Ciena Co. (NYSE:CIEN) VP Andrew C. Petrik Sells 1,000 Shares of Stock

Ciena Co. (NYSE:CIENGet Rating) VP Andrew C. Petrik sold 1,000 shares of the business’s stock in a transaction dated Thursday, September 15th. The stock was sold at an average price of $42.37, for a total value of $42,370.00. Following the transaction, the vice president now owns 29,190 shares in the company, valued at approximately $1,236,780.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Ciena Stock Performance

Shares of CIEN opened at $41.23 on Tuesday. The company has a debt-to-equity ratio of 0.40, a current ratio of 3.48 and a quick ratio of 2.58. Ciena Co. has a 12-month low of $41.06 and a 12-month high of $78.28. The business’s fifty day moving average price is $49.50 and its 200 day moving average price is $51.71. The stock has a market capitalization of $6.11 billion, a PE ratio of 32.46, a price-to-earnings-growth ratio of 2.94 and a beta of 0.91.

Ciena (NYSE:CIENGet Rating) last posted its quarterly earnings results on Thursday, September 1st. The communications equipment provider reported $0.33 EPS for the quarter, missing the consensus estimate of $0.34 by ($0.01). The business had revenue of $867.30 million during the quarter, compared to analyst estimates of $903.95 million. Ciena had a net margin of 5.37% and a return on equity of 8.91%. The company’s quarterly revenue was down 12.2% on a year-over-year basis. During the same period last year, the firm posted $0.81 earnings per share. Equities research analysts forecast that Ciena Co. will post 0.95 EPS for the current year.

Analyst Ratings Changes

Several equities analysts recently commented on CIEN shares. Argus reduced their price target on Ciena from $82.00 to $68.00 and set a “buy” rating on the stock in a research report on Friday, June 3rd. Morgan Stanley reduced their target price on shares of Ciena from $65.00 to $60.00 and set an “overweight” rating on the stock in a research report on Friday, September 2nd. Rosenblatt Securities lowered their price target on shares of Ciena from $70.00 to $65.00 and set a “buy” rating for the company in a report on Friday, September 2nd. Cowen dropped their price target on shares of Ciena from $82.00 to $71.00 and set an “outperform” rating on the stock in a research note on Friday, September 2nd. Finally, Loop Capital decreased their price objective on shares of Ciena from $92.00 to $84.00 and set a “buy” rating for the company in a research report on Monday, June 6th. Four research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, Ciena presently has an average rating of “Moderate Buy” and an average target price of $65.32.

Institutional Trading of Ciena

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Federated Hermes Inc. boosted its holdings in shares of Ciena by 1.7% during the second quarter. Federated Hermes Inc. now owns 26,994 shares of the communications equipment provider’s stock valued at $1,234,000 after acquiring an additional 459 shares during the period. Brown Advisory Inc. boosted its stake in Ciena by 36.4% during the 2nd quarter. Brown Advisory Inc. now owns 4,302 shares of the communications equipment provider’s stock valued at $293,000 after purchasing an additional 1,148 shares during the period. Hussman Strategic Advisors Inc. grew its position in Ciena by 70.3% in the 2nd quarter. Hussman Strategic Advisors Inc. now owns 62,000 shares of the communications equipment provider’s stock worth $2,833,000 after purchasing an additional 25,600 shares during the last quarter. Verition Fund Management LLC increased its stake in shares of Ciena by 1,133.0% in the second quarter. Verition Fund Management LLC now owns 208,304 shares of the communications equipment provider’s stock valued at $9,519,000 after purchasing an additional 191,410 shares during the period. Finally, Prelude Capital Management LLC raised its holdings in shares of Ciena by 10.7% during the second quarter. Prelude Capital Management LLC now owns 24,898 shares of the communications equipment provider’s stock valued at $1,138,000 after buying an additional 2,405 shares during the last quarter. 90.64% of the stock is currently owned by institutional investors and hedge funds.

Ciena Company Profile

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Ciena Corporation provides network hardware, software, and services that support the transport, routing, switching, aggregation, service delivery, and management of video, data, and voice traffic on communications networks worldwide. The company's Networking Platforms segment offers hardware networking products and solutions that optimized for the convergence of coherent optical transport, optical transport network switching, and packet switching.

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