Ciena Corporation (NYSE:CIEN) CEO Gary B. Smith sold 8,000 shares of the firm’s stock in a transaction that occurred on Friday, January 12th. The stock was sold at an average price of $21.86, for a total transaction of $174,880.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website.

Gary B. Smith also recently made the following trade(s):

  • On Thursday, December 27th, Gary B. Smith sold 4,000 shares of Ciena stock. The stock was sold at an average price of $21.66, for a total transaction of $86,640.00.
  • On Thursday, December 28th, Gary B. Smith sold 8,000 shares of Ciena stock. The stock was sold at an average price of $21.47, for a total transaction of $171,760.00.
  • On Thursday, December 21st, Gary B. Smith sold 113,735 shares of Ciena stock. The stock was sold at an average price of $21.22, for a total transaction of $2,413,456.70.
  • On Friday, December 15th, Gary B. Smith sold 8,000 shares of Ciena stock. The stock was sold at an average price of $21.38, for a total transaction of $171,040.00.
  • On Tuesday, November 21st, Gary B. Smith sold 10,000 shares of Ciena stock. The stock was sold at an average price of $20.55, for a total transaction of $205,500.00.
  • On Thursday, November 9th, Gary B. Smith sold 6,000 shares of Ciena stock. The stock was sold at an average price of $20.09, for a total transaction of $120,540.00.
  • On Tuesday, October 24th, Gary B. Smith sold 8,000 shares of Ciena stock. The stock was sold at an average price of $22.12, for a total transaction of $176,960.00.

Shares of Ciena Corporation (NYSE:CIEN) traded up $0.62 during midday trading on Tuesday, reaching $22.56. 3,737,438 shares of the company were exchanged, compared to its average volume of 2,470,980. Ciena Corporation has a 1 year low of $19.40 and a 1 year high of $27.98. The firm has a market capitalization of $3,240.00, a price-to-earnings ratio of 3.26, a P/E/G ratio of 1.40 and a beta of 1.67. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.68 and a current ratio of 1.93.

Ciena (NYSE:CIEN) last announced its earnings results on Thursday, December 7th. The communications equipment provider reported $0.46 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.50 by ($0.04). The firm had revenue of $744.40 million for the quarter, compared to analyst estimates of $736.91 million. Ciena had a return on equity of 18.32% and a net margin of 45.04%. The firm’s revenue was up 3.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.44 EPS. analysts anticipate that Ciena Corporation will post 1 EPS for the current fiscal year.

Ciena declared that its Board of Directors has authorized a share buyback plan on Thursday, December 7th that authorizes the company to repurchase $300.00 million in outstanding shares. This repurchase authorization authorizes the communications equipment provider to buy shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

A number of research analysts have recently weighed in on the stock. Stifel Nicolaus reissued a “buy” rating and set a $30.00 price objective on shares of Ciena in a research note on Wednesday, October 4th. BidaskClub raised shares of Ciena from a “strong sell” rating to a “sell” rating in a research note on Wednesday, October 25th. Goldman Sachs Group raised shares of Ciena from a “neutral” rating to a “buy” rating and set a $27.00 price objective for the company in a research note on Monday. Piper Jaffray Companies reissued a “buy” rating on shares of Ciena in a research note on Thursday, October 12th. Finally, B. Riley dropped their price objective on shares of Ciena from $30.50 to $28.00 and set a “buy” rating for the company in a research note on Tuesday, December 5th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and twenty have issued a buy rating to the company’s stock. Ciena has a consensus rating of “Buy” and an average price target of $28.48.

Several institutional investors and hedge funds have recently made changes to their positions in CIEN. Neuberger Berman Group LLC boosted its holdings in shares of Ciena by 169.5% in the 3rd quarter. Neuberger Berman Group LLC now owns 4,217,455 shares of the communications equipment provider’s stock valued at $92,657,000 after purchasing an additional 2,652,791 shares during the last quarter. Rubric Capital Management LP bought a new position in shares of Ciena in the 3rd quarter valued at about $33,373,000. Becker Capital Management Inc. bought a new position in shares of Ciena in the 3rd quarter valued at about $27,188,000. FIL Ltd bought a new position in shares of Ciena in the 2nd quarter valued at about $23,010,000. Finally, Quentec Asset Management LLC bought a new position in shares of Ciena in the 2nd quarter valued at about $14,512,000.

COPYRIGHT VIOLATION NOTICE: “Insider Selling: Ciena Corporation (CIEN) CEO Sells 8,000 Shares of Stock” was originally reported by American Banking News and is the sole property of of American Banking News. If you are reading this report on another site, it was illegally copied and republished in violation of US & international copyright legislation. The correct version of this report can be viewed at https://www.americanbankingnews.com/2018/01/16/insider-selling-ciena-corporation-cien-ceo-sells-8000-shares-of-stock.html.

Ciena Company Profile

Ciena Corporation is a network strategy and technology company, which provides solutions that enable a range of network operators to adopt communication architectures and deliver an array of services, relied upon by enterprise and consumer end users. It provides equipment, software and services that support the transport, switching, aggregation, service delivery and management of voice, video and data traffic on communications networks.

Insider Buying and Selling by Quarter for Ciena (NYSE:CIEN)

Receive News & Ratings for Ciena Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ciena and related companies with MarketBeat.com's FREE daily email newsletter.