Insider Selling: Ciena (NYSE:CIEN) Director Sells $1,185,555.32 in Stock

Key Points

• Director Bruce Claflin of Ciena sold 8,461 shares for about $1.19 million, reducing his stake by 13.41% and bringing his total ownership to 54,624 shares, valued at approximately $7.65 million.
• Ciena's stock rose by 4.7%, reaching a trading price of $143.57, significantly higher than its 12-month low of $49.21, indicating a strong recovery.
• Multiple analysts have upgraded Ciena's stock ratings, with price targets increasing to as high as $152.00, contributing to a consensus rating of "Moderate Buy" and a target price of approximately $122.86.

Ciena Corporation (NYSE:CIEN - Get Free Report) Director Bruce Claflin sold 8,461 shares of the firm's stock in a transaction that occurred on Wednesday, September 24th. The shares were sold at an average price of $140.12, for a total transaction of $1,185,555.32. Following the completion of the transaction, the director directly owned 54,624 shares of the company's stock, valued at approximately $7,653,914.88. The trade was a 13.41% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Ciena Stock Up 4.7%

Shares of NYSE:CIEN traded up $6.40 during trading on Friday, hitting $143.57. 2,166,911 shares of the company were exchanged, compared to its average volume of 2,377,023. The stock has a market capitalization of $20.25 billion, a P/E ratio of 147.71, a PEG ratio of 2.00 and a beta of 1.16. The company has a debt-to-equity ratio of 0.55, a current ratio of 3.28 and a quick ratio of 2.52. Ciena Corporation has a 12-month low of $49.21 and a 12-month high of $143.40. The firm's 50 day moving average price is $104.25 and its 200-day moving average price is $82.85.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Bessemer Group Inc. grew its position in Ciena by 50.0% during the 1st quarter. Bessemer Group Inc. now owns 534 shares of the communications equipment provider's stock worth $32,000 after acquiring an additional 178 shares during the last quarter. Bayforest Capital Ltd lifted its stake in shares of 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 purchasing an additional 164 shares during the period. MassMutual Private Wealth & Trust FSB lifted its stake in shares of Ciena by 66.7% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 640 shares of the communications equipment provider's stock valued at $39,000 after purchasing an additional 256 shares during the period. Allworth Financial LP raised its stake in Ciena by 107.5% during the second 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. Finally, AdvisorNet Financial Inc raised its stake in Ciena by 9,162.5% during the first quarter. AdvisorNet Financial Inc now owns 741 shares of the communications equipment provider's stock valued at $45,000 after buying an additional 733 shares during the last quarter. Institutional investors own 91.99% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on CIEN shares. B. Riley reissued a "neutral" rating and issued a $113.00 price objective (up from $90.00) on shares of Ciena in a research note on Friday, September 5th. Stifel Nicolaus lifted their price objective on shares of Ciena from $120.00 to $152.00 and gave the company a "buy" rating in a research note on Tuesday. Barclays raised their price target on shares of Ciena from $102.00 to $138.00 and gave the stock an "overweight" rating in a research report on Friday, September 5th. Northland Securities set a $100.00 target price on shares of Ciena in a research note on Monday, June 30th. Finally, JPMorgan Chase & Co. upped their price target on shares of Ciena from $105.00 to $140.00 and gave the stock an "overweight" rating in a research report on Friday, September 5th. Three equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $122.86.

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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