OMERS ADMINISTRATION Corp Makes New $974,000 Investment in Ciena Corporation $CIEN

OMERS ADMINISTRATION Corp purchased a new position in shares of Ciena Corporation (NYSE:CIEN) during the first quarter, HoldingsChannel.com reports. The fund purchased 2,509 shares of the communications equipment provider’s stock, valued at approximately $974,000.

Several other institutional investors have also modified their holdings of the business. Transamerica Financial Advisors LLC increased its stake in Ciena by 71.0% during the 4th quarter. Transamerica Financial Advisors LLC now owns 106 shares of the communications equipment provider’s stock worth $25,000 after purchasing an additional 44 shares in the last quarter. Truvestments Capital LLC raised its holdings in Ciena by 45.3% during the 4th quarter. Truvestments Capital LLC now owns 154 shares of the communications equipment provider’s stock worth $36,000 after buying an additional 48 shares during the period. Acumen Wealth Advisors LLC bought a new position in Ciena in the fourth quarter valued at approximately $40,000. Bogart Wealth LLC lifted its stake in Ciena by 635.7% in the first quarter. Bogart Wealth LLC now owns 103 shares of the communications equipment provider’s stock valued at $40,000 after buying an additional 89 shares in the last quarter. Finally, Zions Bancorporation National Association UT bought a new position in Ciena in the fourth quarter valued at approximately $50,000. Institutional investors own 91.99% of the company’s stock.

Ciena Price Performance

NYSE CIEN opened at $371.37 on Friday. The firm’s 50 day moving average is $461.58 and its 200-day moving average is $413.77. The company has a quick ratio of 2.11, a current ratio of 2.73 and a debt-to-equity ratio of 0.53. The company has a market capitalization of $52.57 billion, a PE ratio of 123.79 and a beta of 1.27. Ciena Corporation has a 12-month low of $84.41 and a 12-month high of $637.51.

Ciena (NYSE:CIEN) last announced its earnings results on Thursday, June 4th. The communications equipment provider reported $1.64 EPS for the quarter, topping the consensus estimate of $1.46 by $0.18. The business had revenue of $1.57 billion during the quarter, compared to analysts’ expectations of $1.50 billion. Ciena had a net margin of 7.87% and a return on equity of 18.15%. The firm’s revenue was up 39.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.42 earnings per share. Equities research analysts anticipate that Ciena Corporation will post 5.4 earnings per share for the current fiscal year.

Analyst Ratings Changes

CIEN has been the subject of several research reports. UBS Group reissued a “buy” rating on shares of Ciena in a research report on Tuesday. JPMorgan Chase & Co. boosted their price objective on shares of Ciena from $380.00 to $550.00 and gave the company an “overweight” rating in a research report on Thursday, April 16th. Rothschild & Co Redburn started coverage on shares of Ciena in a research report on Friday, May 1st. They issued a “neutral” rating and a $416.00 price objective on the stock. Bank of America upped their target price on shares of Ciena from $550.00 to $660.00 and gave the stock a “buy” rating in a research note on Tuesday, May 26th. Finally, Citigroup increased their target price on Ciena from $345.00 to $658.00 and gave the stock a “buy” rating in a report on Monday, May 18th. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $530.56.

Insider Activity

In other news, CEO Gary B. Smith sold 2,952 shares of the firm’s stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $468.83, for a total value of $1,383,986.16. Following the completion of the transaction, the chief executive officer owned 254,886 shares in the company, valued at $119,498,203.38. This trade represents a 1.14% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Jason Phipps sold 2,629 shares of Ciena stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $466.20, for a total value of $1,225,639.80. Following the completion of the sale, the senior vice president directly owned 62,382 shares in the company, valued at approximately $29,082,488.40. This represents a 4.04% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 18,675 shares of company stock worth $9,387,576. 0.58% of the stock is currently owned by company insiders.

About Ciena

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.