Ciena Co. (NYSE:CIEN) CEO Sells $158,256.56 in Stock

Ciena Co. (NYSE:CIENGet Rating) CEO Gary B. Smith sold 3,542 shares of the company’s stock in a transaction that occurred on Tuesday, June 21st. The stock was sold at an average price of $44.68, for a total transaction of $158,256.56. Following the sale, the chief executive officer now directly owns 427,879 shares in the company, valued at $19,117,633.72. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Ciena stock traded up $1.96 during trading hours on Thursday, reaching $46.14. 2,477,275 shares of the stock were exchanged, compared to its average volume of 1,663,729. The stock has a market cap of $6.91 billion, a P/E ratio of 16.96, a P/E/G ratio of 1.80 and a beta of 0.87. The company has a debt-to-equity ratio of 0.38, a quick ratio of 3.10 and a current ratio of 3.72. Ciena Co. has a 52-week low of $41.63 and a 52-week high of $78.28. The firm’s 50 day moving average is $51.02 and its 200 day moving average is $61.09.

Ciena (NYSE:CIENGet Rating) last announced its quarterly earnings data on Thursday, June 2nd. The communications equipment provider reported $0.50 EPS for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.04). The firm had revenue of $949.20 million for the quarter, compared to analysts’ expectations of $950.86 million. Ciena had a return on equity of 12.18% and a net margin of 11.15%. The firm’s quarterly revenue was up 13.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.52 EPS. Equities research analysts expect that Ciena Co. will post 1.65 EPS for the current fiscal year.

Institutional investors and hedge funds have recently made changes to their positions in the company. IronBridge Private Wealth LLC purchased a new position in shares of Ciena in the 4th quarter valued at about $31,000. Allegheny Financial Group LTD purchased a new position in shares of Ciena in the 4th quarter valued at about $44,000. IndexIQ Advisors LLC purchased a new position in shares of Ciena in the 1st quarter valued at about $41,000. Whittier Trust Co. increased its holdings in shares of Ciena by 46.8% in the 1st quarter. Whittier Trust Co. now owns 728 shares of the communications equipment provider’s stock valued at $44,000 after purchasing an additional 232 shares in the last quarter. Finally, First Horizon Advisors Inc. increased its holdings in Ciena by 32.9% during the 4th quarter. First Horizon Advisors Inc. now owns 744 shares of the communications equipment provider’s stock valued at $57,000 after acquiring an additional 184 shares in the last quarter. Institutional investors and hedge funds own 88.75% of the company’s stock.

Several research analysts have commented on CIEN shares. Loop Capital lowered their price target on shares of Ciena from $92.00 to $84.00 and set a “buy” rating for the company in a report on Monday, June 6th. UBS Group lowered their price target on shares of Ciena from $66.00 to $51.00 and set a “neutral” rating for the company in a report on Friday, June 3rd. Morgan Stanley lowered their price target on shares of Ciena from $64.00 to $56.00 and set an “equal weight” rating for the company in a report on Tuesday, June 14th. Rosenblatt Securities lowered their target price on shares of Ciena from $80.00 to $70.00 and set a “buy” rating for the company in a report on Monday, May 23rd. Finally, B. Riley upgraded shares of Ciena from a “neutral” rating to a “buy” rating and upped their target price for the company from $65.00 to $67.00 in a report on Friday, June 3rd. Three research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $73.71.

Ciena Company Profile (Get Rating)

Ciena Corporation provides network hardware, software, and services that support the transport, routing, switching, aggregation, service delivery, and management of video, data, and voice traffic on communications networks worldwide. The company's Networking Platforms segment offers hardware networking products and solutions that optimized for the convergence of coherent optical transport, optical transport network switching, and packet switching.

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