Key Points
- Ciena SVP Brodie Gage sold 5,000 shares on March 24 at an average of $405 for a total of $2,025,000, trimming his stake by 9.74% to 46,341 shares (disclosed in an SEC filing).
- The company beat quarterly estimates with $1.35 EPS (vs. $1.17 expected) and $1.43B revenue (up 33.1% YoY) and reported a backlog near $7B, helping drive the stock to a 52‑week high even though analysts' average target (~$327.12) remains below the current price.
Ciena Corporation (NYSE:CIEN - Get Free Report) SVP Brodie Gage sold 5,000 shares of the firm's stock in a transaction on Tuesday, March 24th. The stock was sold at an average price of $405.00, for a total value of $2,025,000.00. Following the transaction, the senior vice president owned 46,341 shares in the company, valued at $18,768,105. The trade was a 9.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.
Ciena Trading Up 1.9%
Shares of NYSE CIEN opened at $437.66 on Thursday. Ciena Corporation has a twelve month low of $49.21 and a twelve month high of $446.89. The firm has a market cap of $61.88 billion, a PE ratio of 278.76, a price-to-earnings-growth ratio of 1.65 and a beta of 1.08. The business has a fifty day simple moving average of $309.94 and a two-hundred day simple moving average of $231.18. The company has a quick ratio of 2.14, a current ratio of 2.81 and a debt-to-equity ratio of 0.55.
Ciena (NYSE:CIEN - Get Free Report) last posted its quarterly earnings results on Thursday, March 5th. The communications equipment provider reported $1.35 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.17 by $0.18. The business had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.40 billion. Ciena had a return on equity of 12.09% and a net margin of 4.47%.The business's revenue was up 33.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.64 EPS. Analysts expect that Ciena Corporation will post 1.6 earnings per share for the current fiscal year.
Wall Street Analyst Weigh In
A number of research analysts have commented on CIEN shares. B. Riley Financial raised their target price on shares of Ciena from $222.00 to $283.00 and gave the company a "neutral" rating in a research report on Friday, March 6th. Northland Securities set a $190.00 price objective on shares of Ciena and gave the company a "market perform" rating in a research note on Friday, December 12th. Barclays lifted their price objective on shares of Ciena from $279.00 to $372.00 and gave the company an "overweight" rating in a report on Friday, March 6th. Argus boosted their price objective on shares of Ciena from $135.00 to $280.00 and gave the stock a "buy" rating in a research note on Friday, December 12th. Finally, Wolfe Research restated an "outperform" rating and set a $375.00 target price on shares of Ciena in a report on Thursday, March 5th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $327.12.
Check Out Our Latest Analysis on Ciena
Hedge Funds Weigh In On Ciena
A number of large investors have recently added to or reduced their stakes in CIEN. Community Bank N.A. bought a new stake in shares of Ciena in the 3rd quarter valued at about $25,000. Transamerica Financial Advisors LLC grew its position in shares of Ciena by 71.0% in the 4th quarter. Transamerica Financial Advisors LLC now owns 106 shares of the communications equipment provider's stock worth $25,000 after buying an additional 44 shares during the last quarter. Mather Group LLC. bought a new position in shares of Ciena during the 3rd quarter worth approximately $28,000. Assetmark Inc. lifted its position in Ciena by 50.4% during the third quarter. Assetmark Inc. now owns 200 shares of the communications equipment provider's stock valued at $29,000 after acquiring an additional 67 shares during the last quarter. Finally, Ameritas Advisory Services LLC lifted its position in Ciena by 104.0% during the third quarter. Ameritas Advisory Services LLC now owns 204 shares of the communications equipment provider's stock valued at $30,000 after acquiring an additional 104 shares during the last quarter. 91.99% of the stock is currently owned by institutional investors.
Trending Headlines about Ciena
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Ciena Company Profile
(
Get Free Report)
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.
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