Insider Selling: Ciena Corporation (NYSE:CIEN) SVP Sells 350 Shares of Stock

Ciena Corporation (NYSE:CIEN - Get Free Report) SVP Brodie Gage sold 350 shares of the stock in a transaction on Monday, June 16th. The shares were sold at an average price of $72.60, for a total value 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. The trade was a 0.76% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through 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 value of $27,534.50.
• On Tuesday, April 15th, Brodie Gage sold 350 shares of Ciena stock. The stock was sold at an average price of $58.51, for a total value of $20,478.50.

Ciena Stock Up 1.0%

Ciena stock traded up $0.74 during mid-day trading on Friday, hitting $74.56. 2,813,653 shares of the company's stock were exchanged, compared to its average volume of 2,077,438. The company has a current ratio of 3.40, a quick ratio of 2.57 and a debt-to-equity ratio of 0.55. The stock has a market cap of $10.54 billion, a P/E ratio of 103.55, a P/E/G ratio of 1.62 and a beta of 1.12. Ciena Corporation has a 1-year low of $44.89 and a 1-year high of $101.44. The stock has a 50 day moving average of $73.15 and a two-hundred day moving average of $76.11.

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

Hedge Funds Weigh In On Ciena

Hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. increased its stake in shares of Ciena by 0.9% in the fourth quarter. Vanguard Group Inc. now owns 15,316,640 shares of the communications equipment provider's stock worth $1,299,004,000 after purchasing an additional 139,941 shares during the period. Barrow Hanley Mewhinney & Strauss LLC grew its position 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 buying an additional 17,447 shares in the last quarter. Price T Rowe Associates Inc. MD grew its position in Ciena by 195.9% during 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 buying an additional 3,062,883 shares in the last quarter. Bank of America Corp DE grew its position in Ciena by 1.6% during the fourth quarter. Bank of America Corp DE now owns 3,227,020 shares of the communications equipment provider's stock worth $273,684,000 after buying an additional 49,996 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in Ciena by 0.5% during the fourth quarter. Geode Capital Management LLC now owns 2,419,947 shares of the communications equipment provider's stock worth $205,301,000 after buying an additional 11,933 shares in the last quarter. 91.99% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have recently weighed in on CIEN. Wall Street Zen lowered Ciena from a "buy" rating to a "hold" rating in a research note on Saturday, June 7th. Evercore ISI restated a "mixed" rating on shares of Ciena in a report on Friday, June 6th. Morgan Stanley increased their target price on Ciena from $44.00 to $73.00 and gave the company an "equal weight" rating in a report on Friday, June 6th. Northland Capmk upgraded Ciena from a "hold" rating to a "strong-buy" rating in a report on Wednesday, March 12th. Finally, B. Riley restated a "buy" rating and issued a $90.00 target price (up previously from $89.00) on shares of Ciena in a report on Friday, June 6th. Six equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target 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.