Joseph Cumello Sells 1,863 Shares of Ciena (NYSE:CIEN) Stock

Key Points

• Joseph Cumello, Senior Vice President of Ciena, sold 1,863 shares of the company's stock at an average price of $141.14, which reduced his position by 4.10%.
• Following the sale, Cumello holds 43,531 shares of Ciena, valued at approximately $6.14 million.
• Ciena stock is currently rated as a Moderate Buy by analysts, with a consensus price target of $122.86, reflecting recent upgrades from several financial institutions.

Ciena Corporation (NYSE:CIEN - Get Free Report) SVP Joseph Cumello sold 1,863 shares of the company's stock in a transaction dated Friday, September 26th. The stock was sold at an average price of $141.14, for a total value of $262,943.82. Following the completion of the sale, the senior vice president directly owned 43,531 shares of the company's stock, valued at $6,143,965.34. The trade was a 4.10% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Ciena Stock Up 1.6%

Shares of NYSE CIEN traded up $2.20 on Monday, hitting $144.13. The company had a trading volume of 2,191,917 shares, compared to its average volume of 2,385,418. The firm has a market capitalization of $20.33 billion, a P/E ratio of 148.59, a PEG ratio of 2.01 and a beta of 1.16. Ciena Corporation has a 12-month low of $49.21 and a 12-month high of $146.51. The company has a quick ratio of 2.52, a current ratio of 3.28 and a debt-to-equity ratio of 0.55. The business has a 50 day moving average of $105.39 and a two-hundred day moving average of $83.65.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on CIEN shares. Zacks Research raised Ciena from a "hold" rating to a "strong-buy" rating in a report on Tuesday, September 9th. Morgan Stanley increased their price target on Ciena from $70.00 to $100.00 and gave the company an "underweight" rating in a report on Friday, September 5th. Bank of America increased their price target on Ciena from $135.00 to $155.00 and gave the company a "buy" rating in a report on Wednesday, September 17th. Argus increased their price target on Ciena from $100.00 to $135.00 and gave the company a "buy" rating in a report on Friday, September 5th. Finally, 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. Three investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $122.86.

Institutional Trading of Ciena

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Orion Porfolio Solutions LLC raised its position in shares of Ciena by 15.7% during the 2nd quarter. Orion Porfolio Solutions LLC now owns 21,839 shares of the communications equipment provider's stock worth $1,776,000 after purchasing an additional 2,971 shares during the period. Marex Group plc acquired a new stake in shares of Ciena during the 2nd quarter worth approximately $434,000. Advisory Services Network LLC raised its position in shares of Ciena by 58.1% during the 2nd quarter. Advisory Services Network LLC now owns 14,610 shares of the communications equipment provider's stock worth $1,188,000 after purchasing an additional 5,369 shares during the period. Caxton Associates LLP raised its position in shares of Ciena by 301.0% during the 2nd quarter. Caxton Associates LLP now owns 250,000 shares of the communications equipment provider's stock worth $20,332,000 after purchasing an additional 187,658 shares during the period. Finally, State of Tennessee Department of Treasury raised its position in shares of Ciena by 5.7% during the 2nd quarter. State of Tennessee Department of Treasury now owns 57,457 shares of the communications equipment provider's stock worth $4,673,000 after purchasing an additional 3,112 shares during the period. 91.99% of the stock is currently owned by institutional investors and hedge funds.

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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