Gary Smith Sells 6,800 Shares of Ciena (NYSE:CIEN) Stock

Ciena Corporation (NYSE:CIEN) CEO Gary Smith sold 6,800 shares of the business’s stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $149.88, for a total transaction of $1,019,184.00. Following the completion of the sale, the chief executive officer directly owned 282,070 shares in the company, valued at approximately $42,276,651.60. This trade represents a 2.35% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Ciena Stock Down 0.9%

CIEN opened at $151.28 on Friday. Ciena Corporation has a 12 month low of $49.21 and a 12 month high of $154.02. The company has a market cap of $21.34 billion, a PE ratio of 155.96, a price-to-earnings-growth ratio of 2.11 and a beta of 1.15. The company has a current ratio of 3.28, a quick ratio of 2.52 and a debt-to-equity ratio of 0.55. The company has a 50 day moving average of $111.66 and a 200 day moving average of $86.30.

Analyst Upgrades and Downgrades

CIEN has been the topic of a number of analyst reports. Argus increased their price objective on Ciena from $100.00 to $135.00 and gave the stock a “buy” rating in a report on Friday, September 5th. Wall Street Zen raised shares of Ciena from a “hold” rating to a “buy” rating in a report on Friday, September 5th. Northland Securities set a $100.00 price objective on shares of Ciena in a research report on Monday, June 30th. JPMorgan Chase & Co. upped their target price on shares of Ciena from $105.00 to $140.00 and gave the stock an “overweight” rating in a report on Friday, September 5th. Finally, B. Riley reiterated a “neutral” rating and issued a $113.00 target price (up from $90.00) on shares of Ciena in a research note on Friday, September 5th. Three investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Ciena currently has an average rating of “Moderate Buy” and a consensus target price of $122.86.

Hedge Funds Weigh In On Ciena

Institutional investors have recently made changes to their positions in the stock. GAMMA Investing LLC lifted its position in Ciena by 2.3% in the third quarter. GAMMA Investing LLC now owns 4,071 shares of the communications equipment provider’s stock worth $593,000 after buying an additional 92 shares during the last quarter. Coldstream Capital Management Inc. raised its stake in shares of Ciena by 2.9% in the second quarter. Coldstream Capital Management Inc. now owns 4,693 shares of the communications equipment provider’s stock valued at $382,000 after acquiring an additional 132 shares during the period. National Bank of Canada FI raised its stake in shares of Ciena by 15.4% in the first quarter. National Bank of Canada FI now owns 1,147 shares of the communications equipment provider’s stock valued at $69,000 after acquiring an additional 153 shares during the period. Bayforest Capital Ltd lifted its holdings in shares of Ciena by 34.7% in the 1st quarter. Bayforest Capital Ltd now owns 636 shares of the communications equipment provider’s stock worth $38,000 after acquiring an additional 164 shares during the last quarter. Finally, Bessemer Group Inc. boosted its stake in shares of Ciena by 50.0% during the 1st quarter. Bessemer Group Inc. now owns 534 shares of the communications equipment provider’s stock worth $32,000 after purchasing an additional 178 shares during the period. Institutional investors own 91.99% of the company’s stock.

Ciena Company Profile

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.