Ciena (NYSE:CIEN) CFO Sells 4,995 Shares

Ciena Corporation (NYSE:CIEN) CFO Marc Graff sold 4,995 shares of the business’s stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $430.72, for a total value of $2,151,446.40. Following the sale, the chief financial officer owned 107,519 shares of the company’s stock, valued at $46,310,583.68. The trade was a 4.44% decrease in their ownership of the stock. The sale 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.

Ciena Price Performance

CIEN stock traded down $40.15 during midday trading on Tuesday, reaching $405.03. The stock had a trading volume of 3,050,073 shares, compared to its average volume of 2,952,043. The company’s fifty day simple moving average is $424.05 and its 200 day simple moving average is $428.37. 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 cap of $57.33 billion, a price-to-earnings ratio of 135.01 and a beta of 1.30. Ciena Corporation has a 52-week low of $84.41 and a 52-week high of $637.51.

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

Institutional Investors Weigh In On Ciena

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Elyxium Wealth LLC acquired a new stake in Ciena in the 4th quarter valued at approximately $2,747,810,000. Corient Private Wealth LLC raised its holdings in shares of Ciena by 30,114.5% in the 4th quarter. Corient Private Wealth LLC now owns 2,870,677 shares of the communications equipment provider’s stock valued at $671,365,000 after buying an additional 2,861,176 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in Ciena by 53.0% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 4,051,625 shares of the communications equipment provider’s stock worth $947,554,000 after acquiring an additional 1,404,132 shares in the last quarter. Atreides Management LP acquired a new position in Ciena during the 2nd quarter worth about $102,705,000. Finally, Arrowstreet Capital Limited Partnership boosted its holdings in Ciena by 2,174.2% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 1,143,855 shares of the communications equipment provider’s stock valued at $166,625,000 after acquiring an additional 1,093,557 shares during the period. 91.99% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have recently commented on CIEN shares. Bank of America lifted their price target on Ciena from $550.00 to $660.00 and gave the stock a “buy” rating in a report on Tuesday, May 26th. Raymond James Financial raised their price objective on shares of Ciena from $320.00 to $530.00 and gave the stock an “outperform” rating in a research report on Thursday, June 4th. B. Riley Financial lifted their target price on shares of Ciena from $283.00 to $531.00 and gave the stock a “neutral” rating in a research note on Tuesday, June 2nd. Northland Securities set a $450.00 target price on shares of Ciena in a report on Friday, June 5th. Finally, Morgan Stanley raised their price target on shares of Ciena from $405.00 to $490.00 and gave the stock an “equal weight” rating in a report on Friday, June 5th. Thirteen equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat.com, Ciena currently has a consensus rating of “Moderate Buy” and an average price target of $525.00.

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.