Key Points
- Ciena CEO Gary Smith sold 2,952 shares on June 1 in a pre-arranged Rule 10b5-1 transaction, worth about $1.67 million. After the sale, he still directly owned 269,557 shares valued at roughly $152.5 million.
- Ciena reported strong quarterly results in its latest earnings release, with EPS of $1.35 topping estimates of $1.17 and revenue of $1.43 billion beating expectations. Revenue rose 33.1% year over year.
- Analysts remain generally positive on the stock, with a consensus rating of “Moderate Buy” and an average price target of $420.39. Recent firms have lifted targets sharply, including Stifel Nicolaus setting a $615 target.
Ciena Corporation (NYSE:CIEN - Get Free Report) CEO Gary Smith sold 2,952 shares of the firm's stock in a transaction on Monday, June 1st. The shares were sold at an average price of $565.92, for a total transaction of $1,670,595.84. Following the completion of the transaction, the chief executive officer directly owned 269,557 shares in the company, valued at approximately $152,547,697.44. This represents a 1.08% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Ciena Stock Performance
Shares of CIEN stock opened at $628.98 on Wednesday. The company's fifty day simple moving average is $503.80 and its 200-day simple moving average is $345.22. Ciena Corporation has a 52 week low of $70.77 and a 52 week high of $629.61. The company has a current ratio of 2.81, a quick ratio of 2.14 and a debt-to-equity ratio of 0.55. The company has a market cap of $88.94 billion, a PE ratio of 400.63 and a beta of 1.24.
Ciena (NYSE:CIEN - Get Free Report) last issued its earnings results on Thursday, March 5th. The communications equipment provider reported $1.35 EPS for the quarter, beating 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 net margin of 4.47% and a return on equity of 12.09%. The business's revenue for the quarter was up 33.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.64 EPS. As a group, equities research analysts anticipate that Ciena Corporation will post 5.12 EPS for the current year.
Analysts Set New Price Targets
A number of equities research analysts recently weighed in on the stock. B. Riley Financial raised their price target on shares of Ciena from $283.00 to $531.00 and gave the company a "neutral" rating in a report on Tuesday. Zacks Research raised shares of Ciena from a "hold" rating to a "strong-buy" rating in a report on Friday, March 13th. Needham & Company LLC raised their price target on shares of Ciena from $280.00 to $370.00 and gave the company a "buy" rating in a report on Thursday, March 5th. Raymond James Financial reaffirmed an "outperform" rating and set a $320.00 price target on shares of Ciena in a report on Thursday, March 5th. Finally, Stifel Nicolaus set a $615.00 price target on shares of Ciena in a report on Friday. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $420.39.
Get Our Latest Stock Analysis on Ciena
Institutional Inflows and Outflows
Hedge funds have recently added to or reduced their stakes in the stock. Asset Dedication LLC grew its holdings 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 in the last quarter. Bogart Wealth LLC grew its holdings in Ciena by 635.7% during the 1st quarter. Bogart Wealth LLC now owns 103 shares of the communications equipment provider's stock worth $40,000 after acquiring an additional 89 shares in the last quarter. Transamerica Financial Advisors LLC grew its holdings in Ciena by 71.0% during the 4th quarter. Transamerica Financial Advisors LLC now owns 106 shares of the communications equipment provider's stock worth $25,000 after acquiring an additional 44 shares in the last quarter. Western Wealth Management LLC acquired a new position in Ciena during the 1st quarter worth $49,000. Finally, Whittier Trust Co. of Nevada Inc. grew its holdings in Ciena by 85.5% during the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 141 shares of the communications equipment provider's stock worth $55,000 after acquiring an additional 65 shares in the last quarter. 91.99% of the stock is owned by institutional investors and hedge funds.
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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