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

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

Ciena Stock Down 0.7%

CIEN stock traded down $3.33 during trading hours on Friday, hitting $481.36. The company’s stock had a trading volume of 8,731,138 shares, compared to its average volume of 3,187,663. The stock has a 50 day moving average price of $518.44 and a two-hundred day moving average price of $380.77. Ciena Corporation has a 12 month low of $76.89 and a 12 month high of $637.51. The company has a market capitalization of $68.14 billion, a PE 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.

Ciena (NYSE:CIEN) last released its quarterly earnings results on Thursday, June 4th. The communications equipment provider reported $1.64 earnings per share for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $1.50 billion. During the same quarter last year, the firm earned $0.42 EPS. Ciena’s revenue for the quarter was up 39.5% on a year-over-year basis. On average, equities research analysts expect that Ciena Corporation will post 5.41 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms have recently issued reports on CIEN. Barclays upped their price target on Ciena from $372.00 to $607.00 and gave the stock an “overweight” rating in a research note on Friday, June 5th. Stifel Nicolaus set a $615.00 target price on Ciena in a report on Friday, May 29th. JPMorgan Chase & Co. upped their target price on Ciena from $380.00 to $550.00 and gave the stock an “overweight” rating in a research report on Thursday, April 16th. Northland Securities set a $450.00 price target on Ciena in a report on Friday, June 5th. Finally, Needham & Company LLC restated a “buy” rating and issued a $600.00 price objective on shares of Ciena in a research note on Tuesday. Thirteen equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $530.56.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Community Bank N.A. acquired a new stake in shares of Ciena in the third quarter worth $25,000. Transamerica Financial Advisors LLC raised its stake in Ciena by 71.0% during the 4th quarter. Transamerica Financial Advisors LLC now owns 106 shares of the communications equipment provider’s stock valued at $25,000 after purchasing an additional 44 shares during the last quarter. Assetmark Inc. raised its stake in Ciena by 50.4% during the 3rd quarter. Assetmark Inc. now owns 200 shares of the communications equipment provider’s stock valued at $29,000 after purchasing an additional 67 shares during the last quarter. Asset Dedication LLC boosted its holdings in Ciena by 2,100.0% in the 1st quarter. Asset Dedication LLC now owns 88 shares of the communications equipment provider’s stock valued at $34,000 after purchasing an additional 84 shares during the period. Finally, Hilltop National Bank bought a new stake in Ciena in the 4th quarter valued at $35,000. 91.99% of the stock is 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.