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Ciena (NYSE:CIEN) Shares Gap Down - Here's Why

Ciena logo with Computer and Technology background

Ciena Corporation (NYSE:CIEN - Get Free Report)'s share price gapped down before the market opened on Tuesday . The stock had previously closed at $80.13, but opened at $77.25. Ciena shares last traded at $78.99, with a volume of 333,452 shares changing hands.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on CIEN. B. Riley restated a "buy" rating and set a $90.00 target price (up from $89.00) on shares of Ciena in a research report on Friday, June 6th. Citigroup cut 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. UBS Group upped their price objective on Ciena from $73.00 to $78.00 and gave the stock a "neutral" rating in a research note on Friday, June 6th. Wolfe Research upgraded Ciena to a "strong-buy" rating in a research report on Tuesday. Finally, Needham & Company LLC restated a "buy" rating and issued a $90.00 price target on shares of Ciena in a research report on Friday, June 6th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, nine have issued a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $84.08.

Read Our Latest Stock Analysis on Ciena

Ciena Stock Performance

The firm's 50 day simple moving average is $78.03 and its 200 day simple moving average is $75.93. The firm has a market cap of $11.03 billion, a PE ratio of 108.32, a PEG ratio of 1.76 and a beta of 1.11. 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 (NYSE:CIEN - Get Free Report) last issued 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 return on equity of 5.08% and a net margin of 2.46%. The firm had revenue of $1.13 billion for the quarter, compared to analysts' expectations of $1.09 billion. During the same period last year, the company earned $0.27 earnings per share. The firm's revenue was up 23.6% on a year-over-year basis. On average, research analysts forecast that Ciena Corporation will post 1.6 EPS for the current fiscal year.

Insider Activity at Ciena

In other news, SVP Joseph Cumello sold 2,044 shares of the firm'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 of the company's stock, valued at $3,853,244.72. This trade represents a 4.15% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Brodie Gage sold 350 shares of the business's stock in a transaction that occurred 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 directly owned 45,883 shares in the company, valued at approximately $3,331,105.80. This represents a 0.76% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 41,919 shares of company stock valued at $3,115,199 over the last ninety days. 0.93% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Annis Gardner Whiting Capital Advisors LLC boosted its stake in shares of Ciena by 108.6% during the 4th quarter. Annis Gardner Whiting Capital Advisors LLC now owns 290 shares of the communications equipment provider's stock worth $25,000 after purchasing an additional 151 shares during the period. Bessemer Group Inc. lifted its stake in Ciena by 73.7% in the fourth quarter. Bessemer Group Inc. now owns 356 shares of the communications equipment provider's stock worth $30,000 after purchasing an additional 151 shares during the last quarter. National Bank of Canada FI boosted its position in shares of Ciena by 15.4% during the first quarter. National Bank of Canada FI now owns 1,147 shares of the communications equipment provider's stock valued at $69,000 after buying an additional 153 shares during the period. Bayforest Capital Ltd grew its stake in shares of Ciena by 34.7% during the first quarter. Bayforest Capital Ltd now owns 636 shares of the communications equipment provider's stock valued at $38,000 after buying an additional 164 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Ciena by 0.5% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 38,910 shares of the communications equipment provider's stock worth $2,351,000 after buying an additional 178 shares during the period. Institutional investors own 91.99% of the company's stock.

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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