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

Ciena Corporation (NYSE:CIEN) EVP Brodie Gage sold 1,200 shares of the business’s stock in a transaction dated Thursday, October 15th. The stock was sold at an average price of $344.08, for a total transaction of $412,896.00. Following the transaction, the executive vice president owned 34,073 shares in the company, valued at $11,723,837.84. The trade was a 3.40% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Tuesday, September 15th, Brodie Gage sold 1,200 shares of Ciena stock. The stock was sold at an average price of $324.86, for a total value of $389,832.00.

Ciena Trading Up 3.5%

Shares of CIEN traded up $11.70 during mid-day trading on Monday, reaching $344.43. The stock had a trading volume of 3,062,729 shares, compared to its average volume of 2,902,529. The company has a debt-to-equity ratio of 1.06, a current ratio of 3.80 and a quick ratio of 3.17. Ciena Corporation has a 52-week low of $159.56 and a 52-week high of $637.51. The business’s fifty day moving average is $376.08 and its 200 day moving average is $440.79. The firm has a market cap of $48.84 billion, a price-to-earnings ratio of 76.88, a P/E/G ratio of 4.62 and a beta of 1.28.

Ciena (NYSE:CIEN) last issued its quarterly earnings data on Thursday, September 3rd. The communications equipment provider reported $2.11 earnings per share for the quarter, topping the consensus estimate of $1.73 by $0.38. The company had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.64 billion. Ciena had a return on equity of 25.33% and a net margin of 10.87%. The firm’s revenue for the quarter was up 37.0% compared to the same quarter last year. During the same period in the prior year, the business posted $0.35 earnings per share. On average, sell-side analysts predict that Ciena Corporation will post 6.00 EPS for the current fiscal year.

Hedge Funds Weigh In On Ciena

A number of hedge funds have recently modified their holdings of CIEN. SmartHarvest Portfolios LLC boosted its holdings in shares of Ciena by 1.8% in the first quarter. SmartHarvest Portfolios LLC now owns 1,142 shares of the communications equipment provider’s stock valued at $443,000 after acquiring an additional 20 shares in the last quarter. Carolina Wealth Advisors LLC lifted its holdings in Ciena by 57.8% in the 2nd quarter. Carolina Wealth Advisors LLC now owns 71 shares of the communications equipment provider’s stock valued at $35,000 after purchasing an additional 26 shares in the last quarter. Triumph Capital Management boosted its holdings in shares of Ciena by 15.2% during the second quarter. Triumph Capital Management now owns 205 shares of the communications equipment provider’s stock worth $101,000 after purchasing an additional 27 shares during the last quarter. Syon Capital LLC boosted its position in shares of Ciena by 3.1% in the second quarter. Syon Capital LLC now owns 910 shares of the communications equipment provider’s stock worth $446,000 after acquiring an additional 27 shares during the last quarter. Finally, Modera Wealth Management LLC boosted its holdings in shares of Ciena by 1.8% in the 1st quarter. Modera Wealth Management LLC now owns 1,685 shares of the communications equipment provider’s stock valued at $654,000 after purchasing an additional 29 shares during the last quarter. 91.99% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on CIEN shares. Weiss Ratings lowered shares of Ciena from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, August 25th. Sanford C. Bernstein assumed coverage on shares of Ciena in a research note on Wednesday, September 30th. They issued an “outperform” rating and a $440.00 price target on the stock. Argus set a $550.00 price objective on shares of Ciena in a research report on Thursday, September 10th. B. Riley Financial dropped their target price on shares of Ciena from $516.00 to $413.00 and set a “neutral” rating for the company in a report on Monday, August 31st. Finally, JPMorgan Chase & Co. cut their target price on Ciena from $635.00 to $605.00 and set an “overweight” rating on the stock in a research report on Friday, September 4th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Ciena currently has a consensus rating of “Moderate Buy” and an average target price of $506.11.

Ciena Company Profile

Ciena Corporation (NYSE: CIEN) is a networking technology company that provides hardware, software, and services for communications networks. Its solutions help telecommunications carriers, cloud providers, enterprises, government organizations, and research institutions build, manage, and automate high-capacity networks.

The company’s portfolio includes optical networking systems, routing and switching platforms, network automation software, and network management tools. Ciena also offers consulting, implementation, maintenance, and professional services designed to support network planning, deployment, optimization, and ongoing operations.