Brodie Gage Sells 5,000 Shares of Ciena (NYSE:CIEN) Stock

Ciena Corporation (NYSE:CIEN) SVP Brodie Gage sold 5,000 shares of Ciena stock in a transaction dated Tuesday, March 24th. The stock was sold at an average price of $405.00, for a total value of $2,025,000.00. Following the completion of the sale, the senior vice president directly owned 46,341 shares in the company, valued at $18,768,105. This trade represents a 9.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Ciena Price Performance

Shares of Ciena stock opened at $388.26 on Friday. The firm has a market cap of $54.90 billion, a PE ratio of 247.30, a PEG ratio of 1.68 and a beta of 1.08. The stock has a 50 day moving average of $312.83 and a 200 day moving average of $232.27. The company has a current ratio of 2.81, a quick ratio of 2.14 and a debt-to-equity ratio of 0.55. Ciena Corporation has a 12 month low of $49.21 and a 12 month high of $446.89.

Ciena (NYSE:CIEN) last released its quarterly earnings data on Thursday, March 5th. The communications equipment provider reported $1.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.17 by $0.18. The business had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.40 billion. Ciena had a return on equity of 12.09% and a net margin of 4.47%.The company’s revenue was up 33.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.64 EPS. On average, research analysts expect that Ciena Corporation will post 1.6 EPS for the current fiscal year.

Institutional Trading of Ciena

A number of institutional investors have recently bought and sold shares of CIEN. Parallel Advisors LLC boosted its position in Ciena by 0.8% during the fourth quarter. Parallel Advisors LLC now owns 5,107 shares of the communications equipment provider’s stock worth $1,194,000 after purchasing an additional 43 shares in the last quarter. Transamerica Financial Advisors LLC grew its holdings in Ciena by 71.0% in the fourth quarter. Transamerica Financial Advisors LLC now owns 106 shares of the communications equipment provider’s stock valued at $25,000 after purchasing an additional 44 shares during the period. UMB Bank n.a. increased its position in shares of Ciena by 2.9% in the fourth quarter. UMB Bank n.a. now owns 1,629 shares of the communications equipment provider’s stock valued at $381,000 after buying an additional 46 shares in the last quarter. Truvestments Capital LLC raised its stake in shares of Ciena by 45.3% during the 4th quarter. Truvestments Capital LLC now owns 154 shares of the communications equipment provider’s stock worth $36,000 after buying an additional 48 shares during the period. Finally, Kera Capital Partners Inc. raised its stake in shares of Ciena by 2.7% during the 4th quarter. Kera Capital Partners Inc. now owns 2,026 shares of the communications equipment provider’s stock worth $510,000 after buying an additional 54 shares during the period. 91.99% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. B. Riley Financial upped their price target on shares of Ciena from $222.00 to $283.00 and gave the company a “neutral” rating in a research note on Friday, March 6th. Wall Street Zen cut shares of Ciena from a “strong-buy” rating to a “buy” rating in a research note on Sunday, December 21st. Weiss Ratings restated a “hold (c)” rating on shares of Ciena in a report on Wednesday, January 21st. Argus upped their target price on shares of Ciena from $135.00 to $280.00 and gave the company a “buy” rating in a research report on Friday, December 12th. Finally, TD Cowen assumed coverage on shares of Ciena in a report on Thursday, March 12th. They issued a “buy” rating and a $425.00 price target for the company. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and six have given a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $327.12.

About Ciena

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.