Oppenheimer Asset Management Inc. Has $7.14 Million Stock Position in Ciena Corporation (NYSE:CIEN)

Oppenheimer Asset Management Inc. increased its holdings in shares of Ciena Corporation (NYSE:CIEN - Free Report) by 6.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 118,202 shares of the communications equipment provider's stock after purchasing an additional 7,360 shares during the period. Oppenheimer Asset Management Inc. owned approximately 0.08% of Ciena worth $7,143,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. US Bancorp DE lifted its stake in Ciena by 1.5% in the 4th quarter. US Bancorp DE now owns 10,459 shares of the communications equipment provider's stock valued at $887,000 after acquiring an additional 152 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Ciena by 0.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 959,831 shares of the communications equipment provider's stock valued at $81,403,000 after acquiring an additional 4,315 shares in the last quarter. Assenagon Asset Management S.A. bought a new stake in Ciena in the 1st quarter valued at approximately $2,398,000. American Century Companies Inc. lifted its stake in Ciena by 1.5% in the 4th quarter. American Century Companies Inc. now owns 44,711 shares of the communications equipment provider's stock valued at $3,792,000 after acquiring an additional 669 shares in the last quarter. Finally, UMB Bank n.a. lifted its stake in Ciena by 70.2% in the 1st quarter. UMB Bank n.a. now owns 1,222 shares of the communications equipment provider's stock valued at $74,000 after acquiring an additional 504 shares in the last quarter. Institutional investors own 91.99% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have commented on CIEN shares. UBS Group boosted 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. Citigroup lowered their price target on Ciena from $98.00 to $75.00 and set a "buy" rating on the stock 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. Northland Capmk raised Ciena from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, March 12th. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $90.00 price target on shares of Ciena in a research report on Friday, June 6th. Six investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $83.15.

Insider Buying and Selling at Ciena

In other news, SVP David M. Rothenstein sold 2,500 shares of the stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $79.93, for a total transaction of $199,825.00. Following the sale, the senior vice president now directly owns 202,370 shares of the company's stock, valued at approximately $16,175,434.10. This represents a 1.22% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Gary B. Smith sold 6,800 shares of the 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 sale, the chief executive officer now directly owns 375,680 shares in the company, valued at approximately $22,367,987.20. This trade represents a 1.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 49,638 shares of company stock valued at $3,345,797 in the last ninety days. 0.93% of the stock is currently owned by corporate insiders.

Ciena Stock Performance

NYSE CIEN traded up $2.14 on Thursday, reaching $81.57. The stock had a trading volume of 3,138,870 shares, compared to its average volume of 2,089,730. The company has a debt-to-equity ratio of 0.55, a current ratio of 3.40 and a quick ratio of 2.57. The firm has a fifty day moving average of $74.30 and a two-hundred day moving average of $76.22. Ciena Corporation has a 1-year low of $44.89 and a 1-year high of $101.44. The company has a market cap of $11.53 billion, a P/E ratio of 113.28, a price-to-earnings-growth ratio of 1.74 and a beta of 1.12.

Ciena (NYSE:CIEN - Get Free Report) last issued its quarterly earnings data 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). Ciena had a net margin of 2.46% and a return on equity of 5.08%. The firm 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 company earned $0.27 earnings per share. The business's quarterly revenue was up 23.6% compared to the same quarter last year. On average, equities research analysts anticipate that Ciena Corporation will post 1.6 EPS for the current year.

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.