Ciena Corporation (NYSE:CIEN – Get Free Report) shares were up 8.8% on Thursday . The stock traded as high as $484.54 and last traded at $479.6120. 332,923 shares traded hands during mid-day trading, a decline of 89% from the average session volume of 3,113,867 shares. The stock had previously closed at $440.97.
Wall Street Analysts Forecast Growth
Several analysts have recently issued reports on the stock. Raymond James Financial boosted their price target on shares of Ciena from $320.00 to $530.00 and gave the company an “outperform” rating in a research report on Thursday, June 4th. JPMorgan Chase & Co. boosted their target price on shares of Ciena from $380.00 to $550.00 and gave the company an “overweight” rating in a report on Thursday, April 16th. Weiss Ratings cut Ciena from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday. Barclays lifted their target price on Ciena from $372.00 to $607.00 and gave the company an “overweight” rating in a report on Friday, June 5th. Finally, Stifel Nicolaus set a $615.00 price target on Ciena in a research report on Friday, May 29th. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $530.56.
Get Our Latest Stock Analysis on CIEN
Ciena Price Performance
Ciena (NYSE:CIEN – Get Free Report) last issued its quarterly earnings data on Thursday, June 4th. The communications equipment provider reported $1.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.46 by $0.18. Ciena had a return on equity of 18.15% and a net margin of 7.87%.The company had revenue of $1.57 billion for the quarter, compared to the consensus estimate of $1.50 billion. During the same quarter last year, the business posted $0.42 earnings per share. The firm’s revenue was up 39.5% compared to the same quarter last year. Research analysts forecast that Ciena Corporation will post 5.4 earnings per share for the current year.
Insider Buying and Selling at Ciena
In related news, SVP Joseph Cumello sold 1,586 shares of Ciena stock in a transaction on Friday, June 26th. The shares were sold at an average price of $466.33, for a total value of $739,599.38. Following the sale, the senior vice president owned 42,872 shares in the company, valued at $19,992,499.76. The trade was a 3.57% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Gary B. Smith sold 2,952 shares of the stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of $562.05, for a total value of $1,659,171.60. Following the completion of the transaction, the chief executive officer directly owned 272,509 shares of the company’s stock, valued at $153,163,683.45. This represents a 1.07% 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. Over the last three months, insiders sold 22,827 shares of company stock valued at $11,541,133. 0.58% of the stock is owned by insiders.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently modified their holdings of the business. Elyxium Wealth LLC purchased a new position in Ciena in the 4th quarter worth about $2,747,810,000. Corient Private Wealth LLC grew its stake in shares of Ciena by 30,114.5% in the fourth quarter. Corient Private Wealth LLC now owns 2,870,677 shares of the communications equipment provider’s stock worth $671,365,000 after acquiring an additional 2,861,176 shares during the period. Lone Pine Capital LLC purchased a new position in shares of Ciena during the third quarter valued at approximately $292,310,000. Price T Rowe Associates Inc. MD raised its holdings in shares of Ciena by 53.0% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 4,051,625 shares of the communications equipment provider’s stock valued at $947,554,000 after purchasing an additional 1,404,132 shares during the last quarter. Finally, Atreides Management LP bought a new position in Ciena during the second quarter valued at approximately $102,705,000. 91.99% of the stock is owned by institutional investors.
Ciena Company Profile
Ciena Corporation (NYSE: CIEN) is a global supplier of telecommunications networking equipment, software and services. The company develops high-capacity optical transport systems and packet-optical platforms that enable service providers, cloud operators and large enterprises to build, manage and scale their networks. Ciena’s product portfolio includes coherent optical solutions, packet networking platforms and a suite of network automation software designed to optimize bandwidth, reduce latency and simplify network operations.
In addition to hardware offerings, Ciena provides professional services and support, including network design, implementation and ongoing maintenance.
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