Ciena (NYSE:CIEN) SVP Joseph Cumello Sells 1,586 Shares of Stock

Ciena Corporation (NYSE:CIEN) SVP Joseph Cumello sold 1,586 shares of the company’s stock in a transaction that occurred on Friday, June 26th. The shares were sold at an average price of $466.33, for a total value of $739,599.38. Following the completion of the transaction, the senior vice president directly owned 42,872 shares of the company’s stock, valued at approximately $19,992,499.76. This represents a 3.57% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Ciena Stock Performance

Ciena stock traded up $5.94 during mid-day trading on Tuesday, reaching $484.87. 1,230,299 shares of the company’s stock were exchanged, compared to its average volume of 3,180,257. The business’s fifty day simple moving average is $518.19 and its 200 day simple moving average is $384.52. The firm has a market capitalization of $68.63 billion, a PE ratio of 162.06 and a beta of 1.24. Ciena Corporation has a one year low of $76.89 and a one year high of $637.51. The company has a quick ratio of 2.11, a current ratio of 2.73 and a debt-to-equity ratio of 0.53.

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

Hedge Funds Weigh In On Ciena

Large investors have recently modified their holdings of the business. SmartHarvest Portfolios LLC raised its position in Ciena by 1.8% during the first quarter. SmartHarvest Portfolios LLC now owns 1,142 shares of the communications equipment provider’s stock worth $443,000 after acquiring an additional 20 shares during the period. Modera Wealth Management LLC grew its position in shares of Ciena by 1.8% in the first quarter. Modera Wealth Management LLC now owns 1,685 shares of the communications equipment provider’s stock valued at $654,000 after purchasing an additional 29 shares during the period. Whittier Trust Co. increased its stake in shares of Ciena by 9.5% during the first quarter. Whittier Trust Co. now owns 358 shares of the communications equipment provider’s stock worth $139,000 after purchasing an additional 31 shares in the last quarter. Parallel Advisors LLC increased its stake in shares of Ciena by 0.8% during the fourth quarter. Parallel Advisors LLC now owns 5,107 shares of the communications equipment provider’s stock worth $1,194,000 after purchasing an additional 43 shares in the last quarter. Finally, Transamerica Financial Advisors LLC raised its position in shares of Ciena by 71.0% during the 4th quarter. Transamerica Financial Advisors LLC now owns 106 shares of the communications equipment provider’s stock worth $25,000 after purchasing an additional 44 shares during the last quarter. Hedge funds and other institutional investors own 91.99% of the company’s stock.

Analyst Ratings Changes

CIEN has been the subject of several research reports. Rosenblatt Securities increased their price target on shares of Ciena from $350.00 to $720.00 and gave the company a “buy” rating in a research report on Friday, June 5th. Raymond James Financial boosted their target price on shares of Ciena from $320.00 to $530.00 and gave the company an “outperform” rating in a research note on Thursday, June 4th. Stifel Nicolaus set a $615.00 target price on shares of Ciena in a research report on Friday, May 29th. Northland Securities set a $450.00 price target on shares of Ciena in a research note on Friday, June 5th. Finally, Argus set a $650.00 price target on shares of Ciena in a report on Friday, June 5th. Thirteen equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat.com, Ciena presently has an average rating of “Moderate Buy” and an average target price of $530.56.

About Ciena

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.