Ciena (NYSE:CIEN) Shares Up 7.7% – What’s Next?

Shares of Ciena Corporation (NYSE:CIEN) were up 7.7% during mid-day trading on Thursday. The stock traded as high as $381.00 and last traded at $379.0610. Approximately 2,559,362 shares traded hands during trading, a decline of 11% from the average session volume of 2,865,486 shares. The stock had previously closed at $351.82.

Wall Street Analyst Weigh In

Several equities analysts recently commented on CIEN shares. UBS Group dropped their target price on Ciena from $508.00 to $394.00 and set a “neutral” rating for the company in a research note on Friday, September 4th. Argus set a $550.00 price target on Ciena in a research note on Thursday, September 10th. Barclays raised their price target on Ciena from $475.00 to $548.00 and gave the stock an “overweight” rating in a research note on Thursday, September 17th. JPMorgan Chase & Co. dropped their price objective on shares of Ciena from $635.00 to $605.00 and set an “overweight” rating for the company in a research note on Friday, September 4th. Finally, B. Riley Financial dropped their price objective on shares of Ciena from $516.00 to $413.00 and set a “neutral” rating for the company in a research note on Monday, August 31st. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $490.05.

Ciena Stock Up 3.3%

The stock has a market cap of $55.56 billion, a price-to-earnings ratio of 87.46, a PEG ratio of 5.27 and a beta of 1.28. The company has a quick ratio of 3.17, a current ratio of 3.80 and a debt-to-equity ratio of 1.06. The stock has a fifty day moving average of $372.59 and a two-hundred day moving average of $440.11.

Ciena (NYSE:CIEN) last posted its quarterly earnings results on Thursday, September 3rd. The communications equipment provider reported $2.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.73 by $0.38. The firm had revenue of $1.67 billion during the quarter, compared to the consensus estimate of $1.64 billion. Ciena had a return on equity of 25.33% and a net margin of 10.87%.The firm’s quarterly revenue was up 37.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.35 earnings per share. As a group, analysts predict that Ciena Corporation will post 6 EPS for the current fiscal year.

Insider Buying and Selling at Ciena

In related news, CEO Gary B. Smith sold 2,952 shares of the stock in a transaction that occurred on Tuesday, September 15th. The shares were sold at an average price of $330.18, for a total transaction of $974,691.36. Following the completion of the sale, the chief executive officer owned 240,126 shares of the company’s stock, valued at approximately $79,284,802.68. This represents a 1.21% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Bruce L. Claflin sold 2,857 shares of the firm’s stock in a transaction that occurred on Thursday, September 24th. The shares were sold at an average price of $355.91, for a total transaction of $1,016,834.87. Following the completion of the transaction, the director owned 8,279 shares in the company, valued at $2,946,578.89. The trade was a 25.66% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 26,184 shares of company stock worth $9,957,835. Company insiders own 0.58% of the company’s stock.

Institutional Investors Weigh In On Ciena

Several large investors have recently made changes to their positions in the business. Markowski Investments acquired a new position in shares of Ciena during the 2nd quarter valued at $28,000. Asset Dedication LLC increased its holdings 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 purchasing an additional 84 shares in the last quarter. Carolina Wealth Advisors LLC increased its holdings 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 purchasing an additional 26 shares in the last quarter. Bogart Wealth LLC raised 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 purchasing an additional 89 shares during the period. Finally, Western Wealth Management LLC purchased a new position in Ciena in the first quarter valued at about $49,000. Institutional investors and hedge funds own 91.99% of the company’s stock.

Ciena Company Profile

Ciena Corporation is a networking technology company that provides communications infrastructure, software and services for telecommunications providers, cloud operators, enterprises, governments and research institutions. Its solutions are designed to help organizations build, manage and automate high-capacity networks that support applications such as cloud computing, broadband connectivity, data center interconnection and 5G services.

The company’s portfolio includes optical networking systems and coherent optical technologies, routing and switching platforms, broadband access solutions, network management software and professional services.