Insider Selling: Ciena (NYSE:CIEN) SVP Sells 11,929 Shares of Stock

Ciena Corporation (NYSE:CIEN) SVP Joseph Cumello sold 11,929 shares of the business’s stock in a transaction on Monday, January 12th. The stock was sold at an average price of $229.82, for a total value of $2,741,522.78. Following the transaction, the senior vice president directly owned 49,475 shares of the company’s stock, valued at $11,370,344.50. The trade was a 19.43% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Ciena Stock Up 5.1%

CIEN stock traded up $12.02 during mid-day trading on Tuesday, reaching $246.28. The company had a trading volume of 1,649,835 shares, compared to its average volume of 2,889,103. The firm has a fifty day simple moving average of $214.11 and a 200 day simple moving average of $152.31. The company has a debt-to-equity ratio of 0.56, a quick ratio of 2.09 and a current ratio of 2.73. The company has a market capitalization of $34.69 billion, a price-to-earnings ratio of 289.74, a price-to-earnings-growth ratio of 1.28 and a beta of 1.13. Ciena Corporation has a fifty-two week low of $49.21 and a fifty-two week high of $261.13.

Ciena (NYSE:CIEN) last announced its quarterly earnings data on Thursday, December 11th. The communications equipment provider reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.76 by $0.15. The business had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $1.29 billion. Ciena had a return on equity of 8.38% and a net margin of 2.59%.The business’s revenue for the quarter was up 20.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.54 earnings per share. Analysts forecast that Ciena Corporation will post 1.6 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Ciena

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Community Bank N.A. purchased a new position in shares of Ciena during the third quarter worth approximately $25,000. Mather Group LLC. acquired a new stake in Ciena during the 3rd quarter worth $28,000. Assetmark Inc. grew its position in Ciena by 50.4% during the 3rd quarter. Assetmark Inc. now owns 200 shares of the communications equipment provider’s stock worth $29,000 after purchasing an additional 67 shares during the last quarter. Ameritas Advisory Services LLC increased its stake in Ciena by 104.0% in the third quarter. Ameritas Advisory Services LLC now owns 204 shares of the communications equipment provider’s stock valued at $30,000 after purchasing an additional 104 shares during the period. Finally, Salomon & Ludwin LLC purchased a new stake in shares of Ciena in the third quarter valued at about $31,000. Hedge funds and other institutional investors own 91.99% of the company’s stock.

Analyst Ratings Changes

Several research firms recently commented on CIEN. BNP Paribas set a $185.00 target price on Ciena and gave the company an “outperform” rating in a report on Monday, October 13th. Barclays upped their price objective on Ciena from $138.00 to $279.00 and gave the stock an “overweight” rating in a research report on Friday, December 12th. Raymond James Financial set a $240.00 target price on Ciena in a research report on Thursday, December 11th. Northland Securities set a $190.00 price target on Ciena and gave the company a “market perform” rating in a report on Friday, December 12th. Finally, BNP Paribas Exane upgraded shares of Ciena from a “neutral” rating to an “outperform” rating and set a $185.00 price target on the stock in a research note on Monday, October 13th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $237.50.

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.