Ciena (NYSE:CIEN) SVP Sells $59,276.00 in Stock

Key Points

• Brodie Gage, Senior Vice President at Ciena, sold 350 shares of the company's stock for a total of $59,276, reducing his ownership by 0.85%.
• Ciena shares recently traded at $171.37, up 0.3%, with a market cap of $24.17 billion and a P/E ratio of 176.67.
• Analysts have increased target prices for Ciena, with Stifel Nicolaus raising their target from $120.00 to $152.00 and maintaining a "buy" rating.

Ciena Corporation (NYSE:CIEN - Get Free Report) SVP Brodie Gage sold 350 shares of Ciena stock in a transaction on Wednesday, October 15th. The stock was sold at an average price of $169.36, for a total value of $59,276.00. Following the completion of the transaction, the senior vice president owned 40,653 shares in the company, valued at $6,884,992.08. The trade was a 0.85% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

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

• On Monday, September 15th, Brodie Gage sold 350 shares of Ciena stock. The stock was sold at an average price of $132.00, for a total value of $46,200.00.
• On Friday, August 15th, Brodie Gage sold 350 shares of Ciena stock. The stock was sold at an average price of $90.94, for a total value of $31,829.00.

Ciena Stock Up 0.3%

NYSE:CIEN traded up $0.59 during trading hours on Friday, hitting $171.37. 1,962,993 shares of the company's stock traded hands, compared to its average volume of 2,386,660. The firm has a market cap of $24.17 billion, a P/E ratio of 176.67, a P/E/G ratio of 2.33 and a beta of 1.15. Ciena Corporation has a twelve month low of $49.21 and a twelve month high of $176.88. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.52 and a current ratio of 3.28. The stock's fifty day moving average price is $124.14 and its two-hundred day moving average price is $92.29.

Ciena (NYSE:CIEN - Get Free Report) last issued its earnings results on Thursday, April 6th. The communications equipment provider reported $0.47 earnings per share for the quarter. Ciena had a return on equity of 6.62% and a net margin of 3.10%.The company had revenue of $844.44 million for the quarter. On average, research analysts expect that Ciena Corporation will post 1.6 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts recently weighed in on CIEN shares. Stifel Nicolaus increased their target price on Ciena from $120.00 to $152.00 and gave the company a "buy" rating in a research note on Tuesday, September 23rd. Needham & Company LLC upped their price target on Ciena from $90.00 to $130.00 and gave the company a "buy" rating in a report on Friday, September 5th. Rosenblatt Securities raised Ciena from a "neutral" rating to a "buy" rating and increased their target price for the stock from $127.50 to $175.00 in a report on Friday, September 26th. Barclays increased their target price on Ciena from $102.00 to $138.00 and gave the stock an "overweight" rating in a report on Friday, September 5th. Finally, Morgan Stanley raised Ciena from an "underweight" rating to an "equal weight" rating and raised their price target for the company from $100.00 to $140.00 in a report on Friday, October 10th. Three research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat, Ciena currently has a consensus rating of "Moderate Buy" and an average target price of $137.53.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of CIEN. Bessemer Group Inc. boosted its position in Ciena by 50.0% in the 1st quarter. Bessemer Group Inc. now owns 534 shares of the communications equipment provider's stock valued at $32,000 after buying an additional 178 shares during the last quarter. Bayforest Capital Ltd boosted its position in Ciena by 34.7% in the 1st 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. Allworth Financial LP boosted its position in Ciena by 107.5% in the 2nd quarter. Allworth Financial LP now owns 718 shares of the communications equipment provider's stock valued at $58,000 after buying an additional 372 shares during the last quarter. National Bank of Canada FI boosted its position in Ciena by 15.4% in the 1st 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 last quarter. Finally, Fifth Third Bancorp boosted its position in Ciena by 30.8% in the 1st quarter. Fifth Third Bancorp now owns 1,490 shares of the communications equipment provider's stock valued at $90,000 after buying an additional 351 shares during the last quarter. 91.99% of the stock is currently owned by institutional investors.

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.

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