Traders Purchase Large Volume of Put Options on Ciena (CIEN)
Ciena Co. (NYSE:CIEN) was the recipient of some unusual options trading activity on Wednesday. Stock traders purchased 16,836 put options on the company. This is an increase of approximately 851% compared to the typical daily volume of 1,771 put options.
In related news, CEO Gary B. Smith sold 8,000 shares of Ciena stock in a transaction on Tuesday, August 22nd. The shares were sold at an average price of $23.27, for a total value of $186,160.00. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Stephen B. Alexander sold 2,500 shares of Ciena stock in a transaction on Thursday, June 15th. The shares were sold at an average price of $25.02, for a total transaction of $62,550.00. The disclosure for this sale can be found here. Insiders sold a total of 77,108 shares of company stock worth $1,945,437 in the last three months. 1.45% of the stock is owned by corporate insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. lifted its stake in shares of Ciena by 11,733.7% in the 1st quarter. BlackRock Inc. now owns 15,755,200 shares of the communications equipment provider’s stock valued at $371,979,000 after purchasing an additional 15,622,062 shares in the last quarter. Vanguard Group Inc. lifted its stake in shares of Ciena by 1.7% in the 2nd quarter. Vanguard Group Inc. now owns 12,466,282 shares of the communications equipment provider’s stock valued at $311,906,000 after purchasing an additional 203,112 shares in the last quarter. TIAA CREF Investment Management LLC lifted its stake in shares of Ciena by 36.4% in the 1st quarter. TIAA CREF Investment Management LLC now owns 8,553,894 shares of the communications equipment provider’s stock valued at $201,957,000 after purchasing an additional 2,283,352 shares in the last quarter. Teachers Advisors LLC lifted its stake in shares of Ciena by 21.1% in the 1st quarter. Teachers Advisors LLC now owns 4,900,040 shares of the communications equipment provider’s stock valued at $115,690,000 after purchasing an additional 853,793 shares in the last quarter. Finally, State Street Corp lifted its stake in shares of Ciena by 3.9% in the 2nd quarter. State Street Corp now owns 4,648,540 shares of the communications equipment provider’s stock valued at $116,319,000 after purchasing an additional 172,876 shares in the last quarter.
Several equities research analysts have issued reports on CIEN shares. TheStreet raised shares of Ciena from a “c+” rating to a “b” rating in a research note on Monday, June 19th. Stifel Nicolaus raised shares of Ciena from a “hold” rating to a “buy” rating and lifted their target price for the stock from $24.00 to $28.00 in a research note on Monday, May 22nd. Instinet reaffirmed a “buy” rating and set a $30.00 target price (up previously from $27.00) on shares of Ciena in a research note on Saturday, June 3rd. Argus lifted their target price on shares of Ciena from $27.00 to $33.00 and gave the stock a “buy” rating in a research note on Friday, June 2nd. Finally, Needham & Company LLC lifted their target price on shares of Ciena from $30.00 to $31.00 and gave the stock a “buy” rating in a research note on Friday, June 2nd. One analyst has rated the stock with a sell rating, five have assigned a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $29.79.
Shares of Ciena (CIEN) opened at 22.06 on Monday. The stock has a market capitalization of $3.13 billion, a price-to-earnings ratio of 29.14 and a beta of 1.69. The company has a 50-day moving average of $24.70 and a 200 day moving average of $24.41. Ciena has a one year low of $18.94 and a one year high of $27.98.
Ciena (NYSE:CIEN) last issued its quarterly earnings results on Thursday, August 31st. The communications equipment provider reported $0.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.49 by $0.02. Ciena had a return on equity of 26.88% and a net margin of 8.23%. The firm had revenue of $728.70 million for the quarter, compared to analyst estimates of $726.81 million. The firm’s quarterly revenue was up 8.7% on a year-over-year basis. During the same period last year, the company earned $0.42 EPS. Equities research analysts forecast that Ciena will post $1.76 earnings per share for the current fiscal year.
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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.
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