Brodie Gage Sells 350 Shares of Ciena (NYSE:CIEN) Stock

Ciena Corporation (NYSE:CIEN) SVP Brodie Gage sold 350 shares of the firm’s stock in a transaction that occurred on Wednesday, October 15th. The stock was sold at an average price of $169.36, for a total value of $59,276.00. Following the transaction, the senior vice president owned 40,653 shares in the company, valued at approximately $6,884,992.08. The trade was a 0.85% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Brodie Gage also recently made the following trade(s):

• On Monday, September 15th, Brodie Gage sold 350 shares of Ciena stock. The stock was sold at an average price of $132.00, for a total value of $46,200.00.
• On Friday, August 15th, Brodie Gage sold 350 shares of Ciena stock. The stock was sold at an average price of $90.94, for a total value of $31,829.00.

Ciena Price Performance

CIEN opened at $171.37 on Friday. The stock’s 50 day simple moving average is $125.66 and its 200 day simple moving average is $93.24. The company has a debt-to-equity ratio of 0.55, a current ratio of 3.28 and a quick ratio of 2.52. Ciena Corporation has a 1 year low of $49.21 and a 1 year high of $176.88. The firm has a market cap of $24.17 billion, a price-to-earnings ratio of 176.67, a PEG ratio of 2.37 and a beta of 1.15.

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

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. BNP Paribas set a $185.00 price objective on Ciena and gave the stock an “outperform” rating in a research report on Monday, October 13th. Wolfe Research upgraded Ciena to a “strong-buy” rating in a research report on Tuesday, July 8th. JPMorgan Chase & Co. lifted their price objective on Ciena from $105.00 to $140.00 and gave the stock an “overweight” rating in a research report on Friday, September 5th. Stifel Nicolaus lifted their price objective on Ciena from $120.00 to $152.00 and gave the stock a “buy” rating in a research report on Tuesday, September 23rd. Finally, Wall Street Zen upgraded Ciena from a “hold” rating to a “buy” rating in a research report on Friday, September 5th. Three analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $137.53.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in CIEN. Bessemer Group Inc. lifted its stake in shares of Ciena by 50.0% in the 1st quarter. Bessemer Group Inc. now owns 534 shares of the communications equipment provider’s stock valued at $32,000 after purchasing an additional 178 shares during the period. Bayforest Capital Ltd lifted its stake in shares of Ciena by 34.7% in the 1st quarter. Bayforest Capital Ltd now owns 636 shares of the communications equipment provider’s stock valued at $38,000 after purchasing an additional 164 shares during the period. Allworth Financial LP lifted its stake in shares of Ciena by 107.5% in the 2nd quarter. Allworth Financial LP now owns 718 shares of the communications equipment provider’s stock valued at $58,000 after purchasing an additional 372 shares during the period. National Bank of Canada FI lifted its stake in shares of Ciena by 15.4% in the 1st quarter. National Bank of Canada FI now owns 1,147 shares of the communications equipment provider’s stock valued at $69,000 after purchasing an additional 153 shares during the period. Finally, Fifth Third Bancorp lifted its stake in shares of Ciena by 30.8% in the 1st quarter. Fifth Third Bancorp now owns 1,490 shares of the communications equipment provider’s stock valued at $90,000 after purchasing an additional 351 shares during the period. Hedge funds and other institutional investors own 91.99% of the company’s stock.

About Ciena

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.