Ciena Corporation (NYSE:CIEN - Get Free Report) CEO Gary B. Smith sold 6,800 shares of the stock in a transaction on Tuesday, July 15th. The stock was sold at an average price of $82.23, for a total value of $559,164.00. Following the transaction, the chief executive officer owned 325,557 shares of the company's stock, valued at $26,770,552.11. This represents a 2.05% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.
Ciena Trading Up 1.0%
Shares of Ciena stock traded up $0.84 during trading hours on Thursday, hitting $84.96. The company's stock had a trading volume of 1,090,243 shares, compared to its average volume of 2,152,769. The company has a debt-to-equity ratio of 0.55, a current ratio of 3.40 and a quick ratio of 2.57. The stock has a 50 day moving average of $78.61 and a 200 day moving average of $75.83. Ciena Corporation has a 12 month low of $44.89 and a 12 month high of $101.44. The company has a market capitalization of $12.01 billion, a PE ratio of 118.14, a price-to-earnings-growth ratio of 1.85 and a beta of 1.11.
Ciena (NYSE:CIEN - Get Free Report) last announced its earnings results on Thursday, June 5th. The communications equipment provider reported $0.42 earnings per share for the quarter, missing analysts' consensus estimates 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 period in the previous year, the company posted $0.27 earnings per share. Ciena's revenue for the quarter was up 23.6% on a year-over-year basis. Analysts predict that Ciena Corporation will post 1.6 earnings per share for the current year.
Wall Street Analyst Weigh In
A number of research analysts have recently issued reports on CIEN shares. JPMorgan Chase & Co. lifted their target price on shares of Ciena from $83.00 to $105.00 and gave the company an "overweight" rating in a research note on Thursday. Rosenblatt Securities boosted their target price on shares of Ciena from $65.00 to $85.00 and gave the stock a "neutral" rating in a research note on Tuesday, June 3rd. Citigroup reduced their price objective on Ciena from $98.00 to $75.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Needham & Company LLC reissued a "buy" rating and issued a $90.00 target price on shares of Ciena in a research note on Friday, June 6th. Finally, Wall Street Zen upgraded Ciena from a "hold" rating to a "buy" rating in a report on Saturday, July 5th. One analyst has rated the stock with a sell rating, four have given a hold rating, nine have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $85.54.
View Our Latest Analysis on CIEN
Institutional Inflows and Outflows
Institutional investors have recently made changes to their positions in the stock. Cambridge Investment Research Advisors Inc. bought a new stake in Ciena in the 1st quarter valued at $219,000. GAMMA Investing LLC boosted its holdings in shares of Ciena by 40.4% during the 1st quarter. GAMMA Investing LLC now owns 2,960 shares of the communications equipment provider's stock worth $179,000 after buying an additional 851 shares during the period. Assenagon Asset Management S.A. acquired a new position in Ciena in the 1st quarter valued at about $2,398,000. Bessemer Group Inc. grew its position in shares of Ciena by 50.0% in the first quarter. Bessemer Group Inc. now owns 534 shares of the communications equipment provider's stock valued at $32,000 after purchasing an additional 178 shares during the last quarter. Finally, American Century Companies Inc. increased its position in Ciena by 1.5% during the 4th quarter. American Century Companies Inc. now owns 44,711 shares of the communications equipment provider's stock worth $3,792,000 after buying an additional 669 shares during the period. Institutional investors and hedge funds own 91.99% of the company's stock.
Ciena Company Profile
(
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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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