Ciena (NYSE:CIEN) Director Thomas Michael Nevens Sells 8,554 Shares

Ciena Corporation (NYSE:CIEN) Director Thomas Michael Nevens sold 8,554 shares of Ciena stock in a transaction dated Monday, December 15th. The shares were sold at an average price of $224.66, for a total transaction of $1,921,741.64. Following the sale, the director owned 9,422 shares in the company, valued at approximately $2,116,746.52. This trade represents a 47.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Ciena Stock Performance

NYSE:CIEN opened at $203.88 on Thursday. The firm has a market capitalization of $28.72 billion, a PE ratio of 239.86, a price-to-earnings-growth ratio of 1.22 and a beta of 1.17. The company has a quick ratio of 2.09, a current ratio of 2.73 and a debt-to-equity ratio of 0.56. Ciena Corporation has a 12-month low of $49.21 and a 12-month high of $248.00. The firm has a 50-day moving average price of $191.74 and a 200 day moving average price of $131.53.

Ciena (NYSE:CIEN) last released its quarterly earnings data on Thursday, December 11th. The communications equipment provider reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.76 by $0.15. The company had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.29 billion. Ciena had a return on equity of 8.38% and a net margin of 2.59%.The company’s revenue was up 20.1% compared to the same quarter last year. During the same period in the prior year, the company posted $0.54 EPS. Research analysts anticipate that Ciena Corporation will post 1.6 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Assetmark Inc. increased its stake in Ciena by 50.4% during the 3rd quarter. Assetmark Inc. now owns 200 shares of the communications equipment provider’s stock worth $29,000 after acquiring an additional 67 shares during the period. Global Retirement Partners LLC raised its position in shares of Ciena by 11.1% in the 3rd quarter. Global Retirement Partners LLC now owns 698 shares of the communications equipment provider’s stock valued at $102,000 after buying an additional 70 shares in the last quarter. Coldstream Capital Management Inc. lifted its stake in Ciena by 1.7% during the third quarter. Coldstream Capital Management Inc. now owns 4,772 shares of the communications equipment provider’s stock worth $695,000 after purchasing an additional 79 shares during the last quarter. Nisa Investment Advisors LLC boosted its holdings in shares of Ciena by 1.3% in the 3rd quarter. Nisa Investment Advisors LLC now owns 6,475 shares of the communications equipment provider’s stock valued at $943,000 after purchasing an additional 80 shares in the last quarter. Finally, GAMMA Investing LLC increased its stake in shares of Ciena by 2.3% in the 3rd quarter. GAMMA Investing LLC now owns 4,071 shares of the communications equipment provider’s stock valued at $593,000 after purchasing an additional 92 shares during the last quarter. Institutional investors own 91.99% of the company’s stock.

Analyst Ratings Changes

CIEN has been the topic of several recent analyst reports. Zacks Research downgraded shares of Ciena from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 24th. Northland Capmk cut shares of Ciena from a “strong-buy” rating to a “hold” rating in a research note on Friday, December 12th. Morgan Stanley set a $213.00 target price on shares of Ciena in a research note on Wednesday. Stifel Nicolaus set a $270.00 price target on Ciena in a research report on Thursday, December 11th. Finally, Barclays lifted their price objective on Ciena from $138.00 to $279.00 and gave the company an “overweight” rating in a research report on Friday, December 12th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and eight have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $237.50.

Ciena Company Profile

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.