Ciena (NYSE:CIEN) Director Bruce Claflin Sells 2,857 Shares of Stock

Ciena Corporation (NYSE:CIEN) Director Bruce Claflin sold 2,857 shares of the firm’s stock in a transaction on Thursday, September 24th. The stock was sold at an average price of $355.91, for a total value of $1,016,834.87. Following the sale, the director owned 8,279 shares in the company, valued at $2,946,578.89. This trade represents a 25.66% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Ciena Trading Down 3.7%

Shares of NYSE:CIEN traded down $13.20 during midday trading on Monday, reaching $343.71. The company’s stock had a trading volume of 1,830,126 shares, compared to its average volume of 2,873,838. The business has a 50 day moving average price of $375.76 and a 200 day moving average price of $439.90. The company has a quick ratio of 3.17, a current ratio of 3.80 and a debt-to-equity ratio of 1.06. Ciena Corporation has a 1 year low of $143.00 and a 1 year high of $637.51. The firm has a market cap of $48.74 billion, a price-to-earnings ratio of 76.72, a price-to-earnings-growth ratio of 4.96 and a beta of 1.30.

Ciena (NYSE:CIEN) last posted its quarterly earnings results on Thursday, September 3rd. The communications equipment provider reported $2.11 EPS for the quarter, beating the consensus estimate of $1.73 by $0.38. Ciena had a return on equity of 25.33% and a net margin of 10.87%.The company had revenue of $1.67 billion during the quarter, compared to analysts’ expectations of $1.64 billion. During the same quarter in the previous year, the business earned $0.35 EPS. The firm’s revenue was up 37.0% on a year-over-year basis. Research analysts forecast that Ciena Corporation will post 6 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Andra AP fonden increased its position in shares of Ciena by 250.6% in the second quarter. Andra AP fonden now owns 35,899 shares of the communications equipment provider’s stock worth $17,611,000 after acquiring an additional 25,660 shares in the last quarter. ABS Direct Equity Fund LLC lifted its holdings in shares of Ciena by 22.6% during the 2nd quarter. ABS Direct Equity Fund LLC now owns 981 shares of the communications equipment provider’s stock valued at $481,000 after acquiring an additional 181 shares in the last quarter. IPG Investment Advisors LLC acquired a new position in shares of Ciena during the 2nd quarter valued at $312,000. Gemmer Asset Management LLC purchased a new stake in Ciena during the 2nd quarter worth $3,280,000. Finally, WINTON GROUP Ltd purchased a new stake in Ciena during the 2nd quarter worth $14,835,000. 91.99% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CIEN has been the subject of several research analyst reports. TD Cowen reaffirmed a “buy” rating on shares of Ciena in a research report on Thursday, September 17th. Zacks Research upgraded Ciena from a “hold” rating to a “strong-buy” rating in a report on Wednesday, September 9th. Citigroup restated a “buy” rating on shares of Ciena in a report on Friday, September 4th. JPMorgan Chase & Co. reduced their target price on Ciena from $635.00 to $605.00 and set an “overweight” rating on the stock in a report on Friday, September 4th. Finally, Evercore raised Ciena from an “in-line” rating to an “outperform” rating and set a $550.00 price target for the company in a research report on Monday, September 21st. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $492.68.

Ciena Company Profile

Ciena Corporation (NYSE: CIEN) is a networking technology company that provides hardware, software and services for communications networks. Its solutions help service providers, cloud companies, enterprises and government organizations build, manage and automate high-capacity networks that support broadband, cloud computing, data center interconnection and other digital services.

The company’s product portfolio includes optical networking systems, coherent optical technology, routers, switches, network control and automation software, and network management tools.