Ciena (NYSE:CIEN) CFO Marc Graff Sells 126 Shares of Stock

Ciena Corporation (NYSE:CIEN) CFO Marc Graff sold 126 shares of the company’s stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $449.36, for a total value of $56,619.36. Following the sale, the chief financial officer owned 127,081 shares in the company, valued at $57,105,118.16. The trade was a 0.10% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Ciena Stock Down 0.7%

NYSE:CIEN opened at $481.36 on Friday. Ciena Corporation has a twelve month low of $76.89 and a twelve month high of $637.51. The firm has a market capitalization of $68.14 billion, a price-to-earnings ratio of 160.45 and a beta of 1.24. The company has a quick ratio of 2.11, a current ratio of 2.73 and a debt-to-equity ratio of 0.53. The stock’s 50 day moving average price is $518.53 and its two-hundred day moving average price is $381.48.

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

Analyst Upgrades and Downgrades

CIEN has been the topic of several research analyst reports. Morgan Stanley upped their price objective on Ciena from $405.00 to $490.00 and gave the company an “equal weight” rating in a research note on Friday, June 5th. Barclays lifted their price objective on shares of Ciena from $372.00 to $607.00 and gave the stock an “overweight” rating in a research report on Friday, June 5th. Rothschild & Co Redburn started coverage on shares of Ciena in a research note on Friday, May 1st. They set a “neutral” rating and a $416.00 target price for the company. B. Riley Financial upped their price target on shares of Ciena from $283.00 to $531.00 and gave the company a “neutral” rating in a research note on Tuesday, June 2nd. Finally, Bank of America upped their target price on Ciena from $550.00 to $660.00 and gave the company a “buy” rating in a research report on Tuesday, May 26th. Thirteen investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $530.56.

Institutional Investors Weigh In On Ciena

Several institutional investors have recently made changes to their positions in CIEN. Elyxium Wealth LLC bought a new position in Ciena during the 4th quarter worth $2,747,810,000. State Street Corp grew its holdings in shares of Ciena by 17.2% during the 4th quarter. State Street Corp now owns 5,102,409 shares of the communications equipment provider’s stock worth $1,193,300,000 after purchasing an additional 750,128 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of Ciena by 53.0% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 4,051,625 shares of the communications equipment provider’s stock worth $947,554,000 after purchasing an additional 1,404,132 shares during the period. Bank of America Corp DE raised its stake in Ciena by 10.4% in the second quarter. Bank of America Corp DE now owns 3,495,795 shares of the communications equipment provider’s stock valued at $284,313,000 after purchasing an additional 329,821 shares in the last quarter. Finally, Corient Private Wealth LLC lifted its position in Ciena by 30,114.5% during the fourth quarter. Corient Private Wealth LLC now owns 2,870,677 shares of the communications equipment provider’s stock worth $671,365,000 after purchasing an additional 2,861,176 shares during the period. 91.99% of the stock is currently owned by institutional investors.

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.