Insider Selling: Ciena (NYSE:CIEN) CFO Sells $56,619.36 in Stock

Ciena Corporation (NYSE:CIEN) CFO Marc Graff sold 126 shares of the business’s stock in a transaction dated 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 legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Ciena Trading Up 0.4%

Shares of CIEN opened at $481.36 on Monday. Ciena Corporation has a 12-month low of $76.89 and a 12-month high of $637.51. The firm has a market capitalization of $68.14 billion, a P/E ratio of 160.45 and a beta of 1.24. The firm has a 50-day moving average price of $518.53 and a 200 day moving average price of $382.67. The company has a current ratio of 2.73, a quick ratio of 2.11 and a debt-to-equity ratio of 0.53.

Ciena (NYSE:CIEN) last issued its earnings results on Thursday, June 4th. The communications equipment provider reported $1.64 EPS for the quarter, topping analysts’ consensus estimates of $1.46 by $0.18. The company had revenue of $1.57 billion for the quarter, compared to the consensus estimate of $1.50 billion. Ciena had a net margin of 7.87% and a return on equity of 18.15%. Ciena’s quarterly revenue was up 39.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.42 earnings per share. Sell-side analysts forecast that Ciena Corporation will post 5.4 EPS for the current year.

Institutional Trading of Ciena

Institutional investors have recently added to or reduced their stakes in the stock. Elyxium Wealth LLC acquired a new position in Ciena during the fourth quarter worth $2,747,810,000. State Street Corp raised its holdings in shares of Ciena by 17.2% in the 4th quarter. State Street Corp now owns 5,102,409 shares of the communications equipment provider’s stock valued at $1,193,300,000 after buying an additional 750,128 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in shares of Ciena by 53.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 4,051,625 shares of the communications equipment provider’s stock valued at $947,554,000 after buying an additional 1,404,132 shares during the period. Bank of America Corp DE lifted its stake in Ciena by 10.4% during the 2nd quarter. Bank of America Corp DE now owns 3,495,795 shares of the communications equipment provider’s stock worth $284,313,000 after acquiring an additional 329,821 shares in the last quarter. Finally, Corient Private Wealth LLC lifted its stake in Ciena by 30,114.5% during the 4th quarter. Corient Private Wealth LLC now owns 2,870,677 shares of the communications equipment provider’s stock worth $671,365,000 after acquiring an additional 2,861,176 shares in the last quarter. Institutional investors and hedge funds own 91.99% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently commented on CIEN shares. Wolfe Research reiterated an “outperform” rating and issued a $375.00 price objective on shares of Ciena in a report on Thursday, March 5th. Needham & Company LLC reissued a “buy” rating and set a $600.00 target price on shares of Ciena in a research note on Tuesday, June 23rd. Zacks Research downgraded Ciena from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, June 3rd. Northland Securities set a $450.00 price target on Ciena in a research note on Friday, June 5th. Finally, Raymond James Financial increased their price target on Ciena from $320.00 to $530.00 and gave the stock an “outperform” rating in a report on Thursday, June 4th. Thirteen analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat.com, Ciena currently has an average rating of “Moderate Buy” and a consensus price target of $530.56.

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.