Key Points
- Ciena CFO Marc Graff sold 126 shares on June 24 at an average price of $449.36, a transaction worth $56,619.36. The sale was made under a pre-arranged Rule 10b5-1 plan, and Graff still owned 127,081 shares afterward.
- Ciena recently beat earnings expectations in its June 4 report, posting $1.64 EPS versus the $1.46 consensus and revenue of $1.57 billion versus $1.50 billion expected. Revenue rose 39.5% year over year, and analysts currently project 5.4 EPS for the fiscal year.
- Wall Street sentiment remains constructive on Ciena, with 13 analysts rating it a Buy and 7 a Hold. The consensus target price is $530.56, while several firms recently raised their price targets significantly.
Ciena Corporation (NYSE:CIEN - Get Free Report) CFO Marc Graff sold 126 shares of Ciena stock in a transaction on Wednesday, June 24th. The shares were sold at an average price of $449.36, for a total value of $56,619.36. Following the completion of the transaction, the chief financial officer owned 127,081 shares in the company, valued at approximately $57,105,118.16. The trade was a 0.10% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Ciena Stock Performance
NYSE:CIEN opened at $481.36 on Friday. The company has a quick ratio of 2.11, a current ratio of 2.73 and a debt-to-equity ratio of 0.53. The firm has a market capitalization of $68.14 billion, a PE ratio of 160.45 and a beta of 1.24. Ciena Corporation has a twelve month low of $76.89 and a twelve month high of $637.51. The stock's 50-day simple moving average is $518.53 and its 200 day simple moving average is $381.48.
Ciena (NYSE:CIEN - Get Free Report) last posted its earnings results on Thursday, June 4th. The communications equipment provider reported $1.64 EPS for the quarter, topping analysts' consensus estimates of $1.46 by $0.18. The firm had revenue of $1.57 billion during the quarter, compared to analysts' expectations of $1.50 billion. Ciena had a net margin of 7.87% and a return on equity of 18.15%. The business's revenue for the quarter was up 39.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.42 earnings per share. On average, analysts anticipate that Ciena Corporation will post 5.4 EPS for the current fiscal year.
Analyst Ratings Changes
CIEN has been the topic of a number of research reports. Raymond James Financial boosted their price objective on Ciena from $320.00 to $530.00 and gave the stock an "outperform" rating in a research report on Thursday, June 4th. Barclays upped their price objective on Ciena from $372.00 to $607.00 and gave the company an "overweight" rating in a research note on Friday, June 5th. Wolfe Research reissued an "outperform" rating and set a $375.00 target price on shares of Ciena in a report on Thursday, March 5th. JPMorgan Chase & Co. lifted their price target on shares of Ciena from $380.00 to $550.00 and gave the stock an "overweight" rating in a report on Thursday, April 16th. Finally, TD Cowen increased their price objective on Ciena from $425.00 to $675.00 and gave the company a "buy" rating in a report on Friday, May 15th. Thirteen research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat.com, Ciena has an average rating of "Moderate Buy" and a consensus target price of $530.56.
Check Out Our Latest Research Report on Ciena
Institutional Trading of Ciena
A number of institutional investors have recently bought and sold shares of the company. SmartHarvest Portfolios LLC raised its position in shares of Ciena by 1.8% in the 1st quarter. SmartHarvest Portfolios LLC now owns 1,142 shares of the communications equipment provider's stock worth $443,000 after acquiring an additional 20 shares in the last quarter. Modera Wealth Management LLC lifted its stake in Ciena by 1.8% in the first quarter. Modera Wealth Management LLC now owns 1,685 shares of the communications equipment provider's stock valued at $654,000 after buying an additional 29 shares during the period. Whittier Trust Co. boosted its holdings in shares of Ciena by 9.5% during the 1st quarter. Whittier Trust Co. now owns 358 shares of the communications equipment provider's stock worth $139,000 after buying an additional 31 shares in the last quarter. Parallel Advisors LLC increased its stake in shares of Ciena by 0.8% in the 4th quarter. Parallel Advisors LLC now owns 5,107 shares of the communications equipment provider's stock valued at $1,194,000 after acquiring an additional 43 shares in the last quarter. Finally, Transamerica Financial Advisors LLC boosted its stake in Ciena by 71.0% during the fourth 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. Institutional investors own 91.99% of the company's stock.
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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