Ciena Corporation (NYSE:CIEN - Get Free Report) CEO Gary Smith sold 2,952 shares of the stock in a transaction dated Monday, November 2nd. The shares were sold at an average price of $298.16, for a total value of $880,168.32. Following the completion of the transaction, the chief executive officer directly owned 222,503 shares in the company, valued at $66,341,494.48. This represents a 1.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Ciena Trading Down 9.5%
Ciena stock opened at $271.47 on Thursday. The company has a quick ratio of 3.17, a current ratio of 3.80 and a debt-to-equity ratio of 1.06. Ciena Corporation has a 52 week low of $168.22 and a 52 week high of $637.51. The company has a market capitalization of $38.50 billion, a price-to-earnings ratio of 60.60, a price-to-earnings-growth ratio of 2.41 and a beta of 1.33. The stock has a 50-day moving average price of $357.30 and a 200 day moving average price of $402.59.
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 for the quarter, topping the consensus estimate 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 the consensus estimate of $1.64 billion. During the same quarter in the prior year, the company earned $0.35 EPS. Ciena's quarterly revenue was up 37.0% on a year-over-year basis. Sell-side analysts anticipate that Ciena Corporation will post 6.00 EPS for the current year.
Analyst Upgrades and Downgrades
A number of analysts have recently weighed in on the stock. Rosenblatt Securities reiterated a "buy" rating and issued a $525.00 price objective on shares of Ciena in a research note on Thursday, September 17th. Zacks Research raised shares of Ciena from a "hold" rating to a "strong-buy" rating in a report on Wednesday, September 9th. CL King set a $347.00 target price on shares of Ciena in a research note on Friday, September 4th. Argus set a $550.00 price target on shares of Ciena and gave the stock a "buy" rating in a report on Thursday, September 10th. Finally, Citigroup restated a "buy" rating on shares of Ciena in a research report on Friday, September 4th. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $485.93.
Check Out Our Latest Stock Analysis on Ciena
Hedge Funds Weigh In On Ciena
A number of hedge funds have recently bought and sold shares of the business. Markowski Investments acquired a new position in shares of Ciena during the 2nd quarter worth approximately $28,000. Asset Dedication LLC grew 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 acquiring an additional 84 shares during the period. Carolina Wealth Advisors LLC grew its stake in Ciena by 57.8% in the 2nd 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. Bogart Wealth LLC increased its holdings in Ciena by 635.7% in the 1st quarter. Bogart Wealth LLC now owns 103 shares of the communications equipment provider's stock worth $40,000 after acquiring an additional 89 shares in the last quarter. Finally, Nvwm LLC purchased a new stake in Ciena in the 3rd quarter worth $45,000. Hedge funds and other institutional investors own 91.99% of the company's stock.
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 telecommunications carriers, cloud providers, enterprises, government organizations, and research institutions build, manage, and automate high-capacity networks.
The company's portfolio includes optical networking systems, routing and switching platforms, network automation software, and network management tools. Ciena also offers consulting, implementation, maintenance, and professional services designed to support network planning, deployment, optimization, and ongoing operations.
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