Ciena (NYSE:CIEN) SVP Joseph Cumello Sells 1,586 Shares

Ciena Corporation (NYSE:CIEN) SVP Joseph Cumello sold 1,586 shares of Ciena stock in a transaction that occurred on Friday, June 26th. The shares were sold at an average price of $466.33, for a total transaction of $739,599.38. Following the completion of the sale, the senior vice president owned 42,872 shares of the company’s stock, valued at $19,992,499.76. This trade represents a 3.57% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Ciena Stock Performance

Shares of CIEN opened at $490.47 on Wednesday. The firm has a market cap of $69.43 billion, a price-to-earnings ratio of 163.49 and a beta of 1.24. The company’s fifty day moving average is $517.86 and its 200-day moving average is $386.41. 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 Corporation has a 12 month low of $76.89 and a 12 month high of $637.51.

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

Institutional Investors Weigh In On Ciena

Several hedge funds and other institutional investors have recently made changes to their positions in CIEN. KBC Group NV increased its position in shares of 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 buying an additional 3,156 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in Ciena by 53.8% during the fourth quarter. Goldman Sachs Group Inc. now owns 445,359 shares of the communications equipment provider’s stock worth $104,156,000 after acquiring an additional 155,712 shares in the last quarter. FengHe Fund Management Pte. Ltd. lifted its holdings in Ciena by 164.0% during the fourth quarter. FengHe Fund Management Pte. Ltd. now owns 660,988 shares of the communications equipment provider’s stock worth $154,585,000 after acquiring an additional 410,588 shares in the last quarter. DNB Asset Management AS grew its stake in Ciena by 1,095.8% in the fourth 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 during the period. Finally, Peak Financial Advisors LLC grew its stake in Ciena by 222.7% in the fourth 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 during the period. 91.99% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on CIEN. 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. Northland Securities set a $450.00 price objective on Ciena in a research note on Friday, June 5th. Citigroup raised their price objective on Ciena from $345.00 to $658.00 and gave the company a “buy” rating in a research note on Monday, May 18th. Barclays boosted their target price on Ciena from $372.00 to $607.00 and gave the stock an “overweight” rating in a report on Friday, June 5th. Finally, Weiss Ratings cut Ciena from a “buy (b)” rating to a “buy (b-)” rating in a research report on Tuesday, June 23rd. Thirteen equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $530.56.

Ciena Company Profile

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.