Ciena Co. (NYSE:CIEN) SVP Sells $55,703.52 in Stock

Ciena Co. (NYSE:CIEN) SVP Joseph Cumello sold 1,212 shares of the business’s stock in a transaction dated Wednesday, November 15th. The stock was sold at an average price of $45.96, for a total transaction of $55,703.52. Following the completion of the transaction, the senior vice president now directly owns 36,951 shares of the company’s stock, valued at $1,698,267.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Joseph Cumello also recently made the following trade(s):

• On Monday, October 16th, Joseph Cumello sold 1,212 shares of Ciena stock. The stock was sold at an average price of $42.45, for a total transaction of $51,449.40.

Ciena Stock Down 0.3 %

CIEN stock traded down $0.13 during midday trading on Monday, hitting $45.06. The company’s stock had a trading volume of 427,248 shares, compared to its average volume of 1,669,133. The company has a debt-to-equity ratio of 0.52, a current ratio of 3.95 and a quick ratio of 2.71. The company’s fifty day moving average price is $44.74 and its 200 day moving average price is $43.92. The stock has a market capitalization of $6.66 billion, a P/E ratio of 30.53, a PEG ratio of 1.31 and a beta of 0.96. Ciena Co. has a twelve month low of $39.94 and a twelve month high of $54.25.

Ciena (NYSE:CIEN) last posted its quarterly earnings results on Thursday, August 31st. The communications equipment provider reported $0.59 earnings per share for the quarter, beating analysts’ consensus estimates of $0.51 by $0.08. The firm had revenue of $1.07 billion during the quarter, compared to the consensus estimate of $1.04 billion. Ciena had a return on equity of 10.00% and a net margin of 5.23%. The business’s revenue was up 23.0% compared to the same quarter last year. During the same period last year, the company earned $0.18 earnings per share. As a group, equities research analysts predict that Ciena Co. will post 1.97 EPS for the current year.

Hedge Funds Weigh In On Ciena

A number of institutional investors have recently bought and sold shares of the business. Orion Capital Management LLC acquired a new position in shares of Ciena during the 1st quarter worth approximately $26,000. BOKF NA bought a new position in Ciena in the 1st quarter valued at about $30,000. BerganKDV Wealth Management LLC acquired a new position in shares of Ciena in the second quarter valued at approximately $32,000. Farther Finance Advisors LLC increased its stake in shares of Ciena by 63.9% during the second quarter. Farther Finance Advisors LLC now owns 849 shares of the communications equipment provider’s stock worth $36,000 after purchasing an additional 331 shares during the period. Finally, WealthPLAN Partners LLC bought a new position in Ciena during the 1st quarter worth $50,000. Institutional investors and hedge funds own 90.02% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. Needham & Company LLC cut their target price on shares of Ciena from $60.00 to $50.00 and set a “buy” rating on the stock in a research report on Monday, August 28th. Stifel Nicolaus initiated coverage on shares of Ciena in a report on Wednesday, September 27th. They issued a “buy” rating and a $62.00 price objective on the stock. Rosenblatt Securities raised their price objective on shares of Ciena from $57.00 to $65.00 in a research note on Friday, September 1st. StockNews.com initiated coverage on shares of Ciena in a research report on Thursday, October 5th. They set a “hold” rating for the company. Finally, B. Riley lifted their price objective on Ciena from $60.00 to $67.00 and gave the stock a “buy” rating in a research note on Friday, September 1st. Four analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Ciena has a consensus rating of “Moderate Buy” and an average target price of $61.39.

About Ciena

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, IP routing, and switching services.