Stock Traders Purchase High Volume of Ciena Corporation Call Options (CIEN)
Ciena Corporation (NYSE:CIEN) was the recipient of unusually large options trading on Wednesday. Traders purchased 17,878 call options on the stock. This is an increase of approximately 577% compared to the typical daily volume of 2,641 call options.
Ciena Corporation (NYSE:CIEN) opened at 23.87 on Friday. Ciena Corporation has a 1-year low of $18.94 and a 1-year high of $27.98. The firm has a market capitalization of $3.39 billion, a P/E ratio of 31.53 and a beta of 1.61. The stock’s 50 day moving average is $25.08 and its 200-day moving average is $24.46.
Ciena Corporation (NYSE:CIEN) last issued its quarterly earnings results on Thursday, June 1st. The communications equipment provider reported $0.45 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.37 by $0.08. The company had revenue of $707.02 million during the quarter, compared to analyst estimates of $694.84 million. Ciena Corporation had a net margin of 4.13% and a return on equity of 25.56%. Ciena Corporation’s quarterly revenue was up 10.3% compared to the same quarter last year. During the same period last year, the business earned $0.34 EPS. Analysts forecast that Ciena Corporation will post $1.77 EPS for the current year.
In other Ciena Corporation news, VP David M. Rothenstein sold 2,000 shares of the company’s stock in a transaction on Thursday, June 15th. The stock was sold at an average price of $25.02, for a total transaction of $50,040.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Patrick Gallagher sold 3,000 shares of the company’s stock in a transaction on Thursday, June 1st. The stock was sold at an average price of $26.29, for a total value of $78,870.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 82,108 shares of company stock worth $2,076,887. Company insiders own 1.45% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of CIEN. Thompson Davis & CO. Inc. acquired a new position in shares of Ciena Corporation during the first quarter valued at about $106,000. Glen Harbor Capital Management LLC raised its position in shares of Ciena Corporation by 12.1% in the first quarter. Glen Harbor Capital Management LLC now owns 5,280 shares of the communications equipment provider’s stock valued at $125,000 after buying an additional 572 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Ciena Corporation by 11.3% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,085 shares of the communications equipment provider’s stock valued at $127,000 after buying an additional 517 shares during the last quarter. Fortaleza Asset Management Inc. acquired a new position in shares of Ciena Corporation during the second quarter valued at about $134,000. Finally, Advisor Group Inc. raised its position in shares of Ciena Corporation by 6.4% in the second quarter. Advisor Group Inc. now owns 10,011 shares of the communications equipment provider’s stock valued at $151,000 after buying an additional 604 shares during the last quarter.
CIEN has been the subject of several recent research reports. Dougherty & Co upped their target price on shares of Ciena Corporation from $26.00 to $32.00 and gave the company a “buy” rating in a research report on Friday, June 2nd. ValuEngine upgraded shares of Ciena Corporation from a “hold” rating to a “buy” rating in a research report on Thursday, July 6th. TheStreet upgraded shares of Ciena Corporation from a “c+” rating to a “b” rating in a research report on Monday, June 19th. Deutsche Bank AG cut shares of Ciena Corporation from a “buy” rating to a “hold” rating and dropped their target price for the company from $24.35 to $23.00 in a research report on Wednesday, May 24th. Finally, Jefferies Group LLC reiterated a “buy” rating and set a $32.50 target price (up previously from $29.00) on shares of Ciena Corporation in a research report on Friday, June 2nd. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $30.19.
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Ciena Corporation 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.
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