Ciena Corporation (NYSE:CIEN) SVP Sells $31,829.00 in Stock

Key Points

• Brodie Gage, Senior Vice President at Ciena Corporation, sold 350 shares of the company's stock on August 15th for approximately $31,829, bringing their total ownership down to 43,268 shares valued around $3.93 million.
• Ciena's stock has seen a rebound with shares trading up 1.3% recently, hitting $92.05, as the company reported a revenue of $1.13 billion for the quarter, exceeding analyst expectations.
• Analysts have varied opinions on Ciena's stocks, with one "sell" rating, four "hold" ratings, nine "buy" ratings, and two "strong buy" ratings, and an average price target of $85.54.

Ciena Corporation (NYSE:CIEN - Get Free Report) SVP Brodie Gage sold 350 shares of the company's stock in a transaction dated Friday, August 15th. The shares were sold at an average price of $90.94, for a total transaction of $31,829.00. Following the sale, the senior vice president directly owned 43,268 shares of the company's stock, valued at approximately $3,934,791.92. This represents a 0.80% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink.

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

• 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 transaction of $28,899.50.
• 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 transaction of $28,899.50.
• On Monday, June 16th, Brodie Gage sold 350 shares of Ciena stock. The shares were sold at an average price of $72.60, for a total transaction of $25,410.00.

Ciena Trading Up 1.3%

Shares of CIEN stock traded up $1.18 during trading hours on Monday, hitting $92.05. The company had a trading volume of 1,077,012 shares, compared to its average volume of 1,606,289. The company's fifty day moving average is $83.82 and its 200 day moving average is $76.59. The company has a debt-to-equity ratio of 0.55, a current ratio of 3.40 and a quick ratio of 2.57. Ciena Corporation has a fifty-two week low of $49.21 and a fifty-two week high of $101.44. The stock has a market capitalization of $13.01 billion, a PE ratio of 127.85, a price-to-earnings-growth ratio of 2.03 and a beta of 1.11.

Ciena (NYSE:CIEN - Get Free Report) last issued its quarterly earnings data 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). Ciena had a return on equity of 5.08% and a net margin of 2.46%. The company had revenue of $1.13 billion during the quarter, compared to analyst estimates of $1.09 billion. During the same quarter in the prior year, the company posted $0.27 earnings per share. The business's revenue was up 23.6% compared to the same quarter last year. Research analysts expect that Ciena Corporation will post 1.6 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several analysts recently issued reports on CIEN shares. Evercore ISI reaffirmed a "mixed" rating on shares of Ciena in a research note on Friday, June 6th. JPMorgan Chase & Co. upped their price objective on shares of Ciena from $83.00 to $105.00 and gave the company an "overweight" rating in a research note on Thursday, July 17th. Rosenblatt Securities upped their price objective on shares of Ciena from $65.00 to $85.00 and gave the company a "neutral" rating in a research note on Tuesday, June 3rd. Northland Securities set a $100.00 target price on shares of Ciena in a report on Monday, June 30th. Finally, B. Riley reiterated a "buy" rating and issued a $90.00 target price (up from $89.00) on shares of Ciena in a report on Friday, June 6th. One research analyst has rated the stock with a sell rating, four have given a hold rating, nine have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $85.54.

Institutional Investors Weigh In On Ciena

A number of hedge funds have recently added to or reduced their stakes in the business. Caxton Associates LLP lifted its holdings in Ciena by 301.0% during the 2nd quarter. Caxton Associates LLP now owns 250,000 shares of the communications equipment provider's stock worth $20,332,000 after buying an additional 187,658 shares in the last quarter. State of Tennessee Department of Treasury lifted its holdings in Ciena by 5.7% during the 2nd quarter. State of Tennessee Department of Treasury now owns 57,457 shares of the communications equipment provider's stock worth $4,673,000 after buying an additional 3,112 shares in the last quarter. Captrust Financial Advisors lifted its holdings in Ciena by 22.6% during the 2nd quarter. Captrust Financial Advisors now owns 14,599 shares of the communications equipment provider's stock worth $1,187,000 after buying an additional 2,693 shares in the last quarter. Tidal Investments LLC lifted its holdings in Ciena by 28.2% during the 2nd quarter. Tidal Investments LLC now owns 43,584 shares of the communications equipment provider's stock worth $3,545,000 after buying an additional 9,575 shares in the last quarter. Finally, Shay Capital LLC acquired a new stake in Ciena during the 2nd quarter worth approximately $423,000. 91.99% of the stock is currently owned by institutional investors and hedge funds.

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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