Oak Harvest Investment Services Invests $2.88 Million in Ciena Corporation $CIEN

Oak Harvest Investment Services acquired a new position in Ciena Corporation (NYSE:CIEN) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 35,445 shares of the communications equipment provider’s stock, valued at approximately $2,883,000.

Other hedge funds have also recently bought and sold shares of the company. Cerity Partners LLC grew its position in Ciena by 25.5% in the 1st quarter. Cerity Partners LLC now owns 61,446 shares of the communications equipment provider’s stock worth $3,713,000 after purchasing an additional 12,494 shares during the last quarter. Stephens Inc. AR grew its holdings in Ciena by 21.8% in the 1st quarter. Stephens Inc. AR now owns 5,451 shares of the communications equipment provider’s stock worth $329,000 after buying an additional 975 shares in the last quarter. Forum Financial Management LP increased its position in Ciena by 20.8% in the 1st quarter. Forum Financial Management LP now owns 3,684 shares of the communications equipment provider’s stock valued at $223,000 after acquiring an additional 634 shares during the period. Allianz Asset Management GmbH raised its stake in Ciena by 44.7% during the 1st quarter. Allianz Asset Management GmbH now owns 103,437 shares of the communications equipment provider’s stock valued at $6,251,000 after acquiring an additional 31,947 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd acquired a new position in Ciena during the 1st quarter worth $4,305,000. 91.99% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on CIEN shares. Barclays lifted their price objective on shares of Ciena from $102.00 to $138.00 and gave the company an “overweight” rating in a research note on Friday, September 5th. Evercore ISI upped their price target on shares of Ciena from $120.00 to $200.00 and gave the stock an “in-line” rating in a research note on Monday. UBS Group increased their price objective on shares of Ciena from $78.00 to $120.00 and gave the company a “neutral” rating in a report on Friday, September 5th. Stifel Nicolaus boosted their target price on Ciena from $120.00 to $152.00 and gave the stock a “buy” rating in a report on Tuesday, September 23rd. Finally, JPMorgan Chase & Co. increased their price target on Ciena from $105.00 to $140.00 and gave the company an “overweight” rating in a research note on Friday, September 5th. Three research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $153.20.

Insider Activity

In other news, Director Bruce L. Claflin sold 8,461 shares of Ciena stock in a transaction that occurred on Wednesday, September 24th. The shares were sold at an average price of $140.12, for a total value of $1,185,555.32. Following the transaction, the director directly owned 54,624 shares of the company’s stock, valued at $7,653,914.88. This trade represents a 13.41% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Joseph Cumello sold 1,863 shares of the business’s stock in a transaction that occurred on Friday, September 26th. The shares were sold at an average price of $141.14, for a total transaction of $262,943.82. Following the sale, the senior vice president owned 43,531 shares in the company, valued at $6,143,965.34. This represents a 4.10% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 51,824 shares of company stock valued at $8,008,263. Corporate insiders own 0.93% of the company’s stock.

Ciena Stock Performance

Shares of NYSE CIEN opened at $194.33 on Friday. The stock’s fifty day simple moving average is $161.73 and its 200 day simple moving average is $110.32. The stock has a market capitalization of $27.41 billion, a price-to-earnings ratio of 200.34, a PEG ratio of 2.62 and a beta of 1.17. The company has a quick ratio of 2.52, a current ratio of 3.28 and a debt-to-equity ratio of 0.55. Ciena Corporation has a 52-week low of $49.21 and a 52-week high of $214.17.

Ciena (NYSE:CIEN) last released its quarterly earnings results on Thursday, April 6th. The communications equipment provider reported $0.47 earnings per share for the quarter. The business had revenue of $844.44 million during the quarter. Ciena had a return on equity of 6.62% and a net margin of 3.10%. As a group, sell-side analysts forecast that Ciena Corporation will post 1.6 earnings per share for the current fiscal 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.