Ciena (NYSE:CIEN) SVP Sells $739,599.38 in Stock

Ciena Corporation (NYSE:CIEN) SVP Joseph Cumello sold 1,586 shares of the business’s stock in a transaction dated Friday, June 26th. The stock was sold at an average price of $466.33, for a total transaction of $739,599.38. Following the transaction, the senior vice president owned 42,872 shares in the company, valued at approximately $19,992,499.76. This trade represents a 3.57% decrease in their ownership of the stock. The transaction was disclosed in a legal 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 Trading Down 8.6%

Shares of CIEN stock opened at $422.47 on Friday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.11 and a current ratio of 2.73. The company has a market capitalization of $59.80 billion, a price-to-earnings ratio of 140.82 and a beta of 1.27. Ciena Corporation has a 52-week low of $76.89 and a 52-week high of $637.51. The company has a 50-day simple moving average of $515.36 and a two-hundred day simple moving average of $389.39.

Ciena (NYSE:CIEN) last posted its 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. Ciena had a net margin of 7.87% and a return on equity of 18.15%. The firm had revenue of $1.57 billion for the quarter, compared to analysts’ expectations of $1.50 billion. During the same quarter last year, the firm earned $0.42 EPS. The company’s quarterly revenue was up 39.5% compared to the same quarter last year. Research analysts anticipate that Ciena Corporation will post 5.4 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on CIEN shares. Raymond James Financial boosted their price objective on Ciena from $320.00 to $530.00 and gave the stock an “outperform” rating in a research report on Thursday, June 4th. Citigroup raised their target price on Ciena from $345.00 to $658.00 and gave the company a “buy” rating in a research report on Monday, May 18th. Morgan Stanley lifted their target price on Ciena from $405.00 to $490.00 and gave the stock an “equal weight” rating in a research note on Friday, June 5th. Northland Securities set a $450.00 price target on shares of Ciena in a report on Friday, June 5th. Finally, Zacks Research lowered shares of Ciena from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, June 3rd. Thirteen investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat, Ciena presently has a consensus rating of “Moderate Buy” and an average price target of $530.56.

Institutional Trading of Ciena

A number of large investors have recently bought and sold shares of the company. Elyxium Wealth LLC purchased a new stake in Ciena in the 4th quarter worth about $2,747,810,000. State Street Corp lifted its holdings in Ciena by 17.2% during the fourth quarter. State Street Corp now owns 5,102,409 shares of the communications equipment provider’s stock valued at $1,193,300,000 after purchasing an additional 750,128 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its position in Ciena by 53.0% during the fourth 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 purchasing an additional 1,404,132 shares during the period. 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 worth $284,313,000 after purchasing an additional 329,821 shares during the period. Finally, Corient Private Wealth LLC increased its stake in shares of 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 worth $671,365,000 after purchasing an additional 2,861,176 shares in the last quarter. 91.99% of the stock is owned by hedge funds and other institutional investors.

About Ciena

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.