Insider Selling: Ciena Corporation (CIEN) CEO Sells 12,558 Shares of Stock

Ciena Corporation (NYSE:CIEN) CEO Gary B. Smith sold 12,558 shares of the stock in a transaction on Wednesday, June 21st. The shares were sold at an average price of $25.31, for a total transaction of $317,842.98. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Gary B. Smith also recently made the following trade(s):

  • On Thursday, May 4th, Gary B. Smith sold 8,000 shares of Ciena Corporation stock. The shares were sold at an average price of $22.62, for a total transaction of $180,960.00.
  • On Thursday, April 20th, Gary B. Smith sold 8,000 shares of Ciena Corporation stock. The shares were sold at an average price of $21.89, for a total transaction of $175,120.00.
  • On Thursday, April 6th, Gary B. Smith sold 8,000 shares of Ciena Corporation stock. The shares were sold at an average price of $22.32, for a total transaction of $178,560.00.

Shares of Ciena Corporation (NYSE:CIEN) traded up 1.85% during mid-day trading on Friday, hitting $26.42. 3,376,210 shares of the company traded hands. The firm has a 50-day moving average price of $24.49 and a 200 day moving average price of $24.09. The firm has a market cap of $3.75 billion, a price-to-earnings ratio of 34.90 and a beta of 1.71. Ciena Corporation has a 52-week low of $17.59 and a 52-week high of $27.98.

Ciena Corporation (NYSE:CIEN) last released its quarterly earnings results on Thursday, June 1st. The communications equipment provider reported $0.45 EPS for the quarter, topping the consensus estimate of $0.37 by $0.08. The business had revenue of $707.02 million during the quarter, compared to analyst estimates of $694.84 million. Ciena Corporation had a net margin of 4.13% and a return on equity of 25.56%. The company’s quarterly revenue was up 10.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.34 earnings per share. Equities research analysts anticipate that Ciena Corporation will post $1.77 EPS for the current fiscal year.

Insider Buying and Selling by Quarter for Ciena Corporation (NYSE:CIEN)

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A number of research analysts recently commented on CIEN shares. Instinet reaffirmed a “buy” rating and issued a $27.00 target price on shares of Ciena Corporation in a research report on Saturday, March 11th. Cowen and Company reissued an “outperform” rating and set a $35.00 price objective on shares of Ciena Corporation in a research report on Monday, March 6th. Needham & Company LLC reissued a “buy” rating and set a $30.00 price objective on shares of Ciena Corporation in a research report on Saturday, March 11th. Deutsche Bank AG lowered their price objective on shares of Ciena Corporation from $30.00 to $28.00 and set a “buy” rating on the stock in a research report on Friday, March 24th. Finally, William Blair reissued a “buy” rating on shares of Ciena Corporation in a research report on Sunday, March 12th. Six equities research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $30.05.

Institutional investors have recently added to or reduced their stakes in the company. Advisors Capital Management LLC purchased a new position in Ciena Corporation during the first quarter valued at approximately $183,000. Thompson Davis & CO. Inc. purchased a new position in Ciena Corporation during the first quarter valued at approximately $106,000. Glen Harbor Capital Management LLC raised its position in Ciena Corporation by 12.1% in the first quarter. Glen Harbor Capital Management LLC now owns 5,280 shares of the communications equipment provider’s stock valued at $125,000 after buying an additional 572 shares in the last quarter. Elkfork Partners LLC purchased a new position in Ciena Corporation during the fourth quarter valued at approximately $146,000. Finally, Meadow Creek Investment Management LLC raised its position in Ciena Corporation by 12.1% in the first quarter. Meadow Creek Investment Management LLC now owns 8,160 shares of the communications equipment provider’s stock valued at $193,000 after buying an additional 884 shares in the last quarter.

Ciena Corporation Company Profile

Ciena Corporation is a network strategy and technology company, which provides solutions that enable a range of network operators to adopt communication architectures and deliver an array of services, relied upon by enterprise and consumer end users. It provides equipment, software and services that support the transport, switching, aggregation, service delivery and management of voice, video and data traffic on communications networks.

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