Key Points
- Ciena SVP Joseph Cumello sold 1,586 shares on June 26 at an average price of $466.33, totaling about $739,599. The sale was made under a pre-arranged Rule 10b5-1 trading plan.
- Ciena’s latest quarterly results beat expectations, with earnings of $1.64 per share versus the $1.46 consensus and revenue of $1.57 billion versus $1.50 billion expected. Revenue jumped 39.5% from a year ago.
- Wall Street remains generally constructive on the stock, with 13 Buy ratings and 7 Hold ratings. The consensus price target is $530.56, while some firms have recently raised targets as high as $720.
Ciena Corporation (NYSE:CIEN - Get Free Report) SVP Joseph Cumello sold 1,586 shares of the stock in a transaction that occurred on Friday, June 26th. The stock was sold at an average price of $466.33, for a total value of $739,599.38. Following the sale, the senior vice president directly owned 42,872 shares of the company's stock, valued at approximately $19,992,499.76. The trade was a 3.57% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Ciena Stock Performance
Shares of CIEN opened at $490.47 on Wednesday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.11 and a current ratio of 2.73. Ciena Corporation has a twelve month low of $76.89 and a twelve month high of $637.51. The firm's 50 day moving average price is $517.86 and its two-hundred day moving average price is $386.41. The firm has a market cap of $69.43 billion, a P/E ratio of 163.49 and a beta of 1.24.
Ciena (NYSE:CIEN - Get Free Report) last released its quarterly earnings results on Thursday, June 4th. The communications equipment provider reported $1.64 earnings per share for the quarter, beating the consensus estimate of $1.46 by $0.18. Ciena had a net margin of 7.87% and a return on equity of 18.15%. The company had revenue of $1.57 billion during the quarter, compared to analysts' expectations of $1.50 billion. During the same quarter in the prior year, the company earned $0.42 earnings per share. The business's quarterly revenue was up 39.5% compared to the same quarter last year. On average, analysts forecast that Ciena Corporation will post 5.4 EPS for the current fiscal year.
Wall Street Analysts Forecast Growth
A number of equities analysts recently weighed in on the stock. Stifel Nicolaus set a $615.00 target price on shares of Ciena in a research note on Friday, May 29th. Bank of America boosted their price target on Ciena from $550.00 to $660.00 and gave the company a "buy" rating in a report on Tuesday, May 26th. Morgan Stanley upped their price objective on Ciena from $405.00 to $490.00 and gave the stock an "equal weight" rating in a research report on Friday, June 5th. Rosenblatt Securities lifted their target price on Ciena from $350.00 to $720.00 and gave the company a "buy" rating in a research report on Friday, June 5th. Finally, Zacks Research lowered Ciena from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, June 3rd. Thirteen analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $530.56.
Check Out Our Latest Stock Analysis on CIEN
Institutional Trading of Ciena
Hedge funds and other institutional investors have recently modified their holdings of the stock. Community Bank N.A. bought a new stake in Ciena during the third quarter worth about $25,000. Transamerica Financial Advisors LLC grew its stake in Ciena by 71.0% in the fourth 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 in the last quarter. Asset Dedication LLC increased its position in shares of 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 purchasing an additional 84 shares during the last quarter. Hilltop National Bank acquired a new position in shares of Ciena during the 4th quarter worth approximately $35,000. Finally, Truvestments Capital LLC raised its stake in shares of Ciena by 45.3% during the 4th quarter. Truvestments Capital LLC now owns 154 shares of the communications equipment provider's stock worth $36,000 after purchasing an additional 48 shares in the last quarter. Institutional investors and hedge funds own 91.99% of the company's stock.
About Ciena
(
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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