0.71 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Dino Diperna sold 2,682 shares of the firm’s stock in a transaction on Thursday, December 26th. The stock was 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 ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 66,742 shares of company stock worth $5,469,173. 0.93% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several brokerages recently weighed in on CIEN. B. Riley reissued a “buy” rating and issued a $89.00 target price (down previously from $97.00) on shares of Ciena in a research note on Wednesday, March 12th. Bank of America upgraded Ciena from a “neutral” rating to a “buy” rating and lifted their price target for the company from $70.00 to $95.00 in a report on Friday, December 13th. Northland Securities upgraded Ciena from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $60.00 to $75.00 in a report on Wednesday, March 12th. Stifel Nicolaus restated a “buy” rating and issued a $82.00 price target (up previously from $75.00) on shares of Ciena in a report on Tuesday, December 10th. Finally, Morgan Stanley lowered their price target on Ciena from $80.00 to $76.00 and set an “equal weight” rating for the company in a report on Wednesday, March 12th. Four investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $81.38.

Ciena Stock Performance

Ciena stock opened at $65.47 on Friday. The stock has a market cap of $9.31 billion, a P/E ratio of 114.86, a price-to-earnings-growth ratio of 1.54 and a beta of 0.91. 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 moving average of $80.57 and a 200-day moving average of $73.48. Ciena Co. has a 52 week low of $43.30 and a 52 week high of $101.44.

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.