Insider Selling: Ciena Co. (NYSE:CIEN) SVP Sells 350 Shares of Stock

Ciena Co. (NYSE:CIEN) SVP Brodie Gage sold 350 shares of the firm’s stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $90.16, for a total value of $31,556.00. Following the completion of the sale, the senior vice president now owns 49,197 shares in the company, valued at $4,435,601.52. The trade was a 0.71 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.

Brodie Gage also recently made the following trade(s):

• On Wednesday, January 15th, Brodie Gage sold 350 shares of Ciena stock. The stock was sold at an average price of $85.91, for a total transaction of $30,068.50.

Ciena Trading Down 0.5 %

Shares of NYSE:CIEN opened at $86.58 on Friday. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.72 and a current ratio of 3.55. The stock has a market capitalization of $12.35 billion, a price-to-earnings ratio of 151.90, a PEG ratio of 1.55 and a beta of 0.88. Ciena Co. has a 1-year low of $43.30 and a 1-year high of $101.44. The company has a 50 day moving average price of $86.75 and a 200 day moving average price of $70.83.

Ciena (NYSE:CIEN) last issued its earnings results on Thursday, December 12th. The communications equipment provider reported $0.54 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.66 by ($0.12). Ciena had a return on equity of 4.72% and a net margin of 2.09%. The company had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.10 billion. During the same quarter in the previous year, the firm earned $0.56 earnings per share. The business’s revenue was down .5% compared to the same quarter last year. On average, research analysts anticipate that Ciena Co. will post 1.6 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Morgan Stanley cut shares of Ciena from an “overweight” rating to an “equal weight” rating and set a $63.00 target price for the company. in a research report on Monday, October 28th. Northland Securities increased their price objective on Ciena from $46.00 to $60.00 and gave the stock a “market perform” rating in a report on Friday, December 13th. Bank of America raised Ciena from a “neutral” rating to a “buy” rating and lifted their target price for the company from $70.00 to $95.00 in a research note on Friday, December 13th. Rosenblatt Securities increased their price target on Ciena from $75.00 to $94.00 and gave the stock a “neutral” rating in a research note on Friday, December 13th. Finally, Needham & Company LLC reissued a “buy” rating and set a $95.00 price target on shares of Ciena in a report on Friday, January 10th. Six equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $78.77.

Institutional Trading of Ciena

Institutional investors and hedge funds have recently bought and sold shares of the stock. Geode Capital Management LLC raised its stake in Ciena by 1.4% during the 3rd quarter. Geode Capital Management LLC now owns 2,408,014 shares of the communications equipment provider’s stock valued at $148,348,000 after purchasing an additional 33,074 shares during the period. Ritholtz Wealth Management acquired a new position in shares of Ciena in the fourth quarter worth $245,000. Merit Financial Group LLC purchased a new stake in shares of Ciena during the fourth quarter worth $421,000. Atria Investments Inc acquired a new stake in Ciena during the third quarter valued at $1,988,000. Finally, FMR LLC grew its stake in shares of Ciena by 0.5% in the 3rd quarter. FMR LLC now owns 21,664,066 shares of the communications equipment provider’s stock valued at $1,334,290,000 after buying an additional 108,407 shares in the last quarter. Institutional investors and hedge funds own 91.99% of the company’s stock.

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.