Ciena (NYSE:CIEN) CEO Gary Smith Sells 2,952 Shares of Stock

Ciena Corporation (NYSE:CIEN) CEO Gary Smith sold 2,952 shares of the business’s stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $379.81, for a total value of $1,121,199.12. Following the completion of the transaction, the chief executive officer owned 248,982 shares in the company, valued at $94,565,853.42. This trade represents a 1.17% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Ciena Stock Up 5.2%

Shares of Ciena stock opened at $411.04 on Wednesday. The firm has a market cap of $58.18 billion, a price-to-earnings ratio of 137.01 and a beta of 1.30. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.73 and a quick ratio of 2.11. Ciena Corporation has a 52-week low of $84.41 and a 52-week high of $637.51. The stock has a 50-day simple moving average of $449.79 and a 200-day simple moving average of $417.02.

Ciena (NYSE:CIEN) last announced its quarterly earnings results on Thursday, June 4th. The communications equipment provider reported $1.64 EPS for the quarter, beating the consensus estimate of $1.46 by $0.18. The business had revenue of $1.57 billion during the quarter, compared to analysts’ expectations of $1.50 billion. Ciena had a return on equity of 18.15% and a net margin of 7.87%.The firm’s quarterly revenue was up 39.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.42 EPS. On average, equities research analysts expect that Ciena Corporation will post 5.4 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Elyxium Wealth LLC acquired a new position in Ciena during the 4th quarter worth $2,747,810,000. Corient Private Wealth LLC increased its stake in shares of Ciena by 30,114.5% in the fourth quarter. Corient Private Wealth LLC now owns 2,870,677 shares of the communications equipment provider’s stock worth $671,365,000 after purchasing an additional 2,861,176 shares during the period. Price T Rowe Associates Inc. MD increased its stake in shares of Ciena by 53.0% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 4,051,625 shares of the communications equipment provider’s stock worth $947,554,000 after purchasing an additional 1,404,132 shares during the period. Atreides Management LP acquired a new position in shares of Ciena during the 2nd quarter worth about $102,705,000. Finally, Arrowstreet Capital Limited Partnership lifted its position in shares of Ciena by 2,174.2% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 1,143,855 shares of the communications equipment provider’s stock worth $166,625,000 after purchasing an additional 1,093,557 shares during the last quarter. 91.99% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have recently weighed in on CIEN. UBS Group restated a “buy” rating on shares of Ciena in a report on Tuesday, July 28th. Argus set a $650.00 target price on shares of Ciena in a research report on Friday, June 5th. Rothschild & Co Redburn began coverage on Ciena in a report on Friday, May 1st. They set a “neutral” rating and a $416.00 target price on the stock. Northland Securities set a $450.00 price target on Ciena in a research report on Friday, June 5th. Finally, Bank of America boosted their price target on Ciena from $550.00 to $660.00 and gave the stock a “buy” rating in a research report on Tuesday, May 26th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Ciena has an average rating of “Moderate Buy” and an average price target of $530.56.

Ciena Company Profile

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.