Ciena Corporation (NYSE:CIEN - Get Free Report) hit a new 52-week high on Tuesday . The stock traded as high as $140.00 and last traded at $139.26, with a volume of 2287 shares trading hands. The stock had previously closed at $139.31.
Analyst Ratings Changes
CIEN has been the subject of several research analyst reports. Barclays lifted their price objective on Ciena from $102.00 to $138.00 and gave the company an "overweight" rating in a research note on Friday, September 5th. Wall Street Zen raised Ciena from a "hold" rating to a "buy" rating in a research note on Friday, September 5th. Stifel Nicolaus lifted their price objective on Ciena from $90.00 to $100.00 and gave the company a "buy" rating in a research note on Wednesday, September 3rd. JPMorgan Chase & Co. lifted their price objective on Ciena from $105.00 to $140.00 and gave the company an "overweight" rating in a research note on Friday, September 5th. Finally, B. Riley reissued a "neutral" rating and set a $113.00 price objective (up previously from $90.00) on shares of Ciena 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 assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Ciena currently has an average rating of "Moderate Buy" and an average target price of $115.75.
Get Our Latest Stock Analysis on Ciena
Ciena Stock Performance
The company has a market cap of $19.59 billion, a PE ratio of 143.11, a P/E/G ratio of 2.00 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. The business has a fifty day moving average of $100.97 and a 200-day moving average of $81.55.
Insider Transactions at Ciena
In other Ciena news, CEO Gary B. Smith sold 6,800 shares of the company's stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $92.93, for a total transaction of $631,924.00. Following the transaction, the chief executive officer owned 305,157 shares in the company, valued at approximately $28,358,240.01. This represents a 2.18% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Joseph Cumello sold 2,044 shares of the business's stock in a transaction that occurred on Friday, June 27th. The stock was sold at an average price of $81.64, for a total value of $166,872.16. Following the completion of the sale, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 39,769 shares of company stock worth $3,769,163 over the last quarter. Insiders own 0.93% of the company's stock.
Institutional Trading of Ciena
A number of hedge funds have recently made changes to their positions in CIEN. Atreides Management LP bought a new stake in shares of Ciena in the 2nd quarter worth approximately $102,705,000. Nuveen LLC bought a new stake in shares of Ciena in the 1st quarter worth approximately $70,065,000. Balyasny Asset Management L.P. boosted its position in shares of Ciena by 3,577.9% in the 2nd quarter. Balyasny Asset Management L.P. now owns 1,032,393 shares of the communications equipment provider's stock worth $83,965,000 after purchasing an additional 1,004,323 shares in the last quarter. Vaughan Nelson Investment Management L.P. boosted its position in shares of Ciena by 375.4% in the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 1,235,696 shares of the communications equipment provider's stock worth $100,499,000 after purchasing an additional 975,792 shares in the last quarter. Finally, Rokos Capital Management LLP boosted its position in shares of Ciena by 546.9% in the 2nd quarter. Rokos Capital Management LLP now owns 997,425 shares of the communications equipment provider's stock worth $81,106,000 after purchasing an additional 843,235 shares in the last quarter. 91.99% of the stock is owned by institutional investors.
About Ciena
(
Get Free Report)
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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