Ciena Corporation (NYSE:CIEN - Get Free Report) CEO Gary Smith sold 2,952 shares of the firm's stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $379.81, for a total transaction of $1,121,199.12. Following the completion of the sale, the chief executive officer owned 248,982 shares in the company, valued at approximately $94,565,853.42. The trade was a 1.17% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Ciena Trading Up 5.2%
Shares of CIEN stock opened at $411.04 on Wednesday. The firm has a market capitalization of $58.18 billion, a P/E ratio of 137.01 and a beta of 1.30. Ciena Corporation has a 1 year low of $84.41 and a 1 year high of $637.51. The firm's fifty day simple moving average is $449.79 and its 200 day simple moving average is $417.02. The company has a current ratio of 2.73, a quick ratio of 2.11 and a debt-to-equity ratio of 0.53.
Ciena (NYSE:CIEN - Get Free Report) last issued its quarterly earnings results on Thursday, June 4th. The communications equipment provider reported $1.64 earnings per share for the quarter, beating analysts' consensus estimates of $1.46 by $0.18. The firm had revenue of $1.57 billion during the quarter, compared to the consensus estimate of $1.50 billion. Ciena had a net margin of 7.87% and a return on equity of 18.15%. The business's revenue was up 39.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.42 EPS. As a group, sell-side analysts predict that Ciena Corporation will post 5.4 EPS for the current year.
Hedge Funds Weigh In On Ciena
A number of hedge funds have recently modified their holdings of the stock. Transamerica Financial Advisors LLC lifted its position in shares of 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 buying an additional 44 shares during the period. Asset Dedication LLC raised its stake in Ciena by 2,100.0% during the first 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. Carolina Wealth Advisors LLC lifted its holdings in shares of Ciena by 57.8% during the second quarter. Carolina Wealth Advisors LLC now owns 71 shares of the communications equipment provider's stock valued at $35,000 after acquiring an additional 26 shares during the period. Truvestments Capital LLC boosted its stake in shares of Ciena by 45.3% in the 4th quarter. Truvestments Capital LLC now owns 154 shares of the communications equipment provider's stock valued at $36,000 after purchasing an additional 48 shares in the last quarter. Finally, Bogart Wealth LLC boosted its stake in shares of Ciena by 635.7% in the 1st quarter. Bogart Wealth LLC now owns 103 shares of the communications equipment provider's stock valued at $40,000 after purchasing an additional 89 shares in the last quarter. 91.99% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
A number of equities research analysts recently weighed in on CIEN shares. Barclays lifted their target price on Ciena from $372.00 to $607.00 and gave the stock an "overweight" rating in a research report on Friday, June 5th. Weiss Ratings lowered Ciena from a "hold (c+)" rating to a "hold (c)" rating in a report on Friday, July 24th. Morgan Stanley upped their target price on Ciena from $405.00 to $490.00 and gave the company an "equal weight" rating in a research note on Friday, June 5th. Citigroup raised their target price on Ciena from $345.00 to $658.00 and gave the stock a "buy" rating in a research report on Monday, May 18th. Finally, Raymond James Financial boosted their price target on shares of Ciena from $320.00 to $530.00 and gave the company an "outperform" rating in a report on Thursday, June 4th. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $530.56.
View Our Latest Analysis on CIEN
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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