Ciena Co. (NYSE:CIEN) Director Sells $80,200.00 in Stock

Ciena Co. (NYSE:CIEN) Director Thomas Michael Nevens sold 2,000 shares of the company’s stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $40.10, for a total value of $80,200.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Thomas Michael Nevens also recently made the following trade(s):

  • On Monday, August 12th, Thomas Michael Nevens sold 2,000 shares of Ciena stock. The stock was sold at an average price of $43.23, for a total value of $86,460.00.
  • On Thursday, July 11th, Thomas Michael Nevens sold 2,000 shares of Ciena stock. The stock was sold at an average price of $43.40, for a total value of $86,800.00.

Shares of CIEN traded up $0.34 during trading hours on Friday, hitting $39.88. 3,311,100 shares of the company were exchanged, compared to its average volume of 2,726,985. The company has a market cap of $6.15 billion, a PE ratio of 35.67, a PEG ratio of 1.22 and a beta of 1.13. The firm’s 50 day moving average is $42.05 and its 200-day moving average is $40.18. Ciena Co. has a 52 week low of $28.23 and a 52 week high of $46.78. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.45 and a current ratio of 2.90.

Ciena (NYSE:CIEN) last released its quarterly earnings results on Thursday, September 5th. The communications equipment provider reported $0.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.50 by $0.21. The company had revenue of $960.60 million during the quarter, compared to the consensus estimate of $930.64 million. Ciena had a return on equity of 13.64% and a net margin of 6.77%. The firm’s revenue was up 17.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.48 EPS. As a group, equities analysts forecast that Ciena Co. will post 1.88 earnings per share for the current fiscal year.

Several institutional investors and hedge funds have recently added to or reduced their stakes in CIEN. River & Mercantile Asset Management LLP bought a new stake in Ciena during the 2nd quarter valued at approximately $9,063,000. Treasurer of the State of North Carolina bought a new stake in Ciena during the 2nd quarter valued at approximately $3,670,000. Magnetar Financial LLC boosted its stake in Ciena by 10.8% during the 2nd quarter. Magnetar Financial LLC now owns 25,736 shares of the communications equipment provider’s stock valued at $1,059,000 after purchasing an additional 2,519 shares during the period. Verition Fund Management LLC boosted its stake in Ciena by 886.9% during the 2nd quarter. Verition Fund Management LLC now owns 91,574 shares of the communications equipment provider’s stock valued at $3,766,000 after purchasing an additional 82,295 shares during the period. Finally, Ladenburg Thalmann Financial Services Inc. boosted its stake in Ciena by 121.8% during the 2nd quarter. Ladenburg Thalmann Financial Services Inc. now owns 11,091 shares of the communications equipment provider’s stock valued at $457,000 after purchasing an additional 6,091 shares during the period. Institutional investors own 88.39% of the company’s stock.

Several brokerages have weighed in on CIEN. Nomura dropped their target price on Ciena from $52.00 to $47.00 and set a “buy” rating on the stock in a research report on Friday, September 6th. Northland Securities reaffirmed a “buy” rating and issued a $42.00 target price on shares of Ciena in a research report on Wednesday, June 5th. Needham & Company LLC reaffirmed a “hold” rating on shares of Ciena in a research report on Tuesday, September 3rd. TheStreet raised Ciena from a “c+” rating to a “b” rating in a research report on Tuesday, June 25th. Finally, Citigroup upped their target price on Ciena from $50.00 to $55.00 and gave the stock a “buy” rating in a research report on Friday, June 7th. Nine analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $48.52.

About Ciena

Ciena Corporation provides network hardware, software, and services that support the transport, 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 solutions optimized for the convergence of coherent optical transport, optical transport network switching, and packet switching.

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