Key Points
- Ciena CEO Gary Smith sold 2,952 shares on June 15 in a pre-arranged Rule 10b5-1 transaction, totaling about $1.35 million. After the sale, he still owned 266,605 shares worth roughly $121.8 million.
- Ciena reported strong quarterly results, posting EPS of $1.64 versus estimates of $1.46 and revenue of $1.57 billion versus expectations of $1.50 billion. Revenue rose 39.5% year over year, and analysts now expect full-year EPS of 5.4.
- Wall Street sentiment remains positive, with several firms raising price targets and the stock carrying a consensus rating of “Moderate Buy”. The average target price cited was $530.56, above the stock’s recent trading level.
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 Monday, June 15th. The shares were sold at an average price of $466.10, for a total value of $559,320.00. Following the completion of the transaction, the senior vice president owned 42,741 shares of the company's stock, valued at approximately $19,921,580.10. This represents a 2.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Brodie Gage also recently made the following trade(s):
- On Friday, May 15th, Brodie Gage sold 1,200 shares of Ciena stock. The shares were sold at an average price of $570.65, for a total value of $684,780.00.
- On Wednesday, April 15th, Brodie Gage sold 1,200 shares of Ciena stock. The stock was sold at an average price of $471.79, for a total value 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 value of $2,025,000.00.
Ciena Stock Up 1.3%
CIEN stock opened at $435.91 on Thursday. The company has a current ratio of 2.73, a quick ratio of 2.11 and a debt-to-equity ratio of 0.53. The firm has a market capitalization of $61.70 billion, a PE ratio of 145.30 and a beta of 1.24. Ciena Corporation has a 1-year low of $73.23 and a 1-year high of $637.51. The business's 50 day simple moving average is $521.44 and its 200 day simple moving average is $370.05.
Ciena (NYSE:CIEN - Get Free Report) last posted its earnings results on Thursday, June 4th. The communications equipment provider reported $1.64 earnings per share for the quarter, topping analysts' consensus estimates of $1.46 by $0.18. The business had revenue of $1.57 billion for the quarter, compared to analyst estimates of $1.50 billion. Ciena had a return on equity of 18.15% and a net margin of 7.87%.The firm's revenue was up 39.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.42 EPS. As a group, research analysts anticipate that Ciena Corporation will post 5.4 EPS for the current year.
Analyst Upgrades and Downgrades
A number of research firms recently weighed in on CIEN. Morgan Stanley boosted their target price on Ciena from $405.00 to $490.00 and gave the stock an "equal weight" rating in a report on Friday, June 5th. Needham & Company LLC boosted their target price on Ciena from $470.00 to $600.00 and gave the stock a "buy" rating in a report on Thursday, June 4th. Barclays boosted their target price on Ciena from $372.00 to $607.00 and gave the stock an "overweight" rating in a report on Friday, June 5th. Zacks Research lowered Ciena from a "strong-buy" rating to a "hold" rating in a report on Wednesday, June 3rd. Finally, Raymond James Financial boosted their price target on Ciena from $320.00 to $530.00 and gave the company an "outperform" rating in a research note on Thursday, June 4th. Thirteen research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company's stock. Based on data from MarketBeat, Ciena has a consensus rating of "Moderate Buy" and an average price target of $530.56.
Read Our Latest Stock Report on Ciena
Institutional Trading of Ciena
Several institutional investors have recently added to or reduced their stakes in CIEN. Community Bank N.A. bought a new stake in Ciena in the 3rd quarter valued at $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 valued at $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 valued at $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 valued at $30,000 after purchasing an additional 104 shares during the period. Finally, Asset Dedication LLC boosted its stake in Ciena by 2,100.0% in the 1st quarter. Asset Dedication LLC now owns 88 shares of the communications equipment provider's stock valued at $34,000 after purchasing an additional 84 shares during the period. 91.99% of the stock is currently owned by institutional investors.
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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