Patrick Gallagher Sells 601 Shares of Ciena Co. (CIEN) Stock

Ciena Co. (NYSE:CIEN) Director Patrick Gallagher sold 601 shares of the business’s stock in a transaction dated Wednesday, March 21st. The stock was sold at an average price of $26.58, for a total transaction of $15,974.58. The transaction was disclosed in a legal filing with the SEC, which is available through this link.

Shares of Ciena stock opened at $25.50 on Friday. Ciena Co. has a one year low of $19.40 and a one year high of $27.98. The company has a quick ratio of 1.79, a current ratio of 2.06 and a debt-to-equity ratio of 0.33. The firm has a market cap of $3,680.16, a P/E ratio of 19.77, a PEG ratio of 1.53 and a beta of 1.51.

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Ciena (NYSE:CIEN) last posted its quarterly earnings results on Tuesday, March 6th. The communications equipment provider reported $0.15 earnings per share for the quarter, beating the consensus estimate of $0.07 by $0.08. Ciena had a net margin of 27.76% and a return on equity of 14.10%. The business had revenue of $646.14 million during the quarter, compared to analysts’ expectations of $641.77 million. During the same quarter in the prior year, the company posted $0.17 EPS. The business’s revenue for the quarter was up 4.0% on a year-over-year basis. sell-side analysts forecast that Ciena Co. will post 1.08 earnings per share for the current year.

Ciena announced that its board has authorized a stock repurchase plan on Thursday, December 7th that permits the company to repurchase $300.00 million in shares. This repurchase authorization permits the communications equipment provider to reacquire shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Several institutional investors have recently bought and sold shares of the company. Neuberger Berman Group LLC grew its stake in shares of Ciena by 169.5% in the 3rd quarter. Neuberger Berman Group LLC now owns 4,217,455 shares of the communications equipment provider’s stock valued at $92,657,000 after buying an additional 2,652,791 shares during the period. Schroder Investment Management Group grew its stake in shares of Ciena by 7.2% in the 3rd quarter. Schroder Investment Management Group now owns 2,982,417 shares of the communications equipment provider’s stock valued at $65,822,000 after buying an additional 200,907 shares during the period. Westfield Capital Management Co. LP grew its stake in shares of Ciena by 21.5% in the 3rd quarter. Westfield Capital Management Co. LP now owns 2,594,285 shares of the communications equipment provider’s stock valued at $56,996,000 after buying an additional 459,190 shares during the period. Millennium Management LLC grew its stake in shares of Ciena by 431.6% in the 4th quarter. Millennium Management LLC now owns 2,477,957 shares of the communications equipment provider’s stock valued at $51,864,000 after buying an additional 2,011,805 shares during the period. Finally, Maverick Capital Ltd. purchased a new stake in shares of Ciena in the 4th quarter valued at approximately $50,962,000.

A number of analysts have recently commented on CIEN shares. Bank of America raised shares of Ciena from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $20.98 to $28.00 in a research note on Monday, November 27th. B. Riley cut their target price on shares of Ciena from $30.50 to $28.00 and set a “buy” rating for the company in a research note on Tuesday, December 5th. Cowen reissued a “buy” rating and set a $33.00 target price on shares of Ciena in a research note on Wednesday, December 6th. Piper Jaffray Companies cut shares of Ciena from an “overweight” rating to a “neutral” rating and boosted their target price for the stock from $20.76 to $22.00 in a research note on Friday, December 8th. Finally, Raymond James Financial set a $33.00 target price on shares of Ciena and gave the stock a “buy” rating in a research note on Thursday, December 7th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and twenty-two have issued a buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $29.81.

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Ciena Company Profile

Ciena Corporation is a network strategy and technology company, which provides solutions that enable a range of network operators to adopt communication architectures and deliver an array of services, relied upon by enterprise and consumer end users. It provides equipment, software and services that support the transport, switching, aggregation, service delivery and management of voice, video and data traffic on communications networks.

Insider Buying and Selling by Quarter for Ciena (NYSE:CIEN)

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