Key Points
- Ciena SVP Brodie Gage sold 1,200 shares on May 15 at an average price of $570.65, totaling $684,780. The sale was made under a pre-arranged Rule 10b5-1 trading plan, and Gage still owns 43,941 shares worth about $25.1 million.
- Ciena reported stronger-than-expected quarterly results, posting EPS of $1.35 versus the $1.17 consensus estimate and revenue of $1.43 billion versus $1.40 billion expected. Revenue rose 33.1% year over year, and the company beat earnings by a wide margin.
- Analyst sentiment remains constructive, with a consensus rating of “Moderate Buy” and an average price target of $398.83. Recent target increases included TD Cowen raising its target to $675 while maintaining a buy rating.
Ciena Corporation (NYSE:CIEN - Get Free Report) SVP Brodie Gage sold 1,200 shares of the firm's stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $570.65, for a total transaction of $684,780.00. Following the completion of the sale, the senior vice president directly owned 43,941 shares of the company's stock, valued at approximately $25,074,931.65. This represents a 2.66% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available 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 Wednesday, April 15th, Brodie Gage sold 1,200 shares of Ciena stock. The shares were sold at an average price of $471.79, for a total transaction of $566,148.00.
- On Tuesday, March 24th, Brodie Gage sold 5,000 shares of Ciena stock. The stock was sold at an average price of $405.00, for a total transaction of $2,025,000.00.
Ciena Price Performance
CIEN opened at $541.52 on Wednesday. The company has a fifty day moving average price of $463.70 and a two-hundred day moving average price of $320.95. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.14 and a current ratio of 2.81. Ciena Corporation has a 52 week low of $70.77 and a 52 week high of $598.84. The firm has a market capitalization of $76.57 billion, a PE ratio of 344.92, a P/E/G ratio of 1.72 and a beta of 1.24.
Ciena (NYSE:CIEN - Get Free Report) last released its earnings results on Thursday, March 5th. The communications equipment provider reported $1.35 EPS for the quarter, topping analysts' consensus estimates of $1.17 by $0.18. Ciena had a net margin of 4.47% and a return on equity of 12.09%. The firm had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.40 billion. During the same quarter in the previous year, the business earned $0.64 EPS. The business's quarterly revenue was up 33.1% compared to the same quarter last year. As a group, analysts anticipate that Ciena Corporation will post 5.12 earnings per share for the current year.
Analysts Set New Price Targets
A number of research firms have commented on CIEN. Morgan Stanley lifted their target price on shares of Ciena from $286.00 to $405.00 and gave the stock an "equal weight" rating in a report on Monday, April 20th. B. Riley Financial boosted their price target on shares of Ciena from $222.00 to $283.00 and gave the company a "neutral" rating in a report on Friday, March 6th. UBS Group boosted their price target on shares of Ciena from $230.00 to $285.00 and gave the company a "neutral" rating in a report on Friday, March 6th. TD Cowen boosted their price target on shares of Ciena from $425.00 to $675.00 and gave the company a "buy" rating in a report on Friday. Finally, Raymond James Financial reissued an "outperform" rating and issued a $320.00 price target on shares of Ciena in a report on Thursday, March 5th. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $398.83.
Check Out Our Latest Report on CIEN
Hedge Funds Weigh In On Ciena
Several institutional investors and hedge funds have recently made changes to their positions in the company. Community Bank N.A. acquired a new position in Ciena in the 3rd quarter worth $25,000. Transamerica Financial Advisors LLC boosted its stake in 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 purchasing an additional 44 shares during the period. Assetmark Inc. boosted its stake in Ciena by 50.4% in the 3rd quarter. Assetmark Inc. now owns 200 shares of the communications equipment provider's stock worth $29,000 after purchasing an additional 67 shares during the period. Ameritas Advisory Services LLC boosted its stake in Ciena by 104.0% in the 3rd quarter. Ameritas Advisory Services LLC now owns 204 shares of the communications equipment provider's stock worth $30,000 after purchasing an additional 104 shares during the period. Finally, Hilltop National Bank acquired a new position in Ciena in the 4th quarter worth $35,000. Institutional investors and hedge funds own 91.99% of the company's stock.
Ciena Company Profile
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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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