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

Ciena Corporation (NYSE:CIEN) SVP Joseph Cumello sold 1,586 shares of the company’s stock in a transaction dated Friday, June 26th. The shares were sold at an average price of $466.33, for a total value of $739,599.38. Following the sale, the senior vice president owned 42,872 shares in the company, valued at approximately $19,992,499.76. The trade was a 3.57% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Ciena Trading Up 1.2%

CIEN stock traded up $5.94 during mid-day trading on Tuesday, reaching $484.87. The company’s stock had a trading volume of 1,230,299 shares, compared to its average volume of 3,180,257. Ciena Corporation has a 12 month low of $76.89 and a 12 month high of $637.51. The company has a current ratio of 2.73, a quick ratio of 2.11 and a debt-to-equity ratio of 0.53. The business’s 50 day moving average price is $518.19 and its 200 day moving average price is $384.52. The company has a market cap of $68.63 billion, a price-to-earnings ratio of 162.06 and a beta of 1.24.

Ciena (NYSE:CIEN) last posted its quarterly earnings results on Thursday, June 4th. The communications equipment provider reported $1.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.46 by $0.18. The firm had revenue of $1.57 billion for 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 revenue for the quarter was up 39.5% compared to the same quarter last year. During the same period in the prior year, the business earned $0.42 EPS. On average, equities research analysts predict that Ciena Corporation will post 5.4 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Elyxium Wealth LLC purchased a new position in Ciena during the 4th quarter worth $2,747,810,000. State Street Corp lifted its position in shares of Ciena by 17.2% during the fourth quarter. State Street Corp now owns 5,102,409 shares of the communications equipment provider’s stock valued at $1,193,300,000 after purchasing an additional 750,128 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in Ciena by 53.0% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 4,051,625 shares of the communications equipment provider’s stock worth $947,554,000 after purchasing an additional 1,404,132 shares during the last quarter. Bank of America Corp DE boosted its holdings in Ciena by 10.4% during the second quarter. Bank of America Corp DE now owns 3,495,795 shares of the communications equipment provider’s stock worth $284,313,000 after purchasing an additional 329,821 shares during the last quarter. Finally, Corient Private Wealth LLC grew its position in Ciena by 30,114.5% in the 4th quarter. Corient Private Wealth LLC now owns 2,870,677 shares of the communications equipment provider’s stock worth $671,365,000 after purchasing an additional 2,861,176 shares in the last quarter. Institutional investors own 91.99% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on CIEN shares. JPMorgan Chase & Co. upped their price objective on shares of Ciena from $380.00 to $550.00 and gave the company an “overweight” rating in a report on Thursday, April 16th. Citigroup raised their target price on Ciena from $345.00 to $658.00 and gave the company a “buy” rating in a research note on Monday, May 18th. Argus set a $650.00 target price on Ciena in a research report on Friday, June 5th. Rosenblatt Securities upped their price target on Ciena from $350.00 to $720.00 and gave the stock a “buy” rating in a research note on Friday, June 5th. Finally, UBS Group increased their price target on Ciena from $285.00 to $508.00 and gave the stock a “neutral” rating in a report on Friday, June 5th. Thirteen equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target 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.