Brodie Gage Sells 350 Shares of Ciena Corporation (NYSE:CIEN) Stock

Ciena Corporation (NYSE:CIEN) SVP Brodie Gage sold 350 shares of the business’s stock in a transaction that occurred on Friday, August 15th. The stock was sold at an average price of $90.94, for a total transaction of $31,829.00. Following the completion of the sale, the senior vice president directly owned 43,268 shares of the company’s stock, valued at $3,934,791.92. This represents a 0.80% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

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

• On Tuesday, July 15th, Brodie Gage sold 350 shares of Ciena stock. The stock was sold at an average price of $82.57, for a total transaction of $28,899.50.
• On Tuesday, July 15th, Brodie Gage sold 350 shares of Ciena stock. The stock was sold at an average price of $82.57, for a total transaction of $28,899.50.
• On Monday, June 16th, Brodie Gage sold 350 shares of Ciena stock. The stock was sold at an average price of $72.60, for a total transaction of $25,410.00.

Ciena Stock Up 1.3%

Ciena stock opened at $92.05 on Tuesday. The company’s 50 day simple moving average is $83.82 and its 200 day simple moving average is $76.59. Ciena Corporation has a fifty-two week low of $49.21 and a fifty-two week high of $101.44. The firm has a market capitalization of $13.01 billion, a price-to-earnings ratio of 127.85, a PEG ratio of 2.03 and a beta of 1.11. The company has a debt-to-equity ratio of 0.55, a current ratio of 3.40 and a quick ratio of 2.57.

Ciena (NYSE:CIEN) last released its quarterly earnings data on Thursday, June 5th. The communications equipment provider reported $0.42 earnings per share for the quarter, missing the consensus estimate of $0.50 by ($0.08). Ciena had a return on equity of 5.08% and a net margin of 2.46%. The firm had revenue of $1.13 billion for the quarter, compared to the consensus estimate of $1.09 billion. During the same period in the previous year, the business earned $0.27 EPS. The firm’s revenue was up 23.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that Ciena Corporation will post 1.6 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of CIEN. Barclays PLC lifted its stake in Ciena by 68.3% in the fourth quarter. Barclays PLC now owns 170,653 shares of the communications equipment provider’s stock valued at $14,473,000 after buying an additional 69,236 shares in the last quarter. Mariner LLC lifted its stake in Ciena by 21.3% in the fourth quarter. Mariner LLC now owns 49,359 shares of the communications equipment provider’s stock valued at $4,186,000 after buying an additional 8,655 shares in the last quarter. NewEdge Advisors LLC lifted its stake in Ciena by 218.8% in the fourth quarter. NewEdge Advisors LLC now owns 3,749 shares of the communications equipment provider’s stock valued at $318,000 after buying an additional 2,573 shares in the last quarter. CANADA LIFE ASSURANCE Co lifted its stake in Ciena by 1.2% in the fourth quarter. CANADA LIFE ASSURANCE Co now owns 118,751 shares of the communications equipment provider’s stock valued at $10,069,000 after buying an additional 1,451 shares in the last quarter. Finally, Forum Financial Management LP bought a new position in Ciena in the fourth quarter valued at approximately $259,000. Institutional investors own 91.99% of the company’s stock.

Analysts Set New Price Targets

CIEN has been the subject of several recent analyst reports. Evercore ISI reaffirmed a “mixed” rating on shares of Ciena in a report on Friday, June 6th. JPMorgan Chase & Co. upped 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, July 17th. Morgan Stanley reiterated an “underweight” rating and set a $70.00 target price (down from $73.00) on shares of Ciena in a research note on Tuesday, July 8th. Wolfe Research upgraded shares of Ciena to a “strong-buy” rating in a research note on Tuesday, July 8th. Finally, Northland Securities set a $100.00 target price on shares of Ciena in a research note on Monday, June 30th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $85.54.

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.