Lumbard & Kellner LLC Takes Position in Ciena Corporation $CIEN

Lumbard & Kellner LLC bought a new stake in shares of Ciena Corporation (NYSE:CIEN) in the third quarter, according to its most recent Form 13F filing with the SEC. The fund bought 1,731 shares of the communications equipment provider’s stock, valued at approximately $252,000.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Assetmark Inc. increased its stake in Ciena by 50.4% during the 3rd quarter. Assetmark Inc. now owns 200 shares of the communications equipment provider’s stock valued at $29,000 after buying an additional 67 shares during the period. Global Retirement Partners LLC boosted its position in Ciena by 11.1% during the 3rd quarter. Global Retirement Partners LLC now owns 698 shares of the communications equipment provider’s stock worth $102,000 after acquiring an additional 70 shares during the period. Nisa Investment Advisors LLC grew its position in Ciena by 1.3% during the third quarter. Nisa Investment Advisors LLC now owns 6,475 shares of the communications equipment provider’s stock valued at $943,000 after purchasing an additional 80 shares in the last quarter. GAMMA Investing LLC grew its holdings in shares of Ciena by 2.3% during the 3rd quarter. GAMMA Investing LLC now owns 4,071 shares of the communications equipment provider’s stock valued at $593,000 after acquiring an additional 92 shares in the last quarter. Finally, Clearstead Advisors LLC grew its stake in Ciena by 42.5% in the third quarter. Clearstead Advisors LLC now owns 312 shares of the communications equipment provider’s stock valued at $45,000 after purchasing an additional 93 shares in the last quarter. Institutional investors own 91.99% of the company’s stock.

Insider Buying and Selling at Ciena

In other Ciena news, SVP Jason Phipps sold 21,383 shares of Ciena stock in a transaction on Thursday, January 15th. The stock was sold at an average price of $247.89, for a total transaction of $5,300,631.87. Following the completion of the transaction, the senior vice president directly owned 91,765 shares of the company’s stock, valued at approximately $22,747,625.85. This trade represents a 18.90% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Patrick Gallagher sold 11,618 shares of the business’s stock in a transaction on Monday, January 12th. The shares were sold at an average price of $227.45, for a total transaction of $2,642,514.10. Following the completion of the sale, the director owned 50,184 shares in the company, valued at $11,414,350.80. This represents a 18.80% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 160,083 shares of company stock worth $37,204,740 over the last three months. 0.58% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research analysts have recently commented on the stock. Argus increased their price target on shares of Ciena from $135.00 to $280.00 and gave the stock a “buy” rating in a research note on Friday, December 12th. Needham & Company LLC raised their target price on Ciena to $280.00 and gave the company a “buy” rating in a report on Thursday, December 11th. Barclays increased their price target on shares of Ciena from $138.00 to $279.00 and gave the company an “overweight” rating in a report on Friday, December 12th. Wall Street Zen lowered shares of Ciena from a “strong-buy” rating to a “buy” rating in a research report on Sunday, December 21st. Finally, Raymond James Financial set a $240.00 target price on Ciena in a research report on Thursday, December 11th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and eight have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $252.13.

Ciena Price Performance

Shares of Ciena stock opened at $348.53 on Monday. The firm has a market cap of $49.30 billion, a P/E ratio of 410.04, a price-to-earnings-growth ratio of 1.96 and a beta of 1.07. The firm’s 50-day simple moving average is $266.29 and its 200-day simple moving average is $198.45. Ciena Corporation has a twelve month low of $49.21 and a twelve month high of $365.90. The company has a debt-to-equity ratio of 0.56, a quick ratio of 2.09 and a current ratio of 2.73.

Ciena (NYSE:CIEN) last announced its quarterly earnings results on Thursday, December 11th. The communications equipment provider reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.76 by $0.15. Ciena had a net margin of 2.59% and a return on equity of 8.38%. The firm had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $1.29 billion. During the same quarter last year, the company earned $0.54 earnings per share. The company’s revenue for the quarter was up 20.1% compared to the same quarter last year. As a group, research analysts expect that Ciena Corporation will post 1.6 EPS for the current fiscal year.

Ciena Company Profile

Ciena Corporation (NYSE: CIEN) is a global supplier of telecommunications networking equipment, software and services. The company develops high-capacity optical transport systems and packet-optical platforms that enable service providers, cloud operators and large enterprises to build, manage and scale their networks. Ciena’s product portfolio includes coherent optical solutions, packet networking platforms and a suite of network automation software designed to optimize bandwidth, reduce latency and simplify network operations.

In addition to hardware offerings, Ciena provides professional services and support, including network design, implementation and ongoing maintenance.