Ciena Corporation (NYSE:CIEN) SVP Joseph Cumello Sells 2,044 Shares

Ciena Corporation (NYSE:CIEN - Get Free Report) SVP Joseph Cumello sold 2,044 shares of the stock in a transaction on Friday, June 27th. The shares were sold at an average price of $81.64, for a total value of $166,872.16. Following the completion of the transaction, the senior vice president directly owned 47,198 shares in the company, valued at approximately $3,853,244.72. This represents a 4.15% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Ciena Trading Down 1.5%

Shares of NYSE:CIEN traded down $1.20 during trading on Tuesday, reaching $80.13. 2,042,622 shares of the company traded hands, compared to its average volume of 2,105,904. The company has a current ratio of 3.40, a quick ratio of 2.57 and a debt-to-equity ratio of 0.55. Ciena Corporation has a 52-week low of $44.89 and a 52-week high of $101.44. The firm has a market capitalization of $11.33 billion, a price-to-earnings ratio of 111.29, a P/E/G ratio of 1.82 and a beta of 1.11. The business's fifty day moving average is $76.05 and its 200-day moving average is $76.29.

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

Institutional Trading of Ciena

Institutional investors have recently modified their holdings of the company. Price T Rowe Associates Inc. MD increased its holdings in Ciena by 195.9% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 4,626,153 shares of the communications equipment provider's stock valued at $392,345,000 after purchasing an additional 3,062,883 shares during the period. Nuveen LLC purchased a new position in shares of Ciena during the first quarter valued at approximately $70,065,000. Polar Capital Holdings Plc increased its stake in shares of Ciena by 113.7% during the fourth quarter. Polar Capital Holdings Plc now owns 2,169,406 shares of the communications equipment provider's stock valued at $183,987,000 after buying an additional 1,154,260 shares during the period. Marshall Wace LLP raised its holdings in shares of Ciena by 4,215.9% during the fourth quarter. Marshall Wace LLP now owns 899,828 shares of the communications equipment provider's stock valued at $76,314,000 after acquiring an additional 878,979 shares in the last quarter. Finally, Woodline Partners LP purchased a new stake in Ciena in the first quarter worth $49,221,000. 91.99% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on CIEN shares. B. Riley reiterated a "buy" rating and issued a $90.00 price objective (up from $89.00) on shares of Ciena in a report on Friday, June 6th. Needham & Company LLC restated a "buy" rating and issued a $90.00 target price on shares of Ciena in a research report on Friday, June 6th. Northland Securities set a $85.00 target price on Ciena in a research note on Friday, June 6th. UBS Group lifted their price target on shares of Ciena from $73.00 to $78.00 and gave the stock a "neutral" rating in a research note on Friday, June 6th. Finally, Barclays set a $100.00 price objective on shares of Ciena and gave the stock an "overweight" rating in a report on Wednesday, March 12th. Six equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned 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 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.