Gary B. Smith Sells 8,000 Shares of Ciena Co. (CIEN) Stock

Ciena Co. (NYSE:CIEN) CEO Gary B. Smith sold 8,000 shares of the firm’s stock in a transaction on Wednesday, January 24th. The stock was sold at an average price of $21.85, for a total transaction of $174,800.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Gary B. Smith also recently made the following trade(s):

  • On Friday, January 12th, Gary B. Smith sold 8,000 shares of Ciena stock. The stock was sold at an average price of $21.86, for a total transaction of $174,880.00.
  • On Thursday, December 27th, Gary B. Smith sold 4,000 shares of Ciena stock. The stock was sold at an average price of $21.66, for a total transaction of $86,640.00.
  • On Thursday, December 28th, Gary B. Smith sold 8,000 shares of Ciena stock. The shares were sold at an average price of $21.47, for a total transaction of $171,760.00.
  • On Thursday, December 21st, Gary B. Smith sold 113,735 shares of Ciena stock. The shares were sold at an average price of $21.22, for a total transaction of $2,413,456.70.
  • On Friday, December 15th, Gary B. Smith sold 8,000 shares of Ciena stock. The shares were sold at an average price of $21.38, for a total transaction of $171,040.00.
  • On Tuesday, November 21st, Gary B. Smith sold 10,000 shares of Ciena stock. The shares were sold at an average price of $20.55, for a total transaction of $205,500.00.
  • On Thursday, November 9th, Gary B. Smith sold 6,000 shares of Ciena stock. The shares were sold at an average price of $20.09, for a total transaction of $120,540.00.

Ciena Co. (NYSE:CIEN) opened at $21.42 on Friday. Ciena Co. has a twelve month low of $19.40 and a twelve month high of $27.98. The firm has a market cap of $3,056.06, a PE ratio of 2.68, a P/E/G ratio of 1.36 and a beta of 1.67. The company has a current ratio of 1.93, a quick ratio of 1.68 and a debt-to-equity ratio of 0.27.

Ciena (NYSE:CIEN) last released its quarterly earnings results on Thursday, December 7th. The communications equipment provider reported $0.46 earnings per share for the quarter, missing the consensus estimate of $0.50 by ($0.04). Ciena had a return on equity of 18.32% and a net margin of 45.04%. The firm had revenue of $744.40 million for the quarter, compared to analysts’ expectations of $736.91 million. During the same quarter last year, the firm posted $0.44 earnings per share. The firm’s revenue for the quarter was up 3.9% compared to the same quarter last year. analysts predict that Ciena Co. will post 1 EPS for the current year.

Ciena declared that its board has authorized a stock repurchase program on Thursday, December 7th that permits the company to buyback $300.00 million in outstanding shares. This buyback authorization permits the communications equipment provider to purchase shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.

A number of research analysts have recently issued reports on CIEN shares. Cowen reiterated a “buy” rating and set a $33.00 price objective on shares of Ciena in a report on Wednesday, December 6th. B. Riley reduced their price objective on shares of Ciena from $30.50 to $28.00 and set a “buy” rating for the company in a report on Tuesday, December 5th. Bank of America upgraded shares of Ciena from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $20.98 to $28.00 in a report on Monday, November 27th. Piper Jaffray Companies reiterated a “buy” rating on shares of Ciena in a report on Thursday, October 12th. Finally, Stifel Nicolaus reiterated a “buy” rating and set a $30.00 price objective on shares of Ciena in a report on Wednesday, October 4th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and twenty have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $28.48.

A number of institutional investors have recently added to or reduced their stakes in the stock. Neuberger Berman Group LLC raised its position in Ciena by 169.5% in the third quarter. Neuberger Berman Group LLC now owns 4,217,455 shares of the communications equipment provider’s stock worth $92,657,000 after acquiring an additional 2,652,791 shares during the period. Rubric Capital Management LP bought a new stake in Ciena in the third quarter worth about $33,373,000. Becker Capital Management Inc. bought a new stake in Ciena in the third quarter worth about $27,188,000. Westfield Capital Management Co. LP raised its position in Ciena by 21.5% in the third quarter. Westfield Capital Management Co. LP now owns 2,594,285 shares of the communications equipment provider’s stock worth $56,996,000 after acquiring an additional 459,190 shares during the period. Finally, State of New Jersey Common Pension Fund D raised its position in Ciena by 63.2% in the third quarter. State of New Jersey Common Pension Fund D now owns 1,020,000 shares of the communications equipment provider’s stock worth $22,409,000 after acquiring an additional 395,000 shares during the period.

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About Ciena

Ciena Corporation is a network strategy and technology company, which provides solutions that enable a range of network operators to adopt communication architectures and deliver an array of services, relied upon by enterprise and consumer end users. It provides equipment, software and services that support the transport, switching, aggregation, service delivery and management of voice, video and data traffic on communications networks.

Insider Buying and Selling by Quarter for Ciena (NYSE:CIEN)

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