Thomas Michael Nevens Sells 8,554 Shares of Ciena (NYSE:CIEN) Stock

Ciena Corporation (NYSE:CIEN) Director Thomas Michael Nevens sold 8,554 shares of the business’s stock in a transaction on Monday, December 15th. The shares were sold at an average price of $224.66, for a total transaction of $1,921,741.64. Following the completion of the transaction, the director owned 9,422 shares in the company, valued at approximately $2,116,746.52. The trade was a 47.59% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Ciena Stock Performance

Shares of CIEN opened at $210.54 on Friday. The company has a current ratio of 2.73, a quick ratio of 2.09 and a debt-to-equity ratio of 0.56. The firm’s fifty day simple moving average is $192.68 and its two-hundred day simple moving average is $132.08. Ciena Corporation has a 12 month low of $49.21 and a 12 month high of $248.00. The stock has a market capitalization of $29.65 billion, a P/E ratio of 247.70, a price-to-earnings-growth ratio of 1.19 and a beta of 1.17.

Ciena (NYSE:CIEN) last announced its quarterly earnings data on Thursday, December 11th. The communications equipment provider reported $0.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.76 by $0.15. Ciena had a return on equity of 8.38% and a net margin of 2.59%.The company had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.29 billion. During the same period in the previous year, the business earned $0.54 EPS. The firm’s revenue was up 20.1% compared to the same quarter last year. As a group, analysts predict that Ciena Corporation will post 1.6 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Community Bank N.A. purchased a new stake in Ciena in the 3rd quarter valued at about $25,000. Mather Group LLC. bought a new position in shares of Ciena in the third quarter valued at approximately $28,000. Assetmark Inc. increased its position in shares of Ciena by 50.4% during the third quarter. Assetmark Inc. now owns 200 shares of the communications equipment provider’s stock valued at $29,000 after acquiring an additional 67 shares during the last quarter. Ameritas Advisory Services LLC lifted its holdings in Ciena by 104.0% during the third quarter. Ameritas Advisory Services LLC now owns 204 shares of the communications equipment provider’s stock worth $30,000 after acquiring an additional 104 shares during the period. Finally, Salomon & Ludwin LLC bought a new stake in Ciena during the third quarter worth $31,000. 91.99% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

CIEN has been the topic of a number of research analyst reports. Barclays increased their price target on Ciena from $138.00 to $279.00 and gave the stock an “overweight” rating in a report on Friday, December 12th. BNP Paribas Exane upgraded shares of Ciena from a “neutral” rating to an “outperform” rating and set a $185.00 target price on the stock in a research report on Monday, October 13th. Morgan Stanley set a $213.00 price target on shares of Ciena in a report on Wednesday. Wall Street Zen raised shares of Ciena from a “buy” rating to a “strong-buy” rating in a research note on Saturday, December 13th. Finally, Stifel Nicolaus set a $270.00 price objective on shares of Ciena in a research report on Thursday, December 11th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $237.50.

About Ciena

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.