Lumbard & Kellner LLC Sells 5,354 Shares of Ciena Corporation (NYSE:CIEN)

Lumbard & Kellner LLC trimmed its stake in shares of Ciena Corporation (NYSE:CIEN - Free Report) by 8.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund 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 largest position. Lumbard & Kellner LLC's holdings in Ciena were worth $3,560,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Empowered Funds LLC purchased a new stake in Ciena in the 4th quarter worth approximately $263,000. Rhumbline Advisers lifted its holdings in Ciena by 0.7% in the 4th quarter. Rhumbline Advisers now owns 390,148 shares of the communications equipment provider's stock worth $33,088,000 after buying an additional 2,594 shares during the period. Sanctuary Advisors LLC lifted its holdings in Ciena by 5.8% in the 4th quarter. Sanctuary Advisors LLC now owns 8,794 shares of the communications equipment provider's stock worth $744,000 after buying an additional 479 shares during the period. CIBC Asset Management Inc lifted its holdings in Ciena by 5.3% in the 4th quarter. CIBC Asset Management Inc now owns 4,469 shares of the communications equipment provider's stock worth $379,000 after buying an additional 226 shares during the period. Finally, Atria Wealth Solutions Inc. purchased a new stake in Ciena in the 4th quarter worth approximately $221,000. 91.99% of the stock is currently owned by institutional investors.

Ciena Stock Up 1.0%

CIEN stock traded up $0.74 on Friday, reaching $74.56. 2,813,653 shares of the company traded hands, compared to its average volume of 2,091,532. The company has a market cap of $10.54 billion, a P/E ratio of 103.55, a price-to-earnings-growth ratio of 1.62 and a beta of 1.12. The firm has a fifty day simple moving average of $73.15 and a 200-day simple moving average of $76.11. Ciena Corporation has a one year low of $44.89 and a one year high of $101.44. The company has a debt-to-equity ratio of 0.55, a current ratio of 3.40 and a quick ratio of 2.57.

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

Insiders Place Their Bets

In related news, CEO Gary B. Smith sold 6,800 shares of Ciena stock in a transaction on Monday, June 16th. The stock was sold at an average price of $74.19, for a total value of $504,492.00. Following the completion of the sale, the chief executive officer now owns 348,480 shares of the company's stock, valued at $25,853,731.20. The trade was a 1.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Brodie Gage sold 350 shares of Ciena stock in a transaction on Monday, June 16th. The stock was sold at an average price of $72.60, for a total value of $25,410.00. Following the completion of the sale, the senior vice president now directly owns 45,883 shares of the company's stock, valued at $3,331,105.80. The trade was a 0.76% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 52,138 shares of company stock valued at $3,517,997. Corporate insiders own 0.93% of the company's stock.

Wall Street Analysts Forecast Growth

CIEN has been the subject of several research analyst reports. Northland Securities set a $85.00 price objective on Ciena in a report on Friday, June 6th. UBS Group raised their target price on Ciena from $73.00 to $78.00 and gave the company a "neutral" rating in a research note on Friday, June 6th. Northland Capmk upgraded Ciena from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, March 12th. Citigroup lowered their target price on Ciena from $98.00 to $75.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Finally, Barclays set a $100.00 target price on Ciena and gave the company an "overweight" rating in a research note on Wednesday, March 12th. Six analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, Ciena has a consensus rating of "Moderate Buy" and a consensus price target of $83.15.

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.