Joseph Cumello Sells 1,586 Shares of Ciena (NYSE:CIEN) Stock

Ciena Corporation (NYSE:CIEN) SVP Joseph Cumello sold 1,586 shares of Ciena stock in a transaction on Friday, June 26th. The shares were sold at an average price of $466.33, for a total transaction of $739,599.38. Following the completion of the sale, the senior vice president directly owned 42,872 shares in the company, valued at $19,992,499.76. This represents a 3.57% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Ciena Stock Performance

NYSE:CIEN opened at $461.48 on Thursday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.11 and a current ratio of 2.73. The company has a fifty day moving average of $517.03 and a two-hundred day moving average of $387.95. The stock has a market capitalization of $65.32 billion, a PE ratio of 153.83 and a beta of 1.27. Ciena Corporation has a fifty-two week low of $76.89 and a fifty-two week high of $637.51.

Ciena (NYSE:CIEN) last posted its quarterly earnings data on Thursday, June 4th. The communications equipment provider reported $1.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.46 by $0.18. The business 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%. The company’s revenue was up 39.5% compared to the same quarter last year. During the same period last year, the firm posted $0.42 earnings per share. As a group, research analysts forecast that Ciena Corporation will post 5.4 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on CIEN shares. Citigroup lifted their price objective on Ciena from $345.00 to $658.00 and gave the stock a “buy” rating in a report on Monday, May 18th. JPMorgan Chase & Co. increased their target price on Ciena from $380.00 to $550.00 and gave the company an “overweight” rating in a report on Thursday, April 16th. Morgan Stanley lifted their price target on Ciena from $405.00 to $490.00 and gave the stock an “equal weight” rating in a research note on Friday, June 5th. Wolfe Research reiterated an “outperform” rating and set a $375.00 price target on shares of Ciena in a research report on Thursday, March 5th. Finally, Stifel Nicolaus set a $615.00 price objective on Ciena in a research note on Friday, May 29th. Thirteen research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $530.56.

Hedge Funds Weigh In On Ciena

Institutional investors have recently added to or reduced their stakes in the stock. KBC Group NV grew its stake in shares of Ciena by 11.3% in the 4th quarter. KBC Group NV now owns 31,161 shares of the communications equipment provider’s stock valued at $7,288,000 after buying an additional 3,156 shares during the period. Goldman Sachs Group Inc. raised its position in shares of Ciena by 53.8% during the 4th quarter. Goldman Sachs Group Inc. now owns 445,359 shares of the communications equipment provider’s stock valued at $104,156,000 after buying an additional 155,712 shares during the period. FengHe Fund Management Pte. Ltd. lifted its holdings in Ciena by 164.0% in the fourth quarter. FengHe Fund Management Pte. Ltd. now owns 660,988 shares of the communications equipment provider’s stock valued at $154,585,000 after acquiring an additional 410,588 shares during the last quarter. DNB Asset Management AS lifted its holdings in Ciena by 1,095.8% in the fourth quarter. DNB Asset Management AS now owns 27,527 shares of the communications equipment provider’s stock valued at $6,438,000 after acquiring an additional 25,225 shares during the last quarter. Finally, Peak Financial Advisors LLC grew its position in Ciena by 222.7% in the fourth quarter. Peak Financial Advisors LLC now owns 11,596 shares of the communications equipment provider’s stock worth $2,712,000 after acquiring an additional 8,003 shares during the period. Hedge funds and other institutional investors own 91.99% of the company’s stock.

About Ciena

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.