Lumbard & Kellner LLC Lowers Stock Holdings in Ciena Corporation (NYSE:CIEN)

Lumbard & Kellner LLC cut its position in Ciena Corporation (NYSE:CIEN - Free Report) by 8.3% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 58,904 shares of the communications equipment provider's stock after selling 5,354 shares during the quarter. Ciena makes up 1.6% of Lumbard & Kellner LLC's investment portfolio, making the stock its 24th biggest holding. Lumbard & Kellner LLC's holdings in Ciena were worth $3,560,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in CIEN. Annis Gardner Whiting Capital Advisors LLC boosted its position in shares of Ciena by 108.6% in the 4th quarter. Annis Gardner Whiting Capital Advisors LLC now owns 290 shares of the communications equipment provider's stock valued at $25,000 after purchasing an additional 151 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in shares of Ciena by 328.2% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 364 shares of the communications equipment provider's stock valued at $30,000 after purchasing an additional 279 shares during the period. Bessemer Group Inc. boosted its position in shares of Ciena by 73.7% in the 4th quarter. Bessemer Group Inc. now owns 356 shares of the communications equipment provider's stock valued at $30,000 after purchasing an additional 151 shares during the period. Atlas Capital Advisors Inc. boosted its position in shares of Ciena by 77.2% in the 4th quarter. Atlas Capital Advisors Inc. now owns 420 shares of the communications equipment provider's stock valued at $36,000 after purchasing an additional 183 shares during the period. Finally, MassMutual Private Wealth & Trust FSB boosted its position in shares of Ciena by 66.7% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 640 shares of the communications equipment provider's stock valued at $39,000 after purchasing an additional 256 shares during the period. 91.99% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CIEN has been the subject of a number of research analyst reports. JPMorgan Chase & Co. upped their target price on Ciena from $76.00 to $86.00 and gave the company an "overweight" rating in a research report on Tuesday, May 27th. Northland Capmk raised Ciena from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, March 12th. Citigroup decreased their price objective on Ciena from $98.00 to $75.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Evercore ISI reaffirmed a "mixed" rating on shares of Ciena in a research report on Friday, June 6th. Finally, Wall Street Zen cut Ciena from a "buy" rating to a "hold" rating in a research report on Saturday, June 7th. Six analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $83.15.

Ciena Price Performance

Shares of CIEN traded up $0.74 during mid-day trading on Friday, hitting $74.56. The company's stock had a trading volume of 2,813,653 shares, compared to its average volume of 2,077,438. The company has a current ratio of 3.40, a quick ratio of 2.57 and a debt-to-equity ratio of 0.55. The firm has a 50-day simple moving average of $73.15 and a 200 day simple moving average of $76.13. The firm has a market capitalization of $10.54 billion, a P/E ratio of 103.55, a P/E/G ratio of 1.63 and a beta of 1.12. Ciena Corporation has a 1-year low of $44.89 and a 1-year high of $101.44.

Ciena (NYSE:CIEN - Get Free Report) last posted its quarterly earnings results on Thursday, June 5th. The communications equipment provider reported $0.42 EPS for the quarter, missing the consensus estimate of $0.50 by ($0.08). Ciena had a net margin of 2.46% and a return on equity of 5.08%. The business had revenue of $1.13 billion during the quarter, compared to analyst estimates of $1.09 billion. During the same period in the prior year, the business earned $0.27 earnings per share. The firm's quarterly revenue was up 23.6% compared to the same quarter last year. Analysts predict that Ciena Corporation will post 1.6 EPS for the current fiscal year.

Insider Activity at Ciena

In other Ciena news, CEO Gary B. Smith sold 6,800 shares of the business's stock in a transaction on Tuesday, April 15th. The stock was sold at an average price of $59.54, for a total value of $404,872.00. Following the completion of the transaction, the chief executive officer now directly owns 375,680 shares in the company, valued at approximately $22,367,987.20. The trade was a 1.78% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Jason Phipps sold 18,888 shares of the firm's stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $59.88, for a total value of $1,131,013.44. Following the sale, the senior vice president now owns 89,258 shares in the company, valued at $5,344,769.04. This trade represents a 17.47% decrease in their position. The disclosure for this sale can be found here. Insiders sold 52,138 shares of company stock valued at $3,517,997 in the last ninety days. Corporate insiders own 0.93% of the company's stock.

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.