Patrick H. Nettles Sells 20,000 Shares of Ciena Co. (NYSE:CIEN) Stock

Ciena Co. (NYSE:CIEN) Director Patrick H. Nettles sold 20,000 shares of the stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $58.61, for a total value of $1,172,200.00.

Patrick H. Nettles also recently made the following trade(s):

  • On Monday, July 20th, Patrick H. Nettles sold 20,000 shares of Ciena stock. The stock was sold at an average price of $54.16, for a total value of $1,083,200.00.
  • On Monday, July 13th, Patrick H. Nettles sold 20,000 shares of Ciena stock. The stock was sold at an average price of $54.66, for a total value of $1,093,200.00.
  • On Friday, July 10th, Patrick H. Nettles sold 20,000 shares of Ciena stock. The shares were sold at an average price of $54.74, for a total value of $1,094,800.00.

Shares of CIEN traded up $1.84 during mid-day trading on Wednesday, reaching $59.43. The stock had a trading volume of 77,316 shares, compared to its average volume of 1,814,801. Ciena Co. has a 52-week low of $30.58 and a 52-week high of $59.27. The firm has a market cap of $9.05 billion, a price-to-earnings ratio of 28.09, a P/E/G ratio of 1.42 and a beta of 0.89. The business’s fifty day moving average is $54.27 and its 200 day moving average is $46.75. The company has a debt-to-equity ratio of 0.30, a current ratio of 3.28 and a quick ratio of 2.83.

Ciena (NYSE:CIEN) last posted its quarterly earnings results on Thursday, June 4th. The communications equipment provider reported $0.76 earnings per share for the quarter, beating the consensus estimate of $0.49 by $0.27. The business had revenue of $894.00 million during the quarter, compared to analysts’ expectations of $889.42 million. Ciena had a net margin of 8.78% and a return on equity of 16.18%. The business’s revenue for the quarter was up 3.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.48 EPS. As a group, sell-side analysts anticipate that Ciena Co. will post 2.6 EPS for the current fiscal year.

A number of equities research analysts have recently commented on CIEN shares. Rosenblatt Securities reaffirmed a “buy” rating and set a $64.00 price objective on shares of Ciena in a research note on Monday, June 29th. Citigroup lifted their price objective on shares of Ciena from $45.00 to $65.00 and gave the company a “buy” rating in a report on Friday, June 5th. Barclays raised their target price on Ciena from $48.00 to $67.00 and gave the company an “overweight” rating in a research report on Friday, June 5th. Nomura increased their price target on Ciena from $46.00 to $63.00 and gave the stock a “buy” rating in a research report on Friday, June 5th. Finally, B. Riley lowered Ciena from a “buy” rating to a “neutral” rating and decreased their target price for the company from $54.00 to $51.00 in a research report on Wednesday, May 13th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and eighteen have given a buy rating to the company. Ciena has a consensus rating of “Buy” and a consensus target price of $56.71.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Meeder Asset Management Inc. increased its position in shares of Ciena by 2,121.1% during the 1st quarter. Meeder Asset Management Inc. now owns 1,266 shares of the communications equipment provider’s stock worth $51,000 after purchasing an additional 1,209 shares during the last quarter. Mercer Global Advisors Inc. ADV boosted its stake in Ciena by 167.0% during the first quarter. Mercer Global Advisors Inc. ADV now owns 20,022 shares of the communications equipment provider’s stock worth $797,000 after buying an additional 12,523 shares during the period. Morgan Stanley increased its position in shares of Ciena by 31.2% during the first quarter. Morgan Stanley now owns 454,485 shares of the communications equipment provider’s stock valued at $18,093,000 after acquiring an additional 107,972 shares during the last quarter. State Street Corp raised its stake in shares of Ciena by 2.6% in the 1st quarter. State Street Corp now owns 3,783,454 shares of the communications equipment provider’s stock valued at $150,619,000 after acquiring an additional 96,321 shares during the period. Finally, Ellevest Inc. lifted its holdings in shares of Ciena by 27.4% in the 2nd quarter. Ellevest Inc. now owns 3,562 shares of the communications equipment provider’s stock worth $193,000 after acquiring an additional 766 shares during the last quarter. Institutional investors and hedge funds own 88.44% of the company’s stock.

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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Insider Buying and Selling by Quarter for Ciena (NYSE:CIEN)

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