Ciena (NYSE:CIEN) Stock Price Down 7.9% Following Insider Selling

Ciena Corporation (NYSE:CIEN) shares traded down 7.9% on Monday following insider selling activity. The stock traded as low as $440.20 and last traded at $441.7810. 588,483 shares were traded during trading, a decline of 81% from the average session volume of 3,164,153 shares. The stock had previously closed at $479.50.

Specifically, CFO Marc D. Graff sold 126 shares of the business’s stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $449.36, for a total transaction of $56,619.36. Following the completion of the sale, the chief financial officer owned 127,081 shares of the company’s stock, valued at approximately $57,105,118.16. The trade was a 0.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Analysts Set New Price Targets

A number of analysts have commented on CIEN shares. Citigroup upped their price target on Ciena from $345.00 to $658.00 and gave the stock a “buy” rating in a research report on Monday, May 18th. JPMorgan Chase & Co. boosted their price objective on Ciena from $380.00 to $550.00 and gave the company an “overweight” rating in a research note on Thursday, April 16th. TD Cowen boosted their price objective on Ciena from $425.00 to $675.00 and gave the company a “buy” rating in a research note on Friday, May 15th. Weiss Ratings lowered shares of Ciena from a “buy (b)” rating to a “buy (b-)” rating in a report on Tuesday, June 23rd. Finally, Argus set a $650.00 target price on shares of Ciena in a research note on Friday, June 5th. Thirteen analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $530.56.

Ciena Trading Down 7.5%

The company has a quick ratio of 2.11, a current ratio of 2.73 and a debt-to-equity ratio of 0.53. The stock has a fifty day simple moving average of $518.53 and a 200 day simple moving average of $382.67. The firm has a market capitalization of $62.80 billion, a P/E ratio of 147.97 and a beta of 1.24.

Ciena (NYSE:CIEN) last released its quarterly earnings data on Thursday, June 4th. The communications equipment provider reported $1.64 earnings per share for the quarter, topping 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 during the quarter, compared to analyst estimates of $1.50 billion. During the same quarter in the prior year, the company posted $0.42 earnings per share. The business’s quarterly revenue was up 39.5% compared to the same quarter last year. As a group, research analysts forecast that Ciena Corporation will post 5.4 EPS for the current year.

Hedge Funds Weigh In On Ciena

Hedge funds and other institutional investors have recently modified their holdings of the stock. Community Bank N.A. bought a new position in Ciena during the third quarter valued at approximately $25,000. Transamerica Financial Advisors LLC boosted its stake in Ciena by 71.0% during the fourth quarter. Transamerica Financial Advisors LLC now owns 106 shares of the communications equipment provider’s stock worth $25,000 after buying an additional 44 shares during the period. Asset Dedication LLC boosted its stake in shares of 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. Hilltop National Bank purchased a new position in shares of Ciena during the fourth quarter valued at approximately $35,000. Finally, Truvestments Capital LLC grew its position in Ciena by 45.3% in the 4th quarter. Truvestments Capital LLC now owns 154 shares of the communications equipment provider’s stock valued at $36,000 after acquiring an additional 48 shares during the last quarter. Institutional investors own 91.99% of the company’s stock.

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.