Ciena (NYSE:CIEN) SVP Sells $559,320.00 in Stock

Ciena Corporation (NYSE:CIEN) SVP Brodie Gage sold 1,200 shares of Ciena stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $466.10, for a total value of $559,320.00. Following the sale, the senior vice president owned 42,741 shares of the company’s stock, valued at approximately $19,921,580.10. This represents a 2.73% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Brodie Gage also recently made the following trade(s):

• On Friday, May 15th, Brodie Gage sold 1,200 shares of Ciena stock. The shares were sold at an average price of $570.65, for a total value of $684,780.00.
• On Wednesday, April 15th, Brodie Gage sold 1,200 shares of Ciena stock. The stock was sold at an average price of $471.79, for a total value of $566,148.00.
• On Tuesday, March 24th, Brodie Gage sold 5,000 shares of Ciena stock. The shares were sold at an average price of $405.00, for a total transaction of $2,025,000.00.

Ciena Price Performance

NYSE CIEN opened at $428.02 on Friday. The company has a quick ratio of 2.11, a current ratio of 2.73 and a debt-to-equity ratio of 0.53. The stock has a market capitalization of $60.59 billion, a PE ratio of 142.67 and a beta of 1.24. Ciena Corporation has a 12-month low of $73.55 and a 12-month high of $637.51. The company has a 50 day moving average price of $519.74 and a two-hundred day moving average price of $372.01.

Ciena (NYSE:CIEN) last announced its quarterly earnings results on Thursday, June 4th. The communications equipment provider reported $1.64 EPS for the quarter, topping the consensus estimate of $1.46 by $0.18. The company had revenue of $1.57 billion for the quarter, compared to analyst estimates of $1.50 billion. Ciena had a net margin of 7.87% and a return on equity of 18.15%. Ciena’s quarterly revenue was up 39.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.42 EPS. As a group, equities analysts predict that Ciena Corporation will post 5.4 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Ciena

A number of institutional investors have recently added to or reduced their stakes in CIEN. Community Bank N.A. acquired a new position in Ciena in the third quarter worth about $25,000. Transamerica Financial Advisors LLC boosted its stake in Ciena by 71.0% in the 4th quarter. Transamerica Financial Advisors LLC now owns 106 shares of the communications equipment provider’s stock valued at $25,000 after buying an additional 44 shares in the last quarter. Assetmark Inc. boosted its stake in Ciena by 50.4% in the 3rd quarter. Assetmark Inc. now owns 200 shares of the communications equipment provider’s stock valued at $29,000 after buying an additional 67 shares in the last quarter. Ameritas Advisory Services LLC grew its position in Ciena by 104.0% in the third quarter. Ameritas Advisory Services LLC now owns 204 shares of the communications equipment provider’s stock valued at $30,000 after acquiring an additional 104 shares during the period. Finally, Asset Dedication LLC grew its position in Ciena by 2,100.0% in the first quarter. Asset Dedication LLC now owns 88 shares of the communications equipment provider’s stock valued at $34,000 after acquiring an additional 84 shares during the period. 91.99% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CIEN has been the subject of several recent analyst reports. UBS Group upped their price target on Ciena from $285.00 to $508.00 and gave the stock a “neutral” rating in a research note on Friday, June 5th. Bank of America raised their price objective on Ciena from $550.00 to $660.00 and gave the company a “buy” rating in a research note on Tuesday, May 26th. Zacks Research lowered Ciena from a “strong-buy” rating to a “hold” rating in a report on Wednesday, June 3rd. Barclays upped their target price on Ciena from $372.00 to $607.00 and gave the stock an “overweight” rating in a research report on Friday, June 5th. Finally, Morgan Stanley increased their price target on Ciena from $405.00 to $490.00 and gave the company an “equal weight” rating in a report on Friday, June 5th. Thirteen investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average 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.