Oppenheimer Asset Management Inc. Buys New Stake in Ciena Co. (NYSE:CIEN)

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Oppenheimer Asset Management Inc. bought a new stake in shares of Ciena Co. (NYSE:CIEN) in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 36,974 shares of the communications equipment provider’s stock, valued at approximately $1,472,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Altshuler Shaham Ltd purchased a new position in Ciena during the fourth quarter valued at $28,000. Global Retirement Partners LLC grew its stake in Ciena by 102.1% during the fourth quarter. Global Retirement Partners LLC now owns 857 shares of the communications equipment provider’s stock valued at $37,000 after acquiring an additional 433 shares in the last quarter. Chevy Chase Trust Holdings Inc. bought a new position in Ciena during the fourth quarter valued at $59,000. TRUE Private Wealth Advisors bought a new position in Ciena during the fourth quarter valued at $72,000. Finally, CENTRAL TRUST Co lifted its position in Ciena by 75.6% during the fourth quarter. CENTRAL TRUST Co now owns 1,730 shares of the communications equipment provider’s stock valued at $74,000 after purchasing an additional 745 shares during the last quarter. 91.96% of the stock is owned by institutional investors.

Shares of CIEN opened at $52.81 on Friday. Ciena Co. has a 1-year low of $30.58 and a 1-year high of $53.36. The company has a 50-day moving average of $46.19 and a 200 day moving average of $41.62. The firm has a market capitalization of $7.94 billion, a price-to-earnings ratio of 29.50, a PEG ratio of 1.36 and a beta of 0.85. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.09 and a quick ratio of 2.62.

Ciena (NYSE:CIEN) last announced its quarterly earnings data on Thursday, March 5th. The communications equipment provider reported $0.52 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.14. Ciena had a net margin of 7.78% and a return on equity of 14.68%. The company had revenue of $832.91 million during the quarter, compared to analyst estimates of $818.48 million. During the same quarter last year, the business posted $0.33 EPS. The firm’s revenue for the quarter was up 7.0% on a year-over-year basis. On average, equities analysts anticipate that Ciena Co. will post 2.32 earnings per share for the current fiscal year.

Several equities analysts have commented on CIEN shares. B. Riley lowered shares of Ciena from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $54.00 to $51.00 in a research report on Wednesday, May 13th. Morgan Stanley lowered shares of Ciena from an “overweight” rating to an “equal weight” rating and set a $47.00 price objective for the company. in a research report on Thursday, April 16th. Zacks Investment Research upgraded shares of Ciena from a “hold” rating to a “buy” rating and set a $43.00 price objective for the company in a research report on Tuesday, March 31st. MKM Partners increased their price objective on shares of Ciena from $54.00 to $62.00 and gave the company a “buy” rating in a research report on Friday. Finally, Cowen reiterated a “buy” rating and set a $54.00 price objective on shares of Ciena in a research report on Tuesday, March 3rd. One analyst has rated the stock with a sell rating, four have given a hold rating and seventeen have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $49.95.

In related news, SVP Scott Mcfeely sold 900 shares of Ciena stock in a transaction dated Monday, April 6th. The shares were sold at an average price of $45.00, for a total transaction of $40,500.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP David M. Rothenstein sold 1,632 shares of the firm’s stock in a transaction dated Tuesday, March 17th. The shares were sold at an average price of $36.75, for a total transaction of $59,976.00. The disclosure for this sale can be found here. Insiders have sold a total of 31,731 shares of company stock valued at $1,390,404 in the last quarter. 1.20% of the stock is currently owned by company insiders.

Ciena Company Profile

Ciena Corporation provides network hardware, software, and services that support the transport, switching, aggregation, service delivery, and management of video, data, and voice traffic on communications networks worldwide. The company's Networking Platforms segment offers hardware networking solutions optimized for the convergence of coherent optical transport, optical transport network switching, and packet switching.

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Institutional Ownership by Quarter for Ciena (NYSE:CIEN)

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