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

Key Points

• Brodie Gage, Ciena’s senior vice president, sold 1,200 shares on June 15 for $559,320 under a pre-arranged Rule 10b5-1 trading plan. After the sale, he still held 42,741 shares worth about $19.9 million.
• Ciena reported strong fiscal Q2 results, with earnings of $1.64 per share beating estimates and revenue of $1.57 billion topping expectations. Revenue was up 39.5% from a year earlier.
• Wall Street sentiment remains positive: several firms raised price targets, and the stock has a consensus “Moderate Buy” rating with an average target of about $530.56.

Ciena Corporation (NYSE:CIEN - Get Free Report) SVP Brodie Gage sold 1,200 shares of the business's stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $466.10, for a total transaction of $559,320.00. Following the completion of the sale, the senior vice president directly owned 42,741 shares of the company's stock, valued at $19,921,580.10. This represents a 2.73% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible 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 Friday, May 15th, Brodie Gage sold 1,200 shares of Ciena stock. The shares were sold at an average price of $570.65, for a total value of $684,780.00.
• 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 value of $566,148.00.
• On Tuesday, March 24th, Brodie Gage sold 5,000 shares of Ciena stock. The stock was sold at an average price of $405.00, for a total value of $2,025,000.00.

Ciena Price Performance

CIEN stock traded up $5.61 during midday trading on Wednesday, reaching $435.91. The company had a trading volume of 2,874,345 shares, compared to its average volume of 3,120,383. The company has a market capitalization of $61.70 billion, a price-to-earnings ratio of 145.30 and a beta of 1.24. The stock has a 50 day moving average price of $521.41 and a 200-day moving average price of $368.39. Ciena Corporation has a 1-year low of $73.23 and a 1-year high of $637.51. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.73 and a quick ratio of 2.11.

Ciena (NYSE:CIEN - Get Free Report) last issued its 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. 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 for the quarter was up 39.5% compared to the same quarter last year. During the same period in the previous year, the company earned $0.42 EPS. Equities research analysts expect that Ciena Corporation will post 5.4 earnings per share for the current year.

Institutional Trading of Ciena

Hedge funds have recently made changes to their positions in the company. SmartHarvest Portfolios LLC grew its holdings in shares of Ciena by 1.8% during the first quarter. SmartHarvest Portfolios LLC now owns 1,142 shares of the communications equipment provider's stock worth $443,000 after purchasing an additional 20 shares during the last quarter. Modera Wealth Management LLC raised its holdings in 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 buying an additional 29 shares during the last quarter. Whittier Trust Co. boosted its position in Ciena by 9.5% during the 1st quarter. Whittier Trust Co. now owns 358 shares of the communications equipment provider's stock worth $139,000 after buying an additional 31 shares during the period. Parallel Advisors LLC boosted its position in Ciena by 0.8% during the 4th quarter. Parallel Advisors LLC now owns 5,107 shares of the communications equipment provider's stock worth $1,194,000 after buying an additional 43 shares during the period. Finally, Transamerica Financial Advisors LLC grew its holdings in 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 during the last quarter. 91.99% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have recently issued reports on CIEN. Citigroup lifted their price target on Ciena from $345.00 to $658.00 and gave the company a "buy" rating in a research note on Monday, May 18th. TD Cowen increased their target price on shares of Ciena from $425.00 to $675.00 and gave the stock a "buy" rating in a report on Friday, May 15th. Argus set a $650.00 price target on shares of Ciena in a report on Friday, June 5th. Northland Securities set a $450.00 price objective on shares of Ciena in a research report on Friday, June 5th. Finally, B. Riley Financial raised their target price on shares of Ciena from $283.00 to $531.00 and gave the company a "neutral" rating in a research report on Tuesday, June 2nd. Thirteen equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $530.56.

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.

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