Insider Selling: Ciena Co. (NYSE:CIEN) SVP Sells 3,156 Shares of Stock

Ciena Co. (NYSE:CIEN) SVP Joseph Cumello sold 3,156 shares of the business’s stock in a transaction dated Monday, April 15th. The stock was sold at an average price of $45.74, for a total value of $144,355.44. Following the sale, the senior vice president now owns 51,171 shares in the company, valued at approximately $2,340,561.54. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Ciena Price Performance

Shares of CIEN stock traded down $0.25 during trading hours on Wednesday, hitting $44.78. 1,319,188 shares of the company’s stock were exchanged, compared to its average volume of 2,036,666. The company has a quick ratio of 3.12, a current ratio of 4.29 and a debt-to-equity ratio of 0.53. The firm has a market cap of $6.48 billion, a P/E ratio of 29.24, a P/E/G ratio of 2.03 and a beta of 0.99. The firm has a 50 day moving average of $52.52 and a two-hundred day moving average of $48.25. Ciena Co. has a fifty-two week low of $39.94 and a fifty-two week high of $63.24.

Ciena (NYSE:CIEN) last announced its earnings results on Thursday, March 7th. The communications equipment provider reported $0.66 earnings per share for the quarter, topping the consensus estimate of $0.48 by $0.18. The business had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.02 billion. Ciena had a return on equity of 9.92% and a net margin of 5.22%. The business’s quarterly revenue was down 1.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.48 EPS. Sell-side analysts forecast that Ciena Co. will post 1.46 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Harbour Capital Advisors LLC increased its position in shares of Ciena by 4.2% during the first quarter. Harbour Capital Advisors LLC now owns 30,560 shares of the communications equipment provider’s stock worth $1,485,000 after purchasing an additional 1,225 shares in the last quarter. Register Financial Advisors LLC purchased a new stake in shares of Ciena during the first quarter worth approximately $33,000. Wealth Enhancement Advisory Services LLC increased its position in shares of Ciena by 0.5% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 815,486 shares of the communications equipment provider’s stock worth $40,326,000 after purchasing an additional 4,444 shares in the last quarter. Gateway Investment Advisers LLC increased its position in shares of Ciena by 5.5% during the first quarter. Gateway Investment Advisers LLC now owns 26,271 shares of the communications equipment provider’s stock worth $1,299,000 after purchasing an additional 1,374 shares in the last quarter. Finally, Park Avenue Securities LLC increased its position in shares of Ciena by 5.8% during the first quarter. Park Avenue Securities LLC now owns 17,336 shares of the communications equipment provider’s stock worth $857,000 after purchasing an additional 951 shares in the last quarter. 91.99% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on CIEN shares. StockNews.com raised Ciena from a “sell” rating to a “hold” rating in a report on Friday, March 8th. BNP Paribas started coverage on Ciena in a report on Thursday, April 11th. They set an “outperform” rating and a $57.00 target price for the company. Evercore ISI lifted their target price on Ciena from $57.00 to $63.00 and gave the stock an “outperform” rating in a report on Friday, February 23rd. JPMorgan Chase & Co. boosted their price target on Ciena from $56.00 to $67.00 and gave the company an “overweight” rating in a report on Tuesday, March 5th. Finally, Needham & Company LLC boosted their price target on Ciena from $60.00 to $65.00 and gave the company a “buy” rating in a report on Monday, March 4th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $58.79.

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, optical transport network switching, IP routing, and switching services.