Brodie Gage Sells 350 Shares of Ciena (NYSE:CIEN) Stock

Key Points

• Brodie Gage, Senior Vice President of Ciena Corporation, sold 350 shares of stock on September 15th for a total value of $46,200, representing a 0.81% decrease in his ownership.
• Ciena stock is currently trading at $136.52, down 0.7% on the day, with a market capitalization of $19.26 billion and a P/E ratio of 140.74.
• Several analysts have raised their price targets for Ciena, with JPMorgan Chase increasing it to $140.00 and Barclays to $138.00, reflecting strong growth potential for the company.

Ciena Corporation (NYSE:CIEN - Get Free Report) SVP Brodie Gage sold 350 shares of the firm's stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $132.00, for a total value of $46,200.00. Following the completion of the transaction, the senior vice president owned 42,918 shares of the company's stock, valued at approximately $5,665,176. The trade was a 0.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

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

• On Friday, August 15th, Brodie Gage sold 350 shares of Ciena stock. The stock was sold at an average price of $90.94, for a total value of $31,829.00.
• On Tuesday, July 15th, Brodie Gage sold 350 shares of Ciena stock. The shares were sold at an average price of $82.57, for a total value of $28,899.50.
• On Tuesday, July 15th, Brodie Gage sold 350 shares of Ciena stock. The stock was sold at an average price of $82.57, for a total value of $28,899.50.

Ciena Trading Down 0.7%

NYSE CIEN traded down $0.96 on Wednesday, reaching $136.52. 3,196,680 shares of the company were exchanged, compared to its average volume of 2,369,934. The business's fifty day moving average price is $96.27 and its 200 day moving average price is $79.66. The stock has a market capitalization of $19.26 billion, a P/E ratio of 140.74, a price-to-earnings-growth ratio of 2.67 and a beta of 1.16. The company has a current ratio of 3.28, a quick ratio of 2.52 and a debt-to-equity ratio of 0.55. Ciena Corporation has a fifty-two week low of $49.21 and a fifty-two week high of $139.55.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Coldstream Capital Management Inc. increased its holdings in shares of Ciena by 2.9% in the second quarter. Coldstream Capital Management Inc. now owns 4,693 shares of the communications equipment provider's stock valued at $382,000 after buying an additional 132 shares in the last quarter. National Bank of Canada FI boosted its holdings in Ciena by 15.4% during the first quarter. National Bank of Canada FI now owns 1,147 shares of the communications equipment provider's stock valued at $69,000 after acquiring an additional 153 shares during the period. Bayforest Capital Ltd boosted its holdings in Ciena by 34.7% during the first quarter. Bayforest Capital Ltd now owns 636 shares of the communications equipment provider's stock valued at $38,000 after acquiring an additional 164 shares during the period. Bessemer Group Inc. lifted its stake in shares of Ciena by 50.0% in the first quarter. Bessemer Group Inc. now owns 534 shares of the communications equipment provider's stock valued at $32,000 after buying an additional 178 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position in Ciena by 0.5% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 38,910 shares of the communications equipment provider's stock worth $2,351,000 after purchasing an additional 178 shares in the last quarter. 91.99% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on CIEN shares. JPMorgan Chase & Co. upped their price target on Ciena from $105.00 to $140.00 and gave the stock an "overweight" rating in a report on Friday, September 5th. Needham & Company LLC upped their target price on Ciena from $90.00 to $130.00 and gave the company a "buy" rating in a research report on Friday, September 5th. Wolfe Research raised Ciena to a "strong-buy" rating in a research report on Tuesday, July 8th. Northland Securities set a $100.00 target price on Ciena in a research note on Monday, June 30th. Finally, Barclays increased their target price on Ciena from $102.00 to $138.00 and gave the stock an "overweight" rating in a research note on Friday, September 5th. Three research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $115.75.

Ciena Company Profile

Ciena Corporation provides hardware and software services for delivery of video, data, and voice traffic metro, aggregation, and access communications network worldwide. The company's Networking Platforms segment offers convergence of coherent optical transport, open optical networking, optical transport network switching, IP routing, and switching services.

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