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

Ciena Corporation (NYSE:CIEN) CFO Marc Graff sold 126 shares of the business’s stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $466.20, for a total value of $58,741.20. Following the completion of the sale, the chief financial officer owned 126,955 shares in the company, valued at $59,186,421. This represents a 0.10% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Ciena Price Performance

NYSE CIEN traded up $11.54 during trading on Monday, hitting $434.00. 1,318,016 shares of the stock traded hands, compared to its average volume of 3,158,391. 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. The firm has a 50-day simple moving average of $513.83 and a 200-day simple moving average of $390.84. The company has a market capitalization of $61.43 billion, a P/E ratio of 144.67 and a beta of 1.27.

Ciena (NYSE:CIEN) last posted its earnings results 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 firm had revenue of $1.57 billion during the quarter, compared to the consensus estimate of $1.50 billion. During the same period in the prior year, the company earned $0.42 EPS. The company’s quarterly revenue was up 39.5% compared to the same quarter last year. As a group, analysts predict that Ciena Corporation will post 5.4 EPS for the current year.

Institutional Investors Weigh In On Ciena

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Elyxium Wealth LLC purchased a new stake in shares of Ciena in the 4th quarter worth $2,747,810,000. State Street Corp increased its holdings in shares of Ciena by 17.2% in the 4th quarter. State Street Corp now owns 5,102,409 shares of the communications equipment provider’s stock valued at $1,193,300,000 after acquiring an additional 750,128 shares during the period. Price T Rowe Associates Inc. MD raised its position in shares of Ciena by 53.0% in the 4th 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 acquiring an additional 1,404,132 shares in the last quarter. Bank of America Corp DE boosted its position 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 valued at $284,313,000 after purchasing an additional 329,821 shares in the last quarter. Finally, Corient Private Wealth LLC grew its stake in Ciena by 30,114.5% in the fourth quarter. Corient Private Wealth LLC now owns 2,870,677 shares of the communications equipment provider’s stock valued at $671,365,000 after purchasing an additional 2,861,176 shares during the last quarter. Institutional investors own 91.99% of the company’s stock.

Analyst Ratings Changes

CIEN has been the topic of several recent research reports. Raymond James Financial upped their target price on shares of Ciena from $320.00 to $530.00 and gave the company an “outperform” rating in a research report on Thursday, June 4th. Bank of America boosted their price objective on Ciena from $550.00 to $660.00 and gave the stock a “buy” rating in a research note on Tuesday, May 26th. Needham & Company LLC restated a “buy” rating and set a $600.00 price objective on shares of Ciena in a research report on Tuesday, June 23rd. JPMorgan Chase & Co. raised 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. Finally, Rosenblatt Securities boosted their target price on Ciena from $350.00 to $720.00 and gave the company a “buy” rating in a research report on Friday, June 5th. Thirteen analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat.com, Ciena currently has a consensus 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.