Ciena Corporation (NYSE:CIEN) SVP Brodie Gage Sells 350 Shares

Ciena Corporation (NYSE:CIEN - Get Free Report) SVP Brodie Gage sold 350 shares of the company's stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $72.60, for a total transaction of $25,410.00. Following the transaction, the senior vice president now directly owns 45,883 shares of the company's stock, valued at approximately $3,331,105.80. This represents a 0.76% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

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

• On Thursday, May 15th, Brodie Gage sold 350 shares of Ciena stock. The stock was sold at an average price of $78.67, for a total transaction of $27,534.50.
• On Tuesday, April 15th, Brodie Gage sold 350 shares of Ciena stock. The shares were sold at an average price of $58.51, for a total value of $20,478.50.

Ciena Stock Up 0.8%

Shares of NYSE:CIEN traded up $0.55 during trading on Wednesday, hitting $74.00. The company's stock had a trading volume of 619,342 shares, compared to its average volume of 2,079,571. Ciena Corporation has a fifty-two week low of $44.89 and a fifty-two week high of $101.44. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.57 and a current ratio of 3.40. The company has a market capitalization of $10.46 billion, a PE ratio of 103.09, a PEG ratio of 1.61 and a beta of 1.12. The stock's 50-day moving average price is $72.29 and its two-hundred day moving average price is $76.07.

Ciena (NYSE:CIEN - Get Free Report) last announced its quarterly earnings data on Thursday, June 5th. The communications equipment provider reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.50 by ($0.08). Ciena had a net margin of 2.46% and a return on equity of 5.08%. The firm had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.09 billion. During the same quarter in the previous year, the company earned $0.27 EPS. The company's quarterly revenue was up 23.6% compared to the same quarter last year. As a group, sell-side analysts expect that Ciena Corporation will post 1.6 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in CIEN. Vanguard Group Inc. raised its stake in shares of Ciena by 0.9% during the fourth quarter. Vanguard Group Inc. now owns 15,316,640 shares of the communications equipment provider's stock valued at $1,299,004,000 after purchasing an additional 139,941 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC raised its holdings in Ciena by 0.3% during the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 5,236,920 shares of the communications equipment provider's stock worth $444,143,000 after purchasing an additional 17,447 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in Ciena by 195.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 4,626,153 shares of the communications equipment provider's stock worth $392,345,000 after purchasing an additional 3,062,883 shares during the period. Bank of America Corp DE boosted its stake in Ciena by 1.6% during the 4th quarter. Bank of America Corp DE now owns 3,227,020 shares of the communications equipment provider's stock valued at $273,684,000 after purchasing an additional 49,996 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake in Ciena by 0.5% during the 4th quarter. Geode Capital Management LLC now owns 2,419,947 shares of the communications equipment provider's stock valued at $205,301,000 after purchasing an additional 11,933 shares in the last quarter. 91.99% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have recently commented on CIEN. Needham & Company LLC restated a "buy" rating and issued a $90.00 price objective on shares of Ciena in a report on Friday, June 6th. Rosenblatt Securities raised their price target on shares of Ciena from $65.00 to $85.00 and gave the company a "neutral" rating in a report on Tuesday, June 3rd. JPMorgan Chase & Co. boosted their price objective on shares of Ciena from $76.00 to $86.00 and gave the stock an "overweight" rating in a research note on Tuesday, May 27th. Citigroup dropped their price objective on shares of Ciena from $98.00 to $75.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Finally, Northland Securities set a $85.00 target price on shares of Ciena in a report on Friday, June 6th. Six research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $83.15.

About Ciena

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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