Insider Selling: Ciena Co. (NYSE:CIEN) SVP Sells 3,500 Shares of Stock

Ciena Co. (NYSE:CIEN) SVP David M. Rothenstein sold 3,500 shares of the business’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $56.24, for a total transaction of $196,840.00. Following the completion of the transaction, the senior vice president now owns 205,421 shares in the company, valued at $11,552,877.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Ciena Price Performance

CIEN stock opened at $56.45 on Wednesday. The firm has a 50 day moving average of $51.88 and a 200-day moving average of $49.80. The firm has a market capitalization of $8.11 billion, a P/E ratio of 54.28, a price-to-earnings-growth ratio of 6.86 and a beta of 0.94. Ciena Co. has a 12 month low of $39.94 and a 12 month high of $63.24. The company has a current ratio of 4.06, a quick ratio of 2.99 and a debt-to-equity ratio of 0.53.

Ciena (NYSE:CIEN) last announced its quarterly earnings results on Wednesday, September 4th. The communications equipment provider reported $0.35 EPS for the quarter, beating the consensus estimate of $0.26 by $0.09. The firm had revenue of $942.30 million during the quarter, compared to the consensus estimate of $928.31 million. Ciena had a net margin of 3.44% and a return on equity of 5.98%. The business’s quarterly revenue was down 11.8% compared to the same quarter last year. During the same period last year, the firm earned $0.36 EPS. As a group, sell-side analysts predict that Ciena Co. will post 1.15 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

CIEN has been the topic of a number of research reports. Bank of America reaffirmed a “neutral” rating and issued a $59.00 price target on shares of Ciena in a report on Thursday, September 5th. Morgan Stanley boosted their target price on Ciena from $55.00 to $60.00 and gave the company an “overweight” rating in a research note on Wednesday, September 4th. Raymond James downgraded Ciena from a “strong-buy” rating to an “outperform” rating and cut their price target for the stock from $59.00 to $54.00 in a research note on Thursday, June 6th. Rosenblatt Securities lifted their price objective on Ciena from $54.00 to $60.00 and gave the stock a “neutral” rating in a report on Thursday, September 5th. Finally, Northland Securities reaffirmed a “market perform” rating and set a $46.00 price objective on shares of Ciena in a report on Tuesday, September 3rd. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $59.15.

Hedge Funds Weigh In On Ciena

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Kapitalo Investimentos Ltda bought a new stake in shares of Ciena during the 4th quarter valued at about $30,000. Register Financial Advisors LLC purchased a new stake in Ciena in the first quarter valued at approximately $33,000. Headlands Technologies LLC bought a new stake in Ciena during the first quarter valued at approximately $40,000. Canton Hathaway LLC purchased a new position in Ciena in the 2nd quarter worth approximately $40,000. Finally, Covestor Ltd grew its stake in Ciena by 339.5% in the 1st quarter. Covestor Ltd now owns 1,213 shares of the communications equipment provider’s stock worth $60,000 after buying an additional 937 shares in the last quarter. 91.99% of the stock is currently owned by hedge funds and other institutional investors.

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.