Key Points
- Director Thomas Michael Nevens sold 3,738 Ciena shares at an average price of $359.04, generating approximately $1.34 million. The sale reduced his direct ownership by 37.28% to 6,289 shares.
- Ciena reported quarterly earnings of $2.11 per share, exceeding analyst estimates of $1.73, while revenue rose 37% year over year to $1.67 billion.
- Analysts maintain a generally positive view, with a consensus “Moderate Buy” rating and an average price target of $492.68 versus the stock’s reported price of $356.33.
Ciena Corporation (NYSE:CIEN - Get Free Report) Director Thomas Nevens sold 3,738 shares of Ciena stock in a transaction on Wednesday, September 23rd. The shares were sold at an average price of $359.04, for a total value of $1,342,091.52. Following the completion of the sale, the director directly owned 6,289 shares of the company's stock, valued at $2,258,002.56. The trade was a 37.28% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink.
Ciena Price Performance
CIEN opened at $356.33 on Friday. The stock's 50-day moving average price is $375.76 and its 200 day moving average price is $439.05. Ciena Corporation has a 12-month low of $138.12 and a 12-month high of $637.51. The firm has a market cap of $50.53 billion, a price-to-earnings ratio of 79.54, a PEG ratio of 4.98 and a beta of 1.30. The company has a current ratio of 3.80, a quick ratio of 3.17 and a debt-to-equity ratio of 1.06.
Ciena (NYSE:CIEN - Get Free Report) last issued its quarterly earnings results on Thursday, September 3rd. The communications equipment provider reported $2.11 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.73 by $0.38. Ciena had a net margin of 10.87% and a return on equity of 25.33%. The company had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.64 billion. During the same period in the prior year, the firm earned $0.35 earnings per share. The business's revenue for the quarter was up 37.0% compared to the same quarter last year. As a group, sell-side analysts expect that Ciena Corporation will post 6 earnings per share for the current year.
Institutional Trading of Ciena
Several institutional investors have recently modified their holdings of CIEN. Markowski Investments acquired a new position in shares of Ciena in the 2nd quarter valued at $28,000. Asset Dedication LLC raised its stake 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. Carolina Wealth Advisors LLC raised its stake in Ciena by 57.8% during the 2nd quarter. Carolina Wealth Advisors LLC now owns 71 shares of the communications equipment provider's stock worth $35,000 after acquiring an additional 26 shares in the last quarter. Bogart Wealth LLC lifted its position in Ciena by 635.7% in the first quarter. Bogart Wealth LLC now owns 103 shares of the communications equipment provider's stock valued at $40,000 after acquiring an additional 89 shares during the last quarter. Finally, Western Wealth Management LLC purchased a new stake in Ciena in the first quarter valued at $49,000. Hedge funds and other institutional investors own 91.99% of the company's stock.
Wall Street Analyst Weigh In
Several equities analysts have commented on the stock. Northland Securities set a $550.00 price target on shares of Ciena in a research report on Thursday, September 17th. B. Riley Financial cut their price objective on Ciena from $516.00 to $413.00 and set a "neutral" rating on the stock in a research report on Monday, August 31st. Evercore upgraded Ciena from an "in-line" rating to an "outperform" rating and set a $550.00 price objective on the stock in a research note on Monday. Barclays increased their price objective on shares of Ciena from $475.00 to $548.00 and gave the company an "overweight" rating in a research report on Thursday, September 17th. Finally, Argus set a $550.00 target price on Ciena in a report on Thursday, September 10th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, Ciena presently has an average rating of "Moderate Buy" and a consensus price target of $492.68.
Read Our Latest Research Report on Ciena
About Ciena
(
Get Free Report)
Ciena Corporation (NYSE: CIEN) is a networking technology company that provides hardware, software and services for communications networks. Its solutions help service providers, cloud companies, enterprises and government organizations build, manage and automate high-capacity networks that support broadband, cloud computing, data center interconnection and other digital services.
The company's product portfolio includes optical networking systems, coherent optical technology, routers, switches, network control and automation software, and network management tools.
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