TCW Group Inc. Acquires 2,270 Shares of Ciena Co. (NYSE:CIEN)
TCW Group Inc. increased its position in Ciena Co. (NYSE:CIEN) by 0.4% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 639,066 shares of the communications equipment provider’s stock after acquiring an additional 2,270 shares during the period. TCW Group Inc. owned about 0.44% of Ciena worth $13,376,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Neuberger Berman Group LLC lifted its position in shares of Ciena by 169.5% in the third quarter. Neuberger Berman Group LLC now owns 4,217,455 shares of the communications equipment provider’s stock worth $92,657,000 after buying an additional 2,652,791 shares in the last quarter. Rubric Capital Management LP bought a new position in shares of Ciena during the third quarter valued at approximately $33,373,000. Boston Partners bought a new position in shares of Ciena during the fourth quarter valued at approximately $31,035,000. Becker Capital Management Inc. bought a new position in shares of Ciena during the third quarter valued at approximately $27,188,000. Finally, Westfield Capital Management Co. LP grew its stake in shares of Ciena by 21.5% during the third quarter. Westfield Capital Management Co. LP now owns 2,594,285 shares of the communications equipment provider’s stock valued at $56,996,000 after buying an additional 459,190 shares during the last quarter.
Shares of Ciena Co. (NYSE:CIEN) opened at $27.27 on Friday. The stock has a market cap of $3,930.00, a price-to-earnings ratio of 4.13, a PEG ratio of 1.65 and a beta of 1.50. Ciena Co. has a 1 year low of $19.40 and a 1 year high of $27.98. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.79 and a current ratio of 2.06.
Ciena declared that its Board of Directors has initiated a stock repurchase plan on Thursday, December 7th that permits the company to buyback $300.00 million in outstanding shares. This buyback authorization permits the communications equipment provider to reacquire shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.
CIEN has been the subject of a number of research reports. Bank of America upgraded Ciena from a “neutral” rating to a “buy” rating and boosted their price target for the company from $20.98 to $28.00 in a report on Monday, November 27th. Cowen restated a “buy” rating and set a $33.00 target price on shares of Ciena in a report on Wednesday, December 6th. Raymond James Financial set a $33.00 price objective on Ciena and gave the company a “buy” rating in a report on Thursday, December 7th. Goldman Sachs Group raised Ciena from a “neutral” rating to a “buy” rating and set a $27.00 target price on the stock in a research report on Monday, January 15th. Finally, BMO Capital Markets cut their target price on Ciena to $25.00 and set an “outperform” rating on the stock in a research report on Friday, December 8th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and twenty-two have issued a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $29.62.
In other Ciena news, VP Andrew C. Petrik sold 3,800 shares of the company’s stock in a transaction dated Thursday, December 21st. The shares were sold at an average price of $21.22, for a total transaction of $80,636.00. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Rick Hamilton sold 3,398 shares of the company’s stock in a transaction dated Thursday, December 21st. The stock was sold at an average price of $21.22, for a total transaction of $72,105.56. Following the transaction, the senior vice president now owns 51,019 shares in the company, valued at $1,082,623.18. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 218,743 shares of company stock worth $4,720,631. Company insiders own 1.38% of the company’s stock.
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Ciena Corporation is a network strategy and technology company, which provides solutions that enable a range of network operators to adopt communication architectures and deliver an array of services, relied upon by enterprise and consumer end users. It provides equipment, software and services that support the transport, switching, aggregation, service delivery and management of voice, video and data traffic on communications networks.
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