Key Points
- SVP Brodie Gage sold 550 shares on Dec. 15 at an average price of $220.84 for $121,462, trimming his position by 1.36% to 39,992 shares (he also sold 111 shares on Nov. 17 and 350 on Oct. 15).
- Ciena beat recent quarterly estimates with EPS $0.91 vs. $0.76 and revenue $1.35B (up 20.1% YoY), and analysts have been raising targets — the consensus is a “Moderate Buy” with an average target of $236.38.
Ciena Corporation (NYSE:CIEN - Get Free Report) SVP Brodie Gage sold 550 shares of the company's stock in a transaction dated Monday, December 15th. The shares were sold at an average price of $220.84, for a total transaction of $121,462.00. Following the completion of the transaction, the senior vice president directly owned 39,992 shares in the company, valued at $8,831,833.28. The trade was a 1.36% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.
Brodie Gage also recently made the following trade(s):
- On Monday, November 17th, Brodie Gage sold 111 shares of Ciena stock. The stock was sold at an average price of $190.80, for a total transaction of $21,178.80.
- On Wednesday, October 15th, Brodie Gage sold 350 shares of Ciena stock. The shares were sold at an average price of $169.36, for a total transaction of $59,276.00.
Ciena Stock Performance
Shares of CIEN stock opened at $209.74 on Wednesday. The company has a debt-to-equity ratio of 0.56, a quick ratio of 2.09 and a current ratio of 2.73. The firm has a market cap of $29.54 billion, a P/E ratio of 246.75, a P/E/G ratio of 1.51 and a beta of 1.17. The firm's 50 day moving average price is $190.86 and its 200-day moving average price is $131.02. Ciena Corporation has a one year low of $49.21 and a one year high of $248.00.
Ciena (NYSE:CIEN - Get Free Report) last announced its earnings results on Thursday, December 11th. The communications equipment provider reported $0.91 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.76 by $0.15. Ciena had a return on equity of 8.38% and a net margin of 2.59%.The company had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.29 billion. During the same quarter in the previous year, the company earned $0.54 earnings per share. The firm's quarterly revenue was up 20.1% compared to the same quarter last year. As a group, equities research analysts predict that Ciena Corporation will post 1.6 EPS for the current year.
Wall Street Analysts Forecast Growth
Several equities research analysts recently issued reports on the company. Raymond James Financial set a $240.00 price objective on Ciena in a report on Thursday, December 11th. Weiss Ratings reiterated a "hold (c)" rating on shares of Ciena in a research note on Wednesday, October 8th. Morgan Stanley increased their price target on shares of Ciena from $185.00 to $195.00 and gave the stock an "equal weight" rating in a research report on Friday. JPMorgan Chase & Co. raised their price objective on shares of Ciena from $215.00 to $250.00 and gave the company an "overweight" rating in a research note on Friday, December 12th. Finally, Citigroup upped their target price on shares of Ciena to $280.00 and gave the stock a "buy" rating in a research note on Friday. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $236.38.
Check Out Our Latest Research Report on CIEN
Hedge Funds Weigh In On Ciena
A number of institutional investors and hedge funds have recently made changes to their positions in CIEN. Community Bank N.A. purchased a new stake in shares of Ciena during the third quarter worth approximately $25,000. Mather Group LLC. purchased a new position in Ciena in the third quarter worth approximately $28,000. Assetmark Inc. grew its holdings in Ciena by 50.4% during the 3rd quarter. Assetmark Inc. now owns 200 shares of the communications equipment provider's stock worth $29,000 after acquiring an additional 67 shares in the last quarter. Ameritas Advisory Services LLC increased its position in shares of Ciena by 104.0% in the 3rd quarter. Ameritas Advisory Services LLC now owns 204 shares of the communications equipment provider's stock valued at $30,000 after purchasing an additional 104 shares during the last quarter. Finally, Salomon & Ludwin LLC acquired a new stake in shares of Ciena in the 3rd quarter valued at $31,000. 91.99% of the stock is owned by institutional investors and hedge funds.
About Ciena
(
Get Free Report)
Ciena Corporation provides hardware and software services for delivery of video, data, and voice traffic metro, aggregation, and access communications network worldwide. The company's Networking Platforms segment offers convergence of coherent optical transport, open optical networking, optical transport network switching, IP routing, and switching services.
See Also
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
