Ciena (NYSE:CIEN) EVP Brodie Gage Sells 1,200 Shares of Stock

Ciena Corporation (NYSE:CIEN) EVP Brodie Gage sold 1,200 shares of Ciena stock in a transaction on Thursday, October 15th. The stock was sold at an average price of $344.08, for a total transaction of $412,896.00. Following the completion of the transaction, the executive vice president directly owned 34,073 shares in the company, valued at approximately $11,723,837.84. The trade was a 3.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Tuesday, September 15th, Brodie Gage sold 1,200 shares of Ciena stock. The stock was sold at an average price of $324.86, for a total value of $389,832.00.

Ciena Trading Up 3.5%

NYSE:CIEN traded up $11.70 during trading hours on Monday, hitting $344.43. The company had a trading volume of 3,062,729 shares, compared to its average volume of 2,902,529. The company has a debt-to-equity ratio of 1.06, a current ratio of 3.80 and a quick ratio of 3.17. The stock has a 50-day moving average price of $376.08 and a 200 day moving average price of $440.79. The company has a market capitalization of $48.84 billion, a PE ratio of 76.88, a price-to-earnings-growth ratio of 4.62 and a beta of 1.28. Ciena Corporation has a 52 week low of $159.56 and a 52 week high of $637.51.

Ciena (NYSE:CIEN) last released its quarterly earnings results on Thursday, September 3rd. The communications equipment provider reported $2.11 earnings per share for the quarter, beating the consensus estimate of $1.73 by $0.38. Ciena had a return on equity of 25.33% and a net margin of 10.87%. The company had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.64 billion. During the same period in the previous year, the company posted $0.35 earnings per share. The firm’s revenue was up 37.0% on a year-over-year basis. On average, equities research analysts predict that Ciena Corporation will post 6.00 EPS for the current fiscal year.

Institutional Investors Weigh In On Ciena

Institutional investors and hedge funds have recently bought and sold shares of the business. IFP Advisors Inc raised its holdings in shares of Ciena by 52.9% during the third quarter. IFP Advisors Inc now owns 1,682 shares of the communications equipment provider’s stock valued at $592,000 after acquiring an additional 582 shares during the last quarter. Vontobel Holding Ltd. boosted its stake in shares of Ciena by 8.2% in the third quarter. Vontobel Holding Ltd. now owns 31,473 shares of the communications equipment provider’s stock worth $11,073,000 after acquiring an additional 2,387 shares during the last quarter. TD Waterhouse Canada Inc. increased its position in shares of Ciena by 1.7% during the third quarter. TD Waterhouse Canada Inc. now owns 13,964 shares of the communications equipment provider’s stock worth $5,306,000 after purchasing an additional 231 shares in the last quarter. Shelton Wealth Management LLC purchased a new stake in shares of Ciena during the third quarter worth approximately $267,000. Finally, Pension & Wealth Management Advisors Inc. purchased a new stake in shares of Ciena during the third quarter worth approximately $659,000. 91.99% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms have recently weighed in on CIEN. Wall Street Zen cut shares of Ciena from a “buy” rating to a “hold” rating in a report on Saturday. UBS Group dropped their target price on shares of Ciena from $508.00 to $394.00 and set a “neutral” rating on the stock in a report on Friday, September 4th. Morgan Stanley reaffirmed a “positive” rating on shares of Ciena in a research report on Thursday, September 17th. Argus set a $550.00 target price on shares of Ciena in a research note on Thursday, September 10th. Finally, Northland Securities set a $550.00 target price on shares of Ciena in a research note on Thursday, September 17th. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, Ciena currently has a consensus rating of “Moderate Buy” and an average price target of $506.11.

Ciena Company Profile

Ciena Corporation (NYSE: CIEN) is a networking technology company that provides hardware, software, and services for communications networks. Its solutions help telecommunications carriers, cloud providers, enterprises, government organizations, and research institutions build, manage, and automate high-capacity networks.

The company’s portfolio includes optical networking systems, routing and switching platforms, network automation software, and network management tools. Ciena also offers consulting, implementation, maintenance, and professional services designed to support network planning, deployment, optimization, and ongoing operations.