Ciena Co. (CIEN) Director Sells $239,680.00 in Stock

Ciena Co. (NYSE:CIEN) Director Thomas Michael Nevens sold 7,000 shares of the company’s stock in a transaction on Monday, May 13th. The shares were sold at an average price of $34.24, for a total value of $239,680.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

NYSE CIEN traded up $0.89 during trading hours on Thursday, hitting $34.19. 174,034 shares of the company’s stock were exchanged, compared to its average volume of 2,554,622. Ciena Co. has a 12-month low of $22.99 and a 12-month high of $45.70. The company has a market capitalization of $5.31 billion, a PE ratio of 30.49, a price-to-earnings-growth ratio of 1.29 and a beta of 1.02. The company has a current ratio of 2.98, a quick ratio of 2.52 and a debt-to-equity ratio of 0.33.

Ciena (NYSE:CIEN) last released its earnings results on Tuesday, March 5th. The communications equipment provider reported $0.27 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.21 by $0.06. The firm had revenue of $778.53 million for the quarter, compared to the consensus estimate of $761.62 million. Ciena had a return on equity of 10.73% and a net margin of 5.03%. The firm’s revenue for the quarter was up 20.5% compared to the same quarter last year. During the same period in the prior year, the business posted $0.15 earnings per share. Equities analysts predict that Ciena Co. will post 1.53 EPS for the current year.

Several analysts have recently issued reports on the company. JPMorgan Chase & Co. downgraded Ciena from a “neutral” rating to an “underweight” rating in a research report on Monday, April 22nd. Zacks Investment Research downgraded Ciena from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 7th. ValuEngine upgraded Ciena from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, January 22nd. Citigroup upped their price objective on Ciena to $50.00 and gave the company a “buy” rating in a research report on Wednesday, March 6th. Finally, Deutsche Bank increased their target price on Ciena from $25.00 to $32.00 and gave the stock a “hold” rating in a research report on Wednesday, March 6th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $42.13.

A number of large investors have recently made changes to their positions in CIEN. Oregon Public Employees Retirement Fund increased its stake in Ciena by 3,337.5% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 1,908,421 shares of the communications equipment provider’s stock worth $56,000 after acquiring an additional 1,852,903 shares during the last quarter. Norges Bank acquired a new stake in Ciena during the fourth quarter worth about $59,613,000. BlackRock Inc. increased its stake in Ciena by 9.6% during the fourth quarter. BlackRock Inc. now owns 17,899,503 shares of the communications equipment provider’s stock worth $606,974,000 after acquiring an additional 1,561,445 shares during the last quarter. Renaissance Technologies LLC increased its stake in Ciena by 471.1% during the first quarter. Renaissance Technologies LLC now owns 1,598,274 shares of the communications equipment provider’s stock worth $59,680,000 after acquiring an additional 1,318,400 shares during the last quarter. Finally, FMR LLC increased its stake in Ciena by 605.3% during the first quarter. FMR LLC now owns 1,249,825 shares of the communications equipment provider’s stock worth $46,669,000 after acquiring an additional 1,072,632 shares during the last quarter. Institutional investors own 94.44% of the company’s stock.

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About Ciena

Ciena Corporation provides network hardware, software, and services that support the transport, switching, aggregation, service delivery, and management of video, data, and voice traffic on communications networks worldwide. The company's Networking Platforms segment offers hardware networking solutions optimized for the convergence of coherent optical transport, optical transport network switching, and packet switching.

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