Ciena (NYSE:CIEN) Stock Price Down 6% – What’s Next?

Ciena Corporation (NYSE:CIEN) shares fell 6% on Monday . The company traded as low as $387.28 and last traded at $387.52. Approximately 2,014,984 shares traded hands during trading, a decline of 32% from the average session volume of 2,960,027 shares. The stock had previously closed at $412.39.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. Morgan Stanley increased their target price on Ciena from $405.00 to $490.00 and gave the company an “equal weight” rating in a report on Friday, June 5th. JPMorgan Chase & Co. lifted their price objective on Ciena from $380.00 to $550.00 and gave the stock an “overweight” rating in a research report on Thursday, April 16th. Northland Securities set a $450.00 target price on shares of Ciena in a research note on Friday, June 5th. UBS Group reiterated a “buy” rating on shares of Ciena in a report on Tuesday, July 28th. Finally, Stifel Nicolaus set a $615.00 target price on shares of Ciena in a research report on Friday, May 29th. Thirteen research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $530.56.

Ciena Price Performance

The company has a debt-to-equity ratio of 0.53, a current ratio of 2.73 and a quick ratio of 2.11. The company has a market cap of $54.85 billion, a PE ratio of 129.17 and a beta of 1.30. The company has a 50-day moving average price of $439.69 and a two-hundred day moving average price of $420.50.

Ciena (NYSE:CIEN) last released its quarterly earnings results on Thursday, June 4th. The communications equipment provider reported $1.64 EPS for the quarter, topping the consensus estimate of $1.46 by $0.18. Ciena had a return on equity of 18.15% and a net margin of 7.87%.The firm had revenue of $1.57 billion for the quarter, compared to analyst estimates of $1.50 billion. During the same period in the previous year, the company posted $0.42 EPS. Ciena’s revenue for the quarter was up 39.5% on a year-over-year basis. Sell-side analysts expect that Ciena Corporation will post 5.4 earnings per share for the current fiscal year.

Insider Buying and Selling at Ciena

In other Ciena news, SVP Brodie Gage sold 1,200 shares of the company’s stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $466.10, for a total value of $559,320.00. Following the completion of the transaction, the senior vice president directly owned 42,741 shares of the company’s stock, valued at $19,921,580.10. This represents a 2.73% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Joseph Cumello sold 1,586 shares of the firm’s stock in a transaction dated Friday, June 26th. The shares were sold at an average price of $466.33, for a total value of $739,599.38. Following the sale, the senior vice president owned 42,872 shares of the company’s stock, valued at $19,992,499.76. This represents a 3.57% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 21,627 shares of company stock worth $10,508,776. 0.58% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. KBC Group NV boosted its position in Ciena by 11.3% during the 4th quarter. KBC Group NV now owns 31,161 shares of the communications equipment provider’s stock worth $7,288,000 after acquiring an additional 3,156 shares during the period. Goldman Sachs Group Inc. lifted its holdings in Ciena by 53.8% in the fourth quarter. Goldman Sachs Group Inc. now owns 445,359 shares of the communications equipment provider’s stock worth $104,156,000 after purchasing an additional 155,712 shares during the period. FengHe Fund Management Pte. Ltd. lifted its holdings in Ciena by 164.0% in the fourth quarter. FengHe Fund Management Pte. Ltd. now owns 660,988 shares of the communications equipment provider’s stock worth $154,585,000 after purchasing an additional 410,588 shares during the period. TKG Advisors LLC bought a new position in Ciena in the 1st quarter valued at about $3,244,000. Finally, Swiss National Bank increased its stake in Ciena by 7.0% during the 1st quarter. Swiss National Bank now owns 413,332 shares of the communications equipment provider’s stock valued at $160,468,000 after buying an additional 26,900 shares during the period. Hedge funds and other institutional investors own 91.99% of the company’s stock.

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.