Marc Graff Sells 126 Shares of Ciena (NYSE:CIEN) Stock

Ciena Corporation (NYSE:CIEN) CFO Marc Graff sold 126 shares of the firm’s stock in a transaction on Wednesday, June 24th. The shares were sold at an average price of $449.36, for a total value of $56,619.36. Following the completion of the sale, the chief financial officer owned 127,081 shares in the company, valued at approximately $57,105,118.16. This represents a 0.10% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Ciena Trading Down 0.7%

NYSE:CIEN opened at $481.36 on Friday. The stock has a 50-day simple moving average of $518.53 and a 200-day simple moving average of $381.48. The stock has a market cap of $68.14 billion, a P/E ratio of 160.45 and a beta of 1.24. Ciena Corporation has a 1 year low of $76.89 and a 1 year high of $637.51. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.11 and a current ratio of 2.73.

Ciena (NYSE:CIEN) last released its quarterly earnings data 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 business had revenue of $1.57 billion for the quarter, compared to the consensus estimate of $1.50 billion. During the same quarter in the prior year, the business posted $0.42 EPS. The business’s revenue for the quarter was up 39.5% on a year-over-year basis. As a group, analysts anticipate that Ciena Corporation will post 5.4 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Ciena

A number of institutional investors have recently modified their holdings of the business. Asset Dedication LLC boosted its stake in Ciena by 2,100.0% during the 1st quarter. Asset Dedication LLC now owns 88 shares of the communications equipment provider’s stock worth $34,000 after purchasing an additional 84 shares during the period. Bogart Wealth LLC increased its stake in Ciena by 635.7% in the first quarter. Bogart Wealth LLC now owns 103 shares of the communications equipment provider’s stock valued at $40,000 after purchasing an additional 89 shares during the period. Transamerica Financial Advisors LLC increased its stake in Ciena by 71.0% in the fourth quarter. Transamerica Financial Advisors LLC now owns 106 shares of the communications equipment provider’s stock valued at $25,000 after purchasing an additional 44 shares during the period. Western Wealth Management LLC purchased a new stake in shares of Ciena in the first quarter valued at about $49,000. Finally, Whittier Trust Co. of Nevada Inc. boosted its stake in shares of Ciena by 85.5% during the first quarter. Whittier Trust Co. of Nevada Inc. now owns 141 shares of the communications equipment provider’s stock worth $55,000 after buying an additional 65 shares during the period. 91.99% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have weighed in on CIEN shares. Argus set a $650.00 price objective on shares of Ciena in a report on Friday, June 5th. Bank of America increased their target price 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. Wolfe Research reiterated an “outperform” rating and set a $375.00 price target on shares of Ciena in a research note on Thursday, March 5th. Barclays boosted 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, Northland Securities set a $450.00 price objective on shares of Ciena in a research note on Friday, June 5th. Thirteen research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat, 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.