Ciena (NYSE:CIEN) CFO Sells $58,741.20 in Stock

Ciena Corporation (NYSE:CIEN) CFO Marc Graff sold 126 shares of the stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $466.20, for a total value of $58,741.20. Following the sale, the chief financial officer owned 126,955 shares of the company’s stock, valued at approximately $59,186,421. This represents a 0.10% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Ciena Stock Up 2.7%

Ciena stock traded up $11.54 during midday trading on Monday, reaching $434.00. The company’s stock had a trading volume of 1,318,016 shares, compared to its average volume of 3,158,391. Ciena Corporation has a 52-week low of $76.89 and a 52-week high of $637.51. The stock has a market capitalization of $61.43 billion, a P/E ratio of 144.67 and a beta of 1.27. 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 stock’s 50-day simple moving average is $513.83 and its 200-day simple moving average is $390.84.

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

Wall Street Analysts Forecast Growth

Several research firms have weighed in on CIEN. Barclays boosted their price target on Ciena from $372.00 to $607.00 and gave the company an “overweight” rating in a research note on Friday, June 5th. Stifel Nicolaus set a $615.00 price target on shares of Ciena in a report on Friday, May 29th. B. Riley Financial raised their price target on shares of Ciena from $283.00 to $531.00 and gave the stock a “neutral” rating in a research report on Tuesday, June 2nd. Zacks Research cut shares of Ciena from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, June 3rd. Finally, TD Cowen increased their price objective on shares of Ciena from $425.00 to $675.00 and gave the stock a “buy” rating in a research note on Friday, May 15th. Thirteen investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Ciena has a consensus rating of “Moderate Buy” and an average price target of $530.56.

Institutional Investors Weigh In On Ciena

A number of hedge funds and other institutional investors have recently made changes to their positions in CIEN. Asset Dedication LLC boosted its holdings in Ciena by 2,100.0% in the 1st quarter. Asset Dedication LLC now owns 88 shares of the communications equipment provider’s stock worth $34,000 after buying an additional 84 shares during the last quarter. Bogart Wealth LLC raised its holdings in shares of Ciena by 635.7% during the first quarter. Bogart Wealth LLC now owns 103 shares of the communications equipment provider’s stock valued at $40,000 after acquiring an additional 89 shares during the last quarter. Transamerica Financial Advisors LLC raised its holdings in shares of Ciena by 71.0% during the fourth quarter. Transamerica Financial Advisors LLC now owns 106 shares of the communications equipment provider’s stock valued at $25,000 after acquiring an additional 44 shares during the last quarter. Western Wealth Management LLC purchased a new position in shares of Ciena in the first quarter valued at approximately $49,000. Finally, Whittier Trust Co. of Nevada Inc. boosted its stake in shares of Ciena by 85.5% in the first quarter. Whittier Trust Co. of Nevada Inc. now owns 141 shares of the communications equipment provider’s stock worth $55,000 after acquiring an additional 65 shares during the last quarter. Institutional investors and hedge funds 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.