State of Alaska Department of Revenue Sells 650 Shares of Ciena Corporation $CIEN

State of Alaska Department of Revenue trimmed its position in Ciena Corporation (NYSE:CIEN) by 3.9% during the second quarter, according to its most recent 13F filing with the SEC. The fund owned 15,999 shares of the communications equipment provider’s stock after selling 650 shares during the period. State of Alaska Department of Revenue’s holdings in Ciena were worth $1,301,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of CIEN. Bessemer Group Inc. boosted its position in shares of Ciena by 50.0% in the 1st quarter. Bessemer Group Inc. now owns 534 shares of the communications equipment provider’s stock worth $32,000 after purchasing an additional 178 shares during the last quarter. Bayforest Capital Ltd boosted its position in shares of Ciena by 34.7% in the 1st quarter. Bayforest Capital Ltd now owns 636 shares of the communications equipment provider’s stock worth $38,000 after purchasing an additional 164 shares during the last quarter. National Bank of Canada FI boosted its position in shares of Ciena by 15.4% in the 1st quarter. National Bank of Canada FI now owns 1,147 shares of the communications equipment provider’s stock worth $69,000 after purchasing an additional 153 shares during the last quarter. UMB Bank n.a. boosted its position in shares of Ciena by 70.2% in the 1st quarter. UMB Bank n.a. now owns 1,222 shares of the communications equipment provider’s stock worth $74,000 after purchasing an additional 504 shares during the last quarter. Finally, Global Trust Asset Management LLC bought a new position in shares of Ciena in the 1st quarter worth $86,000. 91.99% of the stock is currently owned by institutional investors.

Insider Transactions at Ciena

In other Ciena news, Director Bruce L. Claflin sold 8,461 shares of Ciena stock in a transaction dated Wednesday, September 24th. The stock was sold at an average price of $140.12, for a total value of $1,185,555.32. Following the sale, the director owned 54,624 shares of the company’s stock, valued at $7,653,914.88. This trade represents a 13.41% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Gary B. Smith sold 6,800 shares of Ciena stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $149.88, for a total value of $1,019,184.00. Following the completion of the sale, the chief executive officer directly owned 282,070 shares in the company, valued at $42,276,651.60. This represents a 2.35% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 45,724 shares of company stock worth $5,336,431. Company insiders own 0.93% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on CIEN. Wall Street Zen upgraded Ciena from a “hold” rating to a “buy” rating in a research report on Friday, September 5th. JPMorgan Chase & Co. raised their price target on Ciena from $105.00 to $140.00 and gave the stock an “overweight” rating in a research report on Friday, September 5th. Weiss Ratings restated a “hold (c)” rating on shares of Ciena in a research report on Saturday, September 27th. UBS Group raised their price target on Ciena from $78.00 to $120.00 and gave the stock a “neutral” rating in a research report on Friday, September 5th. Finally, Zacks Research upgraded Ciena from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, September 9th. Three investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $122.86.

Ciena Stock Performance

CIEN stock opened at $151.28 on Friday. The business’s 50-day moving average price is $111.66 and its two-hundred day moving average price is $86.45. Ciena Corporation has a 1-year low of $49.21 and a 1-year high of $154.02. The firm has a market cap of $21.34 billion, a PE ratio of 155.96, a P/E/G ratio of 2.10 and a beta of 1.15. The company has a current ratio of 3.28, a quick ratio of 2.52 and a debt-to-equity ratio of 0.55.

Ciena 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.