Ciena Co. (NYSE:CIEN) SVP Sells $1,131,013.44 in Stock

Ciena Co. (NYSE:CIEN) SVP Jason Phipps sold 18,888 shares of the business’s stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $59.88, for a total transaction of $1,131,013.44. Following the transaction, the senior vice president now directly owns 89,258 shares in the company, valued at approximately $5,344,769.04. The trade was a 17.47 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link.

Ciena Stock Down 4.7 %

NYSE:CIEN opened at $53.53 on Friday. The firm has a 50-day simple moving average of $75.40 and a two-hundred day simple moving average of $74.08. The firm has a market cap of $7.61 billion, a P/E ratio of 93.91, a P/E/G ratio of 1.54 and a beta of 1.15. Ciena Co. has a fifty-two week low of $43.30 and a fifty-two week high of $101.44. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.72 and a current ratio of 3.55.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on CIEN. Northland Securities upgraded shares of Ciena from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $60.00 to $75.00 in a research report on Wednesday, March 12th. Rosenblatt Securities reduced their target price on Ciena from $94.00 to $79.00 and set a “neutral” rating on the stock in a report on Friday, March 7th. Barclays set a $100.00 target price on Ciena and gave the company an “overweight” rating in a research note on Wednesday, March 12th. Northland Capmk raised Ciena from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, March 12th. Finally, JPMorgan Chase & Co. raised Ciena from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $84.00 to $88.00 in a research report on Tuesday, January 28th. Four investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $81.38.

Hedge Funds Weigh In On Ciena

A number of hedge funds have recently added to or reduced their stakes in CIEN. Greenleaf Trust boosted its stake in Ciena by 2.8% during the 4th quarter. Greenleaf Trust now owns 4,978 shares of the communications equipment provider’s stock valued at $422,000 after purchasing an additional 136 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC boosted its position in shares of Ciena by 108.6% during the fourth quarter. Annis Gardner Whiting Capital Advisors LLC now owns 290 shares of the communications equipment provider’s stock valued at $25,000 after buying an additional 151 shares during the last quarter. Bessemer Group Inc. increased its holdings in Ciena by 73.7% in the 4th quarter. Bessemer Group Inc. now owns 356 shares of the communications equipment provider’s stock worth $30,000 after buying an additional 151 shares in the last quarter. US Bancorp DE increased its holdings in Ciena by 1.5% in the 4th quarter. US Bancorp DE now owns 10,459 shares of the communications equipment provider’s stock worth $887,000 after buying an additional 152 shares in the last quarter. Finally, Coldstream Capital Management Inc. raised its position in Ciena by 3.8% in the 3rd quarter. Coldstream Capital Management Inc. now owns 4,742 shares of the communications equipment provider’s stock worth $292,000 after buying an additional 175 shares during the last quarter. 91.99% of the stock is currently owned by hedge funds and other institutional investors.

Ciena Company Profile

Ciena Corporation provides hardware and software services for delivery of video, data, and voice traffic metro, aggregation, and access communications network worldwide. The company’s Networking Platforms segment offers convergence of coherent optical transport, open optical networking, optical transport network switching, IP routing, and switching services.