David M. Rothenstein Sells 3,500 Shares of Ciena Co. (NYSE:CIEN) Stock

Ciena Co. (NYSE:CIEN) SVP David M. Rothenstein sold 3,500 shares of the firm’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $56.24, for a total value of $196,840.00. Following the sale, the senior vice president now owns 205,421 shares in the company, valued at approximately $11,552,877.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Ciena Stock Up 0.3 %

Shares of NYSE:CIEN opened at $56.45 on Wednesday. The stock’s 50-day moving average is $51.88 and its 200 day moving average is $49.80. The company has a market cap of $8.11 billion, a PE ratio of 54.28, a P/E/G ratio of 6.86 and a beta of 0.94. The company has a debt-to-equity ratio of 0.53, a current ratio of 4.06 and a quick ratio of 2.99. Ciena Co. has a 1 year low of $39.94 and a 1 year high of $63.24.

Ciena (NYSE:CIEN) last issued its quarterly earnings data on Wednesday, September 4th. The communications equipment provider reported $0.35 earnings per share for the quarter, topping analysts’ consensus estimates of $0.26 by $0.09. The firm had revenue of $942.30 million for the quarter, compared to analyst estimates of $928.31 million. Ciena had a return on equity of 5.98% and a net margin of 3.44%. The business’s quarterly revenue was down 11.8% compared to the same quarter last year. During the same period last year, the company earned $0.36 EPS. Sell-side analysts anticipate that Ciena Co. will post 1.15 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on CIEN. Barclays raised their price objective on Ciena from $55.00 to $67.00 and gave the company an “overweight” rating in a report on Thursday, September 5th. JPMorgan Chase & Co. reduced their price target on shares of Ciena from $67.00 to $60.00 and set an “overweight” rating on the stock in a research report on Thursday, May 30th. Morgan Stanley boosted their price objective on shares of Ciena from $55.00 to $60.00 and gave the stock an “overweight” rating in a report on Wednesday, September 4th. Rosenblatt Securities increased their target price on shares of Ciena from $54.00 to $60.00 and gave the company a “neutral” rating in a report on Thursday, September 5th. Finally, B. Riley decreased their target price on shares of Ciena from $68.00 to $66.00 and set a “buy” rating on the stock in a research report on Friday, June 7th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, Ciena presently has an average rating of “Moderate Buy” and a consensus price target of $59.15.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Private Advisor Group LLC purchased a new position in shares of Ciena during the fourth quarter valued at about $238,000. Dimensional Fund Advisors LP raised its position in shares of Ciena by 18.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,162,410 shares of the communications equipment provider’s stock worth $97,331,000 after acquiring an additional 332,181 shares in the last quarter. Vanguard Personalized Indexing Management LLC lifted its stake in shares of Ciena by 114.8% in the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 17,875 shares of the communications equipment provider’s stock valued at $805,000 after purchasing an additional 9,554 shares during the period. Norges Bank bought a new stake in shares of Ciena during the fourth quarter valued at approximately $73,476,000. Finally, UBS Group AG grew its stake in Ciena by 15.4% in the fourth quarter. UBS Group AG now owns 201,552 shares of the communications equipment provider’s stock worth $9,072,000 after purchasing an additional 26,870 shares during the period. 91.99% of the stock is owned by hedge funds and other institutional investors.

Ciena Company 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.