Brodie Gage Sells 1,200 Shares of Ciena (NYSE:CIEN) Stock

Ciena Corporation (NYSE:CIEN) SVP Brodie Gage sold 1,200 shares of Ciena stock in a transaction on Friday, May 15th. The shares were sold at an average price of $570.65, for a total transaction of $684,780.00. Following the completion of the transaction, the senior vice president directly owned 43,941 shares of the company’s stock, valued at $25,074,931.65. The trade was a 2.66% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Wednesday, April 15th, Brodie Gage sold 1,200 shares of Ciena stock. The shares were sold at an average price of $471.79, for a total transaction of $566,148.00.
• On Tuesday, March 24th, Brodie Gage sold 5,000 shares of Ciena stock. The shares were sold at an average price of $405.00, for a total transaction of $2,025,000.00.

Ciena Price Performance

Shares of NYSE CIEN traded up $16.99 during trading on Tuesday, hitting $541.52. The company had a trading volume of 2,328,732 shares, compared to its average volume of 3,059,742. The stock has a fifty day simple moving average of $458.74 and a two-hundred day simple moving average of $318.47. Ciena Corporation has a fifty-two week low of $70.77 and a fifty-two week high of $598.84. The firm has a market capitalization of $76.57 billion, a price-to-earnings ratio of 344.92, a price-to-earnings-growth ratio of 1.81 and a beta of 1.24. The company has a quick ratio of 2.14, a current ratio of 2.81 and a debt-to-equity ratio of 0.55.

Ciena (NYSE:CIEN) last announced its earnings results on Thursday, March 5th. The communications equipment provider reported $1.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.17 by $0.18. Ciena had a net margin of 4.47% and a return on equity of 12.09%. The business had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.40 billion. During the same quarter last year, the business earned $0.64 earnings per share. The company’s revenue for the quarter was up 33.1% compared to the same quarter last year. On average, research analysts expect that Ciena Corporation will post 5.12 earnings per share for the current year.

Analysts Set New Price Targets

CIEN has been the topic of several analyst reports. Needham & Company LLC lifted their price target on shares of Ciena from $280.00 to $370.00 and gave the company a “buy” rating in a research report on Thursday, March 5th. Rothschild & Co Redburn initiated coverage on shares of Ciena in a research report on Friday, May 1st. They set a “neutral” rating and a $416.00 price target on the stock. Weiss Ratings raised shares of Ciena from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, April 27th. Rosenblatt Securities lifted their price target on shares of Ciena from $305.00 to $350.00 and gave the company a “buy” rating in a research report on Friday, March 6th. Finally, Wolfe Research reissued an “outperform” rating and issued a $375.00 price target on shares of Ciena in a research note on Thursday, March 5th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $398.83.

Institutional Investors Weigh In On Ciena

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Bull Harbor Capital LLC purchased a new stake in shares of Ciena in the 1st quarter valued at approximately $1,507,000. Regal Partners Ltd purchased a new stake in shares of Ciena in the 1st quarter valued at approximately $1,165,000. Empowered Funds LLC raised its stake in shares of Ciena by 26.6% in the 1st quarter. Empowered Funds LLC now owns 20,663 shares of the communications equipment provider’s stock valued at $8,022,000 after acquiring an additional 4,338 shares during the period. Quantinno Capital Management LP raised its stake in shares of Ciena by 3.4% in the 1st quarter. Quantinno Capital Management LP now owns 103,914 shares of the communications equipment provider’s stock valued at $40,343,000 after acquiring an additional 3,429 shares during the period. Finally, SummitTX Capital L.P. purchased a new stake in shares of Ciena in the 1st quarter valued at approximately $1,956,000. 91.99% of the stock is owned by hedge funds and other institutional investors.

Ciena Company Profile

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.