Ciena Corporation (NYSE:CIEN – Get Free Report) was up 5.6% during trading on Wednesday. The stock traded as high as $363.97 and last traded at $361.11. Approximately 2,972,762 shares traded hands during mid-day trading, an increase of 3% from the average daily volume of 2,896,132 shares. The stock had previously closed at $341.95.
Wall Street Analysts Forecast Growth
A number of equities research analysts have issued reports on the stock. Zacks Research raised shares of Ciena from a “hold” rating to a “strong-buy” rating in a report on Wednesday, September 9th. B. Riley Financial dropped their target price on shares of Ciena from $516.00 to $413.00 and set a “neutral” rating for the company in a report on Monday, August 31st. Citigroup reissued a “buy” rating on shares of Ciena in a research note on Friday, September 4th. TD Cowen restated a “buy” rating on shares of Ciena in a report on Thursday, September 17th. Finally, Barclays upped their price target on Ciena from $475.00 to $548.00 and gave the company an “overweight” rating in a research report on Thursday, September 17th. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, Ciena has a consensus rating of “Moderate Buy” and an average target price of $485.93.
Check Out Our Latest Research Report on CIEN
Ciena Price Performance
The company has a market cap of $45.73 billion, a PE ratio of 71.98, a PEG ratio of 5.02 and a beta of 1.28. The firm’s 50-day moving average is $370.43 and its 200-day moving average is $438.46. The company has a quick ratio of 3.17, a current ratio of 3.80 and a debt-to-equity ratio of 1.06.
Ciena (NYSE:CIEN – Get Free Report) last posted its quarterly earnings data on Thursday, September 3rd. The communications equipment provider reported $2.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.73 by $0.38. Ciena had a return on equity of 25.33% and a net margin of 10.87%. The business had revenue of $1.67 billion during the quarter, compared to the consensus estimate of $1.64 billion. During the same quarter in the prior year, the company earned $0.35 earnings per share. The firm’s quarterly revenue was up 37.0% compared to the same quarter last year. On average, equities analysts anticipate that Ciena Corporation will post 6.00 EPS for the current year.
Insider Buying and Selling at Ciena
In other Ciena news, EVP Jason Phipps sold 2,629 shares of Ciena stock in a transaction dated Thursday, October 1st. The shares were sold at an average price of $355.19, for a total value of $933,794.51. Following the completion of the transaction, the executive vice president directly owned 57,388 shares of the company’s stock, valued at approximately $20,383,643.72. The trade was a 4.38% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Brodie Gage sold 1,200 shares of the company’s stock in a transaction that occurred on Thursday, October 15th. The stock was sold at an average price of $344.08, for a total transaction of $412,896.00. Following the completion of the transaction, the executive vice president owned 34,073 shares in the company, valued at approximately $11,723,837.84. This represents a 3.40% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 36,014 shares of company stock worth $13,457,571 in the last 90 days. Insiders own 0.58% of the company’s stock.
Institutional Inflows and Outflows
Several hedge funds have recently modified their holdings of the business. TKG Advisors LLC bought a new stake in shares of Ciena in the first quarter worth approximately $3,244,000. Swiss National Bank raised its holdings in shares of Ciena by 7.0% during the first quarter. Swiss National Bank now owns 413,332 shares of the communications equipment provider’s stock valued at $160,468,000 after purchasing an additional 26,900 shares during the last quarter. Wealth High Governance Capital Ltda bought a new position in Ciena during the first quarter valued at approximately $10,883,000. Fifth Third Bancorp lifted its position in Ciena by 983.2% during the first quarter. Fifth Third Bancorp now owns 17,168 shares of the communications equipment provider’s stock valued at $6,665,000 after purchasing an additional 15,583 shares during the period. Finally, Rockefeller Capital Management L.P. boosted its holdings in Ciena by 126.0% in the fourth quarter. Rockefeller Capital Management L.P. now owns 8,413 shares of the communications equipment provider’s stock worth $1,968,000 after purchasing an additional 4,691 shares during the last quarter. Hedge funds and other institutional investors own 91.99% of the company’s stock.
About Ciena
Ciena Corporation (NYSE: CIEN) is a networking technology company that provides hardware, software, and services for communications networks. Its solutions help telecommunications carriers, cloud providers, enterprises, government organizations, and research institutions build, manage, and automate high-capacity networks.
The company’s portfolio includes optical networking systems, routing and switching platforms, network automation software, and network management tools. Ciena also offers consulting, implementation, maintenance, and professional services designed to support network planning, deployment, optimization, and ongoing operations.
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