Oak Harvest Investment Services Sells 7,444 Shares of Ciena Corporation $CIEN

Oak Harvest Investment Services decreased its position in Ciena Corporation (NYSE:CIEN) by 21.0% in the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 28,001 shares of the communications equipment provider’s stock after selling 7,444 shares during the period. Oak Harvest Investment Services’ holdings in Ciena were worth $4,079,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Atreides Management LP purchased a new stake in shares of Ciena in the 2nd quarter worth $102,705,000. Balyasny Asset Management L.P. raised its holdings in shares of Ciena by 3,577.9% in the 2nd quarter. Balyasny Asset Management L.P. now owns 1,032,393 shares of the communications equipment provider’s stock valued at $83,965,000 after purchasing an additional 1,004,323 shares in the last quarter. Vaughan Nelson Investment Management L.P. boosted its stake in shares of Ciena by 375.4% during the second quarter. Vaughan Nelson Investment Management L.P. now owns 1,235,696 shares of the communications equipment provider’s stock valued at $100,499,000 after purchasing an additional 975,792 shares in the last quarter. Rokos Capital Management LLP raised its stake in Ciena by 546.9% in the second quarter. Rokos Capital Management LLP now owns 997,425 shares of the communications equipment provider’s stock worth $81,106,000 after buying an additional 843,235 shares in the last quarter. Finally, Woodline Partners LP purchased a new stake in Ciena during the first quarter worth $49,221,000. 91.99% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Ciena

In other news, SVP Jason Phipps sold 1,984 shares of Ciena stock in a transaction on Wednesday, October 1st. The shares were sold at an average price of $143.42, for a total transaction of $284,545.28. Following the completion of the sale, the senior vice president directly owned 80,244 shares in the company, valued at approximately $11,508,594.48. The trade was a 2.41% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Thomas Michael Nevens sold 8,554 shares of the company’s stock in a transaction on Monday, December 15th. The shares were sold at an average price of $224.66, for a total value of $1,921,741.64. Following the completion of the transaction, the director directly owned 9,422 shares in the company, valued at approximately $2,116,746.52. The trade was a 47.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 52,349 shares of company stock worth $10,201,684. Corporate insiders own 0.93% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. Evercore ISI set a $240.00 price target on Ciena in a report on Thursday, December 11th. Needham & Company LLC boosted their target price on shares of Ciena to $280.00 and gave the stock a “buy” rating in a report on Thursday, December 11th. Argus raised their price target on shares of Ciena from $135.00 to $280.00 and gave the company a “buy” rating in a report on Friday, December 12th. B. Riley reaffirmed a “neutral” rating on shares of Ciena in a research report on Friday, December 12th. Finally, Morgan Stanley set a $213.00 target price on shares of Ciena in a research report on Wednesday, December 17th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and seven have given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $237.50.

Ciena Price Performance

Shares of CIEN stock opened at $238.72 on Tuesday. Ciena Corporation has a fifty-two week low of $49.21 and a fifty-two week high of $248.00. The company has a debt-to-equity ratio of 0.56, a quick ratio of 2.09 and a current ratio of 2.73. The firm has a market capitalization of $33.62 billion, a price-to-earnings ratio of 280.85, a PEG ratio of 1.41 and a beta of 1.17. The stock’s 50-day simple moving average is $202.60 and its 200-day simple moving average is $140.85.

Ciena (NYSE:CIEN) last released its 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. The company had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $1.29 billion. Ciena had a net margin of 2.59% and a return on equity of 8.38%. Ciena’s revenue for the quarter was up 20.1% on a year-over-year basis. During the same period last year, the business earned $0.54 EPS. As a group, equities analysts forecast that Ciena Corporation will post 1.6 earnings per share for the current fiscal year.

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.