Ciena (NYSE:CIEN) SVP Sells $559,320.00 in Stock

Ciena Corporation (NYSE:CIEN) SVP Brodie Gage sold 1,200 shares of the stock in a transaction on Monday, June 15th. The shares were sold at an average price of $466.10, for a total value of $559,320.00. Following the completion of the sale, the senior vice president owned 42,741 shares of the company’s stock, valued at $19,921,580.10. The trade was a 2.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Friday, May 15th, Brodie Gage sold 1,200 shares of Ciena stock. The stock was sold at an average price of $570.65, for a total value of $684,780.00.
• On Wednesday, April 15th, Brodie Gage sold 1,200 shares of Ciena stock. The shares were sold at an average price of $471.79, for a total value of $566,148.00.
• On Tuesday, March 24th, Brodie Gage sold 5,000 shares of Ciena stock. The shares were sold at an average price of $405.00, for a total value of $2,025,000.00.

Ciena Trading Up 1.3%

Shares of NYSE CIEN traded up $5.61 during trading on Wednesday, reaching $435.91. The company had a trading volume of 2,874,345 shares, compared to its average volume of 3,120,383. The company’s fifty day moving average price is $521.41 and its 200-day moving average price is $368.39. Ciena Corporation has a 12 month low of $73.23 and a 12 month high of $637.51. The stock has a market cap of $61.70 billion, a P/E ratio of 145.30 and a beta of 1.24. The company has a quick ratio of 2.11, a current ratio of 2.73 and a debt-to-equity ratio of 0.53.

Ciena (NYSE:CIEN) last released its quarterly earnings results on Thursday, June 4th. The communications equipment provider reported $1.64 EPS for the quarter, beating analysts’ consensus estimates of $1.46 by $0.18. Ciena had a return on equity of 18.15% and a net margin of 7.87%.The firm had revenue of $1.57 billion for the quarter, compared to analyst estimates of $1.50 billion. During the same quarter in the previous year, the company posted $0.42 EPS. The business’s revenue was up 39.5% on a year-over-year basis. As a group, research analysts expect that Ciena Corporation will post 5.4 earnings per share for the current year.

Hedge Funds Weigh In On Ciena

A number of institutional investors and hedge funds have recently made changes to their positions in CIEN. KBC Group NV lifted its position in Ciena by 11.3% in the 4th quarter. KBC Group NV now owns 31,161 shares of the communications equipment provider’s stock valued at $7,288,000 after acquiring an additional 3,156 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of Ciena by 53.8% in the fourth quarter. Goldman Sachs Group Inc. now owns 445,359 shares of the communications equipment provider’s stock valued at $104,156,000 after purchasing an additional 155,712 shares in the last quarter. FengHe Fund Management Pte. Ltd. lifted its holdings in shares of Ciena by 164.0% in the fourth quarter. FengHe Fund Management Pte. Ltd. now owns 660,988 shares of the communications equipment provider’s stock valued at $154,585,000 after purchasing an additional 410,588 shares in the last quarter. DNB Asset Management AS lifted its stake in Ciena by 1,095.8% during the 4th quarter. DNB Asset Management AS now owns 27,527 shares of the communications equipment provider’s stock valued at $6,438,000 after acquiring an additional 25,225 shares in the last quarter. Finally, Peak Financial Advisors LLC lifted its stake in Ciena by 222.7% during the 4th quarter. Peak Financial Advisors LLC now owns 11,596 shares of the communications equipment provider’s stock valued at $2,712,000 after acquiring an additional 8,003 shares in the last quarter. Institutional investors own 91.99% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently commented on CIEN shares. Rosenblatt Securities upped their price objective on shares of Ciena from $350.00 to $720.00 and gave the company a “buy” rating in a research note on Friday, June 5th. Bank of America upped their price target on shares of Ciena from $550.00 to $660.00 and gave the company a “buy” rating in a research report on Tuesday, May 26th. Stifel Nicolaus set a $615.00 price target on shares of Ciena in a research report on Friday, May 29th. Barclays upped their price target on shares of Ciena from $372.00 to $607.00 and gave the company an “overweight” rating in a research report on Friday, June 5th. Finally, B. Riley Financial upped their target price on Ciena from $283.00 to $531.00 and gave the company a “neutral” rating in a research report on Tuesday, June 2nd. Thirteen investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $530.56.

About Ciena

Ciena Corporation (NYSE: CIEN) is a global supplier of telecommunications networking equipment, software and services. The company develops high-capacity optical transport systems and packet-optical platforms that enable service providers, cloud operators and large enterprises to build, manage and scale their networks. Ciena’s product portfolio includes coherent optical solutions, packet networking platforms and a suite of network automation software designed to optimize bandwidth, reduce latency and simplify network operations.

In addition to hardware offerings, Ciena provides professional services and support, including network design, implementation and ongoing maintenance.