Ciena (NYSE:CIEN) Shares Down 5.1% – Here’s Why

Ciena Corporation (NYSE:CIEN) shares fell 5.1% during trading on Monday . The stock traded as low as $457.79 and last traded at $463.1510. 2,202,233 shares traded hands during trading, a decline of 27% from the average session volume of 3,025,980 shares. The stock had previously closed at $488.21.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. Rosenblatt Securities boosted their price objective on Ciena from $350.00 to $720.00 and gave the stock a “buy” rating in a research note on Friday. Northland Securities set a $450.00 price objective on Ciena in a research note on Friday. JPMorgan Chase & Co. boosted their price objective on Ciena from $380.00 to $550.00 and gave the stock an “overweight” rating in a research note on Thursday, April 16th. Wolfe Research reissued an “outperform” rating and set a $375.00 price objective on shares of Ciena in a research note on Thursday, March 5th. Finally, Evercore set a $330.00 price objective on Ciena in a research note on Thursday, February 19th. Thirteen research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat, Ciena currently has an average rating of “Moderate Buy” and an average target price of $530.56.

Ciena Trading Down 5.4%

The company has a 50 day moving average of $516.11 and a 200-day moving average of $355.71. 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 stock has a market cap of $65.34 billion, a price-to-earnings ratio of 154.27 and a beta of 1.24.

Ciena (NYSE:CIEN) last issued its quarterly earnings results on Thursday, June 4th. The communications equipment provider reported $1.64 earnings per share for the quarter, topping the consensus estimate of $1.46 by $0.18. Ciena had a return on equity of 18.15% and a net margin of 7.87%.The company had revenue of $1.57 billion for the quarter, compared to the consensus estimate of $1.50 billion. During the same quarter in the prior year, the business earned $0.42 EPS. Ciena’s revenue was up 39.5% on a year-over-year basis. On average, research analysts anticipate that Ciena Corporation will post 5.14 earnings per share for the current year.

Insiders Place Their Bets

In other Ciena news, SVP Jason Phipps sold 22,014 shares of the company’s stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $409.80, for a total transaction of $9,021,337.20. Following the sale, the senior vice president owned 68 shares in the company, valued at $27,866.40. This represents a 99.69% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Brodie Gage sold 1,200 shares of the stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $570.65, for a total value of $684,780.00. Following the completion of the transaction, the senior vice president owned 43,941 shares in the company, valued at approximately $25,074,931.65. The trade was a 2.66% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 44,174 shares of company stock worth $19,502,359 in the last quarter. 0.58% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Parallel Advisors LLC grew its stake in Ciena by 2.7% during the 1st quarter. Parallel Advisors LLC now owns 5,243 shares of the communications equipment provider’s stock worth $2,035,000 after buying an additional 136 shares during the last quarter. NewEdge Advisors LLC grew its stake in Ciena by 80.0% during the 1st quarter. NewEdge Advisors LLC now owns 13,795 shares of the communications equipment provider’s stock worth $5,356,000 after buying an additional 6,132 shares during the last quarter. Asset Dedication LLC lifted its position in Ciena by 2,100.0% during the 1st quarter. Asset Dedication LLC now owns 88 shares of the communications equipment provider’s stock worth $34,000 after acquiring an additional 84 shares during the period. BankChampaign National Association acquired a new stake in Ciena during the 1st quarter worth approximately $759,000. Finally, Liontrust Investment Partners LLP lifted its position in Ciena by 16.3% during the 1st quarter. Liontrust Investment Partners LLP now owns 82,167 shares of the communications equipment provider’s stock worth $31,900,000 after acquiring an additional 11,515 shares during the period. Hedge funds and other institutional investors own 91.99% of the company’s stock.

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.