Insider Selling: Ciena Corporation (CIEN) Director Sells $16,996.00 in Stock
Ciena Corporation (NYSE:CIEN) Director Harvey B. Cash sold 700 shares of the business’s stock in a transaction that occurred on Thursday, January 5th. The stock was sold at an average price of $24.28, for a total transaction of $16,996.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.
Shares of Ciena Corporation (NYSE:CIEN) opened at 24.12 on Friday. Ciena Corporation has a one year low of $15.62 and a one year high of $25.19. The stock has a market cap of $3.39 billion, a P/E ratio of 47.02 and a beta of 1.74. The stock’s 50 day moving average is $23.50 and its 200-day moving average is $21.43.
Ciena Corporation (NYSE:CIEN) last released its quarterly earnings data on Thursday, December 8th. The company reported $0.44 earnings per share for the quarter, missing the consensus estimate of $0.46 by $0.02. The firm earned $716.20 million during the quarter, compared to the consensus estimate of $716.48 million. Ciena Corporation had a net margin of 2.79% and a return on equity of 23.37%. The business’s revenue was up 3.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.42 earnings per share. On average, equities analysts forecast that Ciena Corporation will post $1.71 EPS for the current year.
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A number of equities analysts have commented on the stock. B. Riley reissued a “buy” rating and issued a $33.75 price target on shares of Ciena Corporation in a research note on Sunday, December 11th. Vetr lowered shares of Ciena Corporation from a “strong-buy” rating to a “buy” rating and set a $26.34 price objective for the company. in a report on Thursday, December 8th. MKM Partners restated a “positive” rating and issued a $28.00 price objective on shares of Ciena Corporation in a report on Friday, October 7th. Needham & Company LLC restated a “buy” rating and issued a $30.00 price objective on shares of Ciena Corporation in a report on Thursday, December 8th. Finally, BMO Capital Markets restated an “outperform” rating and issued a $30.00 price objective (up from $27.00) on shares of Ciena Corporation in a report on Saturday, December 10th. Five analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $26.84.
Several hedge funds have recently added to or reduced their stakes in CIEN. Creative Planning increased its stake in Ciena Corporation by 0.4% in the third quarter. Creative Planning now owns 24,740 shares of the company’s stock valued at $539,000 after buying an additional 110 shares during the last quarter. ETRADE Capital Management LLC increased its stake in Ciena Corporation by 0.3% in the third quarter. ETRADE Capital Management LLC now owns 41,469 shares of the company’s stock valued at $904,000 after buying an additional 142 shares during the last quarter. Strs Ohio increased its stake in Ciena Corporation by 1.6% in the third quarter. Strs Ohio now owns 19,200 shares of the company’s stock valued at $418,000 after buying an additional 300 shares during the last quarter. Advisor Group Inc. increased its stake in Ciena Corporation by 5.6% in the third quarter. Advisor Group Inc. now owns 8,731 shares of the company’s stock valued at $102,000 after buying an additional 460 shares during the last quarter. Finally, Profund Advisors LLC increased its stake in Ciena Corporation by 2.9% in the second quarter. Profund Advisors LLC now owns 17,581 shares of the company’s stock valued at $330,000 after buying an additional 488 shares during the last quarter. Hedge funds and other institutional investors own 96.21% of the company’s stock.
About Ciena Corporation
Ciena Corporation is a network specialist that focuses on providing communications networking solutions. The Company operates through four segments: Converged Packet Optical, Packet Networking, Optical Transport, and Software and Services. Its Converged Packet Optical portfolio includes networking solutions optimized for the convergence of coherent optical transport, optical transport network (OTN) switching and packet switching.
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