Ciena Corporation (NYSE:CIEN – Get Free Report) dropped 4% during trading on Wednesday . The stock traded as low as $430.00 and last traded at $429.1860. Approximately 122,672 shares changed hands during mid-day trading, a decline of 96% from the average daily volume of 3,063,954 shares. The stock had previously closed at $446.93.
Analyst Ratings Changes
Several brokerages have weighed in on CIEN. Stifel Nicolaus set a $615.00 price target on shares of Ciena in a report on Friday, May 29th. TD Cowen lifted their target price on shares of Ciena from $425.00 to $675.00 and gave the company a “buy” rating in a research note on Friday, May 15th. Weiss Ratings downgraded shares of Ciena from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, July 7th. Northland Securities set a $450.00 price target on Ciena in a report on Friday, June 5th. Finally, Argus set a $650.00 target price on Ciena in a research report on Friday, June 5th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat, Ciena currently has a consensus rating of “Moderate Buy” and an average target price of $530.56.
Get Our Latest Report on Ciena
Ciena Trading Down 9.0%
Ciena (NYSE:CIEN – Get Free Report) last posted its quarterly earnings data on Thursday, June 4th. The communications equipment provider reported $1.64 EPS for the quarter, topping the consensus estimate of $1.46 by $0.18. Ciena had a net margin of 7.87% and a return on equity of 18.15%. The company had revenue of $1.57 billion during the quarter, compared to analyst estimates of $1.50 billion. During the same period in the previous year, the firm earned $0.42 earnings per share. Ciena’s quarterly revenue was up 39.5% compared to the same quarter last year. Analysts predict that Ciena Corporation will post 5.4 earnings per share for the current year.
Insider Buying and Selling at Ciena
In other news, CEO Gary B. Smith sold 2,952 shares of the company’s stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of $562.05, for a total transaction of $1,659,171.60. Following the transaction, the chief executive officer owned 272,509 shares of the company’s stock, valued at approximately $153,163,683.45. This represents a 1.07% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Joseph Cumello sold 1,586 shares of the stock in a transaction that occurred on Friday, June 26th. The stock was sold at an average price of $466.33, for a total value of $739,599.38. Following the completion of the sale, the senior vice president owned 42,872 shares in the company, valued at approximately $19,992,499.76. The trade was a 3.57% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 21,627 shares of company stock valued at $10,974,985. 0.58% of the stock is owned by company insiders.
Institutional Trading of Ciena
Several institutional investors and hedge funds have recently made changes to their positions in CIEN. Elyxium Wealth LLC bought a new position in Ciena during the 4th quarter worth about $2,747,810,000. Corient Private Wealth LLC raised its holdings in shares of Ciena by 30,114.5% in the 4th quarter. Corient Private Wealth LLC now owns 2,870,677 shares of the communications equipment provider’s stock valued at $671,365,000 after purchasing an additional 2,861,176 shares in the last quarter. Lone Pine Capital LLC purchased a new stake in shares of Ciena in the 3rd quarter worth approximately $292,310,000. Price T Rowe Associates Inc. MD boosted its stake 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 in the last quarter. Finally, Atreides Management LP purchased a new position in Ciena during the second quarter valued at approximately $102,705,000. 91.99% of the stock is currently 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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