Gary Smith Sells 6,800 Shares of Ciena (NYSE:CIEN) Stock

Ciena Corporation (NYSE:CIEN) CEO Gary Smith sold 6,800 shares of the stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $149.88, for a total value of $1,019,184.00. Following the completion of the sale, the chief executive officer owned 282,070 shares in the company, valued at approximately $42,276,651.60. The trade was a 2.35% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Ciena Stock Down 0.9%

Shares of CIEN opened at $151.28 on Friday. The company has a current ratio of 3.28, a quick ratio of 2.52 and a debt-to-equity ratio of 0.55. The firm has a market capitalization of $21.34 billion, a P/E ratio of 155.96, a P/E/G ratio of 2.11 and a beta of 1.15. The firm has a fifty day moving average price of $111.66 and a 200-day moving average price of $86.30. Ciena Corporation has a 12-month low of $49.21 and a 12-month high of $154.02.

Wall Street Analyst Weigh In

Several research firms have commented on CIEN. B. Riley restated a “neutral” rating and set a $113.00 price objective (up from $90.00) on shares of Ciena in a report on Friday, September 5th. Evercore ISI raised their price target on Ciena from $95.00 to $120.00 and gave the company an “in-line” rating in a research note on Thursday, September 4th. Needham & Company LLC lifted their price objective on Ciena from $90.00 to $130.00 and gave the company a “buy” rating in a report on Friday, September 5th. Bank of America increased their target price on shares of Ciena from $135.00 to $155.00 and gave the stock a “buy” rating in a report on Wednesday, September 17th. Finally, Wall Street Zen raised shares of Ciena from a “hold” rating to a “buy” rating in a research report on Friday, September 5th. Three investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $122.86.

Institutional Trading of Ciena

A number of institutional investors have recently modified their holdings of CIEN. GAMMA Investing LLC raised its stake in shares of Ciena by 2.3% during the 3rd quarter. GAMMA Investing LLC now owns 4,071 shares of the communications equipment provider’s stock worth $593,000 after acquiring an additional 92 shares in the last quarter. Orion Porfolio Solutions LLC grew its holdings in Ciena by 15.7% in the second quarter. Orion Porfolio Solutions LLC now owns 21,839 shares of the communications equipment provider’s stock worth $1,776,000 after purchasing an additional 2,971 shares during the last quarter. Marex Group plc purchased a new position in Ciena in the second quarter worth $434,000. Advisory Services Network LLC increased its position in shares of Ciena by 58.1% during the second quarter. Advisory Services Network LLC now owns 14,610 shares of the communications equipment provider’s stock worth $1,188,000 after purchasing an additional 5,369 shares in the last quarter. Finally, Caxton Associates LLP lifted its holdings in shares of Ciena by 301.0% during the 2nd quarter. Caxton Associates LLP now owns 250,000 shares of the communications equipment provider’s stock valued at $20,332,000 after purchasing an additional 187,658 shares during the last quarter. 91.99% of the stock is currently owned by institutional investors.

About Ciena

Ciena Corporation provides hardware and software services for delivery of video, data, and voice traffic metro, aggregation, and access communications network worldwide. The company’s Networking Platforms segment offers convergence of coherent optical transport, open optical networking, optical transport network switching, IP routing, and switching services.