Ciena Co. (NYSE:CIEN) SVP Rick Hamilton Sells 2,600 Shares

Ciena Co. (NYSE:CIENGet Rating) SVP Rick Hamilton sold 2,600 shares of the stock in a transaction on Wednesday, June 22nd. The shares were sold at an average price of $44.06, for a total value of $114,556.00. Following the sale, the senior vice president now directly owns 68,257 shares in the company, valued at approximately $3,007,403.42. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Shares of CIEN traded up $1.96 during midday trading on Thursday, reaching $46.14. The stock had a trading volume of 2,477,275 shares, compared to its average volume of 1,663,729. Ciena Co. has a 52 week low of $41.63 and a 52 week high of $78.28. The company has a debt-to-equity ratio of 0.38, a current ratio of 3.72 and a quick ratio of 3.10. The firm’s 50 day moving average price is $51.02 and its 200-day moving average price is $61.09. The company has a market capitalization of $6.91 billion, a P/E ratio of 16.96, a P/E/G ratio of 1.80 and a beta of 0.87.

Ciena (NYSE:CIENGet Rating) last issued its earnings results on Thursday, June 2nd. The communications equipment provider reported $0.50 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.04). The company had revenue of $949.20 million during the quarter, compared to analyst estimates of $950.86 million. Ciena had a return on equity of 12.18% and a net margin of 11.15%. The business’s revenue was up 13.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.52 earnings per share. On average, equities analysts forecast that Ciena Co. will post 1.65 earnings per share for the current year.

Hedge funds and other institutional investors have recently modified their holdings of the stock. IronBridge Private Wealth LLC acquired a new position in shares of Ciena in the 4th quarter worth $31,000. Allegheny Financial Group LTD acquired a new position in shares of Ciena in the 4th quarter worth $44,000. IndexIQ Advisors LLC acquired a new position in shares of Ciena in the 1st quarter worth $41,000. Whittier Trust Co. grew its holdings in shares of Ciena by 46.8% in the 1st quarter. Whittier Trust Co. now owns 728 shares of the communications equipment provider’s stock worth $44,000 after acquiring an additional 232 shares during the last quarter. Finally, First Horizon Advisors Inc. grew its holdings in shares of Ciena by 32.9% during the fourth quarter. First Horizon Advisors Inc. now owns 744 shares of the communications equipment provider’s stock valued at $57,000 after buying an additional 184 shares in the last quarter. Institutional investors and hedge funds own 88.75% of the company’s stock.

Several research firms recently weighed in on CIEN. Cowen reduced their target price on Ciena from $96.00 to $82.00 in a research report on Monday, June 6th. Evercore ISI cut their price objective on Ciena to $60.00 in a report on Friday, June 3rd. Argus cut their price objective on Ciena from $82.00 to $68.00 and set a “buy” rating on the stock in a report on Friday, June 3rd. Morgan Stanley cut their price objective on Ciena from $64.00 to $56.00 and set an “equal weight” rating on the stock in a report on Tuesday, June 14th. Finally, Barclays dropped their target price on Ciena from $84.00 to $70.00 and set an “overweight” rating on the stock in a report on Friday, June 3rd. Three equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat.com, Ciena presently has a consensus rating of “Moderate Buy” and an average target price of $73.71.

About Ciena (Get Rating)

Ciena Corporation provides network hardware, software, and services that support the transport, routing, switching, aggregation, service delivery, and management of video, data, and voice traffic on communications networks worldwide. The company's Networking Platforms segment offers hardware networking products and solutions that optimized for the convergence of coherent optical transport, optical transport network switching, and packet switching.

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