Insider Selling: Ciena (NYSE:CIEN) CEO Sells $880,168.32 in Stock

Ciena Corporation (NYSE:CIEN) CEO Gary Smith sold 2,952 shares of the business’s stock in a transaction on Monday, November 2nd. The stock was sold at an average price of $298.16, for a total transaction of $880,168.32. Following the completion of the sale, the chief executive officer owned 222,503 shares in the company, valued at approximately $66,341,494.48. The trade was a 1.31% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Ciena Price Performance

Shares of NYSE CIEN traded down $28.61 during mid-day trading on Wednesday, hitting $271.47. 3,873,375 shares of the company’s stock traded hands, compared to its average volume of 2,910,426. The company has a market capitalization of $38.50 billion, a P/E ratio of 60.60, a PEG ratio of 2.28 and a beta of 1.33. Ciena Corporation has a 1 year low of $168.22 and a 1 year high of $637.51. The company’s 50-day moving average is $359.64 and its two-hundred day moving average is $402.45. The company has a debt-to-equity ratio of 1.06, a current ratio of 3.80 and a quick ratio of 3.17.

Ciena (NYSE:CIEN) last announced its quarterly earnings data on Thursday, September 3rd. The communications equipment provider reported $2.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.73 by $0.38. The business had revenue of $1.67 billion during the quarter, compared to the consensus estimate of $1.64 billion. Ciena had a net margin of 10.87% and a return on equity of 25.33%. The firm’s quarterly revenue was up 37.0% compared to the same quarter last year. During the same quarter last year, the firm earned $0.35 earnings per share. On average, equities analysts anticipate that Ciena Corporation will post 6.00 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on CIEN. Wall Street Zen raised shares of Ciena from a “hold” rating to a “buy” rating in a report on Sunday, October 25th. Raymond James Financial reaffirmed an “outperform” rating and issued a $600.00 price objective (up from $530.00) on shares of Ciena in a report on Thursday, September 3rd. Weiss Ratings lowered Ciena from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, August 25th. UBS Group cut their price objective on shares of Ciena from $508.00 to $394.00 and set a “neutral” rating for the company in a report on Friday, September 4th. Finally, B. Riley Financial reduced their price target on Ciena from $516.00 to $413.00 and set a “neutral” rating for the company in a report on Monday, August 31st. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $485.93.

Institutional Trading of Ciena

A number of large investors have recently made changes to their positions in the company. Markowski Investments purchased a new stake in Ciena during the 2nd quarter worth about $28,000. Carolina Wealth Advisors LLC increased its holdings in shares of Ciena by 57.8% in the 2nd quarter. Carolina Wealth Advisors LLC now owns 71 shares of the communications equipment provider’s stock valued at $35,000 after acquiring an additional 26 shares during the last quarter. Asset Dedication LLC raised its position in shares of Ciena by 2,100.0% during the 1st quarter. Asset Dedication LLC now owns 88 shares of the communications equipment provider’s stock worth $34,000 after acquiring an additional 84 shares in the last quarter. Bogart Wealth LLC raised its position in shares of Ciena by 635.7% during the 1st quarter. Bogart Wealth LLC now owns 103 shares of the communications equipment provider’s stock worth $40,000 after acquiring an additional 89 shares in the last quarter. Finally, Western Wealth Management LLC purchased a new stake in Ciena during the first quarter worth approximately $49,000. 91.99% of the stock is currently owned by hedge funds and other institutional investors.

Ciena Company Profile

Ciena Corporation (NYSE: CIEN) is a networking technology company that provides hardware, software, and services for communications networks. Its solutions help telecommunications carriers, cloud providers, enterprises, government organizations, and research institutions build, manage, and automate high-capacity networks.

The company’s portfolio includes optical networking systems, routing and switching platforms, network automation software, and network management tools. Ciena also offers consulting, implementation, maintenance, and professional services designed to support network planning, deployment, optimization, and ongoing operations.