Key Points
- Jason Phipps, Ciena's senior vice president, sold 1,984 shares on October 1 at an average price of $143.42 for about $284,545, reducing his stake by 2.41% to 80,244 shares valued near $11.51 million.
- Ciena's shares have been rising after a fiscal beat (EPS $0.91 vs. $0.76; revenue $1.35B, +20.1% YoY) and multiple analyst upgrades, leaving a consensus rating of "Moderate Buy" and an average target price of $237.50.
Ciena Corporation (NYSE:CIEN - Get Free Report) SVP Jason Phipps sold 1,984 shares of the company's stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $143.42, for a total value of $284,545.28. Following the completion of the sale, the senior vice president directly owned 80,244 shares of the company's stock, valued at approximately $11,508,594.48. This trade represents a 2.41% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.
Ciena Trading Up 3.3%
CIEN opened at $210.54 on Friday. The company has a quick ratio of 2.09, a current ratio of 2.73 and a debt-to-equity ratio of 0.56. Ciena Corporation has a 52 week low of $49.21 and a 52 week high of $248.00. The business's 50 day moving average is $192.68 and its two-hundred day moving average is $132.08. The firm has a market cap of $29.66 billion, a price-to-earnings ratio of 247.70, a price-to-earnings-growth ratio of 1.19 and a beta of 1.17.
Ciena (NYSE:CIEN - Get Free Report) last posted its quarterly earnings data on Thursday, December 11th. The communications equipment provider reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.76 by $0.15. The business had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $1.29 billion. Ciena had a return on equity of 8.38% and a net margin of 2.59%.The company's revenue was up 20.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.54 earnings per share. On average, research analysts predict that Ciena Corporation will post 1.6 EPS for the current year.
Analyst Upgrades and Downgrades
CIEN has been the subject of several recent research reports. Barclays increased their target price on shares of Ciena from $138.00 to $279.00 and gave the stock an "overweight" rating in a research note on Friday, December 12th. B. Riley restated a "neutral" rating on shares of Ciena in a research note on Friday, December 12th. JPMorgan Chase & Co. lifted their price objective on shares of Ciena from $215.00 to $250.00 and gave the company an "overweight" rating in a research report on Friday, December 12th. Raymond James Financial set a $240.00 price objective on shares of Ciena in a research report on Thursday, December 11th. Finally, Needham & Company LLC raised their target price on shares of Ciena to $280.00 and gave the stock a "buy" rating in a research note on Thursday, December 11th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $237.50.
Get Our Latest Report on Ciena
Institutional Inflows and Outflows
Several large investors have recently bought and sold shares of CIEN. Lone Pine Capital LLC purchased a new position in Ciena in the third quarter valued at about $292,310,000. Atreides Management LP purchased a new stake in shares of Ciena during the 2nd quarter worth approximately $102,705,000. JPMorgan Chase & Co. grew its holdings in shares of Ciena by 23.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 6,462,840 shares of the communications equipment provider's stock worth $941,451,000 after acquiring an additional 1,219,787 shares during the period. Arrowstreet Capital Limited Partnership grew its holdings in shares of Ciena by 2,174.2% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 1,143,855 shares of the communications equipment provider's stock worth $166,625,000 after acquiring an additional 1,093,557 shares during the period. Finally, Balyasny Asset Management L.P. increased its stake in Ciena by 3,577.9% in the 2nd quarter. Balyasny Asset Management L.P. now owns 1,032,393 shares of the communications equipment provider's stock valued at $83,965,000 after purchasing an additional 1,004,323 shares in the last quarter. Hedge funds and other institutional investors own 91.99% of the company's stock.
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.
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