Ciena (NYSE:CIEN) SVP Jason Phipps Sells 2,629 Shares of Stock

Ciena Corporation (NYSE:CIEN) SVP Jason Phipps sold 2,629 shares of Ciena stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $466.20, for a total transaction of $1,225,639.80. Following the completion of the transaction, the senior vice president directly owned 62,382 shares in the company, valued at $29,082,488.40. The trade was a 4.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Ciena Stock Performance

CIEN traded up $11.54 on Monday, hitting $434.00. 1,310,485 shares of the company traded hands, compared to its average volume of 3,158,356. The company has a 50 day moving average of $513.83 and a 200-day moving average of $390.84. Ciena Corporation has a 12-month low of $76.89 and a 12-month high of $637.51. The company has a quick ratio of 2.11, a current ratio of 2.73 and a debt-to-equity ratio of 0.53. The stock has a market capitalization of $61.43 billion, a PE ratio of 144.67 and a beta of 1.27.

Ciena (NYSE:CIEN) last released its earnings results on Thursday, June 4th. The communications equipment provider reported $1.64 EPS for the quarter, topping the consensus estimate of $1.46 by $0.18. The company had revenue of $1.57 billion during the quarter, compared to analysts’ expectations of $1.50 billion. Ciena had a net margin of 7.87% and a return on equity of 18.15%. The business’s revenue was up 39.5% on a year-over-year basis. During the same quarter last year, the business earned $0.42 EPS. Sell-side analysts anticipate that Ciena Corporation will post 5.4 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in CIEN. Community Bank N.A. acquired a new stake in Ciena in the third quarter worth about $25,000. Transamerica Financial Advisors LLC boosted its stake in shares of Ciena by 71.0% during the 4th quarter. Transamerica Financial Advisors LLC now owns 106 shares of the communications equipment provider’s stock worth $25,000 after acquiring an additional 44 shares in the last quarter. Asset Dedication LLC raised its holdings in Ciena by 2,100.0% during the 1st quarter. Asset Dedication LLC now owns 88 shares of the communications equipment provider’s stock worth $34,000 after buying an additional 84 shares during the period. Hilltop National Bank acquired a new stake in Ciena during the 4th quarter valued at $35,000. Finally, Truvestments Capital LLC raised its position in Ciena by 45.3% during the fourth quarter. Truvestments Capital LLC now owns 154 shares of the communications equipment provider’s stock valued at $36,000 after buying an additional 48 shares during the period. 91.99% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several brokerages have issued reports on CIEN. Barclays upped their price target on shares of Ciena from $372.00 to $607.00 and gave the company an “overweight” rating in a report on Friday, June 5th. Raymond James Financial boosted their price target on Ciena from $320.00 to $530.00 and gave the company an “outperform” rating in a report on Thursday, June 4th. Morgan Stanley upped their price objective on shares of Ciena from $405.00 to $490.00 and gave the company an “equal weight” rating in a research note on Friday, June 5th. TD Cowen upped their price target on shares of Ciena from $425.00 to $675.00 and gave the stock a “buy” rating in a research report on Friday, May 15th. Finally, Citigroup increased their target price on Ciena from $345.00 to $658.00 and gave the stock a “buy” rating in a research report on Monday, May 18th. Thirteen research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat.com, Ciena currently has an average 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.