OMERS ADMINISTRATION Corp Takes $974,000 Position in Ciena Corporation $CIEN

OMERS ADMINISTRATION Corp purchased a new stake in Ciena Corporation (NYSE:CIEN) in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 2,509 shares of the communications equipment provider’s stock, valued at approximately $974,000.

Several other institutional investors have also recently bought and sold shares of CIEN. Lombard Odier Asset Management Switzerland SA acquired a new position in Ciena during the 1st quarter worth $2,352,000. Waverly Advisors LLC increased its stake in shares of Ciena by 4.5% in the 1st quarter. Waverly Advisors LLC now owns 1,722 shares of the communications equipment provider’s stock valued at $669,000 after buying an additional 74 shares during the period. Bridgewater Advisors Inc. bought a new stake in shares of Ciena during the first quarter worth $281,000. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in shares of Ciena during the first quarter worth $3,434,000. Finally, Renaissance Technologies LLC lifted its stake in shares of Ciena by 200.0% during the first quarter. Renaissance Technologies LLC now owns 97,800 shares of the communications equipment provider’s stock valued at $37,969,000 after acquiring an additional 65,200 shares during the period. Institutional investors own 91.99% of the company’s stock.

Ciena Trading Up 12.4%

NYSE CIEN opened at $371.37 on Friday. Ciena Corporation has a 12 month low of $84.41 and a 12 month high of $637.51. The stock has a 50-day simple moving average of $461.58 and a 200 day simple moving average of $413.77. The company has a current ratio of 2.73, a quick ratio of 2.11 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 (NYSE:CIEN) last issued its earnings results on Thursday, June 4th. The communications equipment provider reported $1.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.46 by $0.18. The firm had revenue of $1.57 billion for the quarter, compared to analysts’ expectations of $1.50 billion. Ciena had a return on equity of 18.15% and a net margin of 7.87%.The company’s revenue was up 39.5% compared to the same quarter last year. During the same quarter last year, the business earned $0.42 earnings per share. Research analysts forecast that Ciena Corporation will post 5.4 EPS for the current year.

Insider Buying and Selling at Ciena

In other Ciena news, SVP Brodie Gage sold 1,200 shares of the stock in a transaction on Monday, June 15th. The shares were sold at an average price of $466.10, for a total value of $559,320.00. Following the sale, the senior vice president directly owned 42,741 shares in the company, valued at approximately $19,921,580.10. This trade represents a 2.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Joseph Cumello sold 1,586 shares of Ciena stock in a transaction on Friday, June 26th. The stock was sold at an average price of $466.33, for a total transaction of $739,599.38. Following the transaction, the senior vice president directly owned 42,872 shares in the company, valued at approximately $19,992,499.76. This represents a 3.57% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 18,675 shares of company stock worth $9,387,576 over the last ninety days. 0.58% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on CIEN. Argus set a $650.00 price target on Ciena in a report on Friday, June 5th. Morgan Stanley upped their target price on shares of Ciena from $405.00 to $490.00 and gave the company an “equal weight” rating in a research report on Friday, June 5th. TD Cowen raised their target price on shares of Ciena from $425.00 to $675.00 and gave the company a “buy” rating in a research note on Friday, May 15th. UBS Group reiterated a “buy” rating on shares of Ciena in a research report on Tuesday. Finally, JPMorgan Chase & Co. boosted their price target on shares of Ciena from $380.00 to $550.00 and gave the stock an “overweight” rating in a research note on Thursday, April 16th. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, Ciena currently has a consensus rating of “Moderate Buy” and a consensus target price of $530.56.

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.