Brodie Gage Sells 1,200 Shares of Ciena (NYSE:CIEN) Stock

Ciena Corporation (NYSE:CIEN) SVP Brodie Gage sold 1,200 shares of the business’s stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $466.10, for a total value of $559,320.00. Following the sale, the senior vice president directly owned 42,741 shares in the company, valued at approximately $19,921,580.10. The trade was a 2.73% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed 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 Stock Down 2.0%

CIEN opened at $428.02 on Friday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.11 and a current ratio of 2.73. The company has a market capitalization of $60.59 billion, a PE ratio of 142.67 and a beta of 1.24. The stock’s fifty day moving average is $521.05 and its 200-day moving average is $371.61. Ciena Corporation has a one year low of $73.55 and a one year high of $637.51.

Ciena (NYSE:CIEN) last announced its earnings results on Thursday, June 4th. The communications equipment provider reported $1.64 earnings per share 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 analysts’ expectations of $1.50 billion. Ciena had a return on equity of 18.15% and a net margin of 7.87%.The company’s quarterly revenue was up 39.5% on a year-over-year basis. During the same quarter last year, the business posted $0.42 earnings per share. On average, equities analysts predict that Ciena Corporation will post 5.4 EPS for the current fiscal year.

Institutional Investors Weigh In On Ciena

A number of large investors have recently made changes to their positions in the company. Community Bank N.A. purchased a new position in Ciena during the 3rd quarter worth approximately $25,000. Transamerica Financial Advisors LLC lifted its holdings in shares of 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 in the last quarter. Assetmark Inc. lifted its holdings in shares of Ciena by 50.4% in the third quarter. Assetmark Inc. now owns 200 shares of the communications equipment provider’s stock valued at $29,000 after purchasing an additional 67 shares in the last quarter. Ameritas Advisory Services LLC boosted its position in shares of Ciena by 104.0% in the third quarter. Ameritas Advisory Services LLC now owns 204 shares of the communications equipment provider’s stock worth $30,000 after buying an additional 104 shares during the period. Finally, Asset Dedication LLC grew its holdings in shares of Ciena by 2,100.0% during the first quarter. Asset Dedication LLC now owns 88 shares of the communications equipment provider’s stock valued at $34,000 after buying an additional 84 shares in the last quarter. Institutional investors and hedge funds own 91.99% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the stock. UBS Group boosted their target price on shares of Ciena from $285.00 to $508.00 and gave the stock a “neutral” rating in a report on Friday, June 5th. Bank of America lifted their price target on shares of Ciena from $550.00 to $660.00 and gave the stock a “buy” rating in a research report on Tuesday, May 26th. Rothschild & Co Redburn began coverage on Ciena in a report on Friday, May 1st. They issued a “neutral” rating and a $416.00 price target on the stock. Argus set a $650.00 price objective on Ciena in a research note on Friday, June 5th. Finally, JPMorgan Chase & Co. lifted their target price on Ciena from $380.00 to $550.00 and gave the stock an “overweight” rating in a report on Thursday, April 16th. 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 target price 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.