Insider Selling: Ciena Co. (NYSE:CIEN) CEO Sells $231,242.50 in Stock

Ciena Co. (NYSE:CIEN) CEO Gary B. Smith sold 4,250 shares of the company’s stock in a transaction that occurred on Wednesday, July 22nd. The stock was sold at an average price of $54.41, for a total transaction of $231,242.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Gary B. Smith also recently made the following trade(s):

  • On Tuesday, July 7th, Gary B. Smith sold 8,500 shares of Ciena stock. The stock was sold at an average price of $56.50, for a total transaction of $480,250.00.
  • On Wednesday, May 20th, Gary B. Smith sold 4,250 shares of Ciena stock. The stock was sold at an average price of $52.76, for a total transaction of $224,230.00.

Shares of NYSE CIEN opened at $56.72 on Monday. The company has a debt-to-equity ratio of 0.30, a current ratio of 3.28 and a quick ratio of 2.83. The stock has a fifty day moving average price of $54.02 and a 200 day moving average price of $46.44. Ciena Co. has a 1-year low of $30.58 and a 1-year high of $57.53. The company has a market cap of $8.71 billion, a PE ratio of 27.67, a P/E/G ratio of 1.37 and a beta of 0.89.

Ciena (NYSE:CIEN) last issued its quarterly earnings results on Thursday, June 4th. The communications equipment provider reported $0.76 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.49 by $0.27. Ciena had a return on equity of 16.18% and a net margin of 8.78%. The firm had revenue of $894.00 million during the quarter, compared to the consensus estimate of $889.42 million. During the same period last year, the company earned $0.48 earnings per share. The company’s revenue for the quarter was up 3.3% on a year-over-year basis. Analysts anticipate that Ciena Co. will post 2.6 earnings per share for the current fiscal year.

CIEN has been the topic of several recent analyst reports. Nomura Securities dropped their price target on shares of Ciena from $50.00 to $46.00 and set a “buy” rating on the stock in a research note on Monday, March 30th. Northland Securities lowered shares of Ciena from an “outperform” rating to a “market perform” rating and set a $54.00 price target on the stock. in a research note on Thursday, June 4th. They noted that the move was a valuation call. MKM Partners increased their price target on shares of Ciena from $54.00 to $62.00 and gave the company a “buy” rating in a research note on Friday, May 22nd. Stifel Nicolaus increased their price target on shares of Ciena from $54.00 to $61.00 and gave the company a “buy” rating in a research note on Friday, June 5th. Finally, Piper Sandler increased their price target on shares of Ciena from $50.00 to $62.00 and gave the company an “overweight” rating in a research note on Thursday, June 4th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and eighteen have issued a buy rating to the company. The company has an average rating of “Buy” and an average price target of $56.71.

Several hedge funds and other institutional investors have recently modified their holdings of the stock. West Oak Capital LLC purchased a new position in Ciena in the second quarter worth $41,000. Meeder Asset Management Inc. raised its position in Ciena by 2,121.1% in the first quarter. Meeder Asset Management Inc. now owns 1,266 shares of the communications equipment provider’s stock worth $51,000 after acquiring an additional 1,209 shares in the last quarter. Patriot Financial Group Insurance Agency LLC purchased a new position in Ciena in the first quarter worth $76,000. Prime Capital Investment Advisors LLC raised its position in Ciena by 2,457.7% in the second quarter. Prime Capital Investment Advisors LLC now owns 1,816 shares of the communications equipment provider’s stock worth $98,000 after acquiring an additional 1,745 shares in the last quarter. Finally, Tobam raised its position in Ciena by 15.8% in the first quarter. Tobam now owns 2,508 shares of the communications equipment provider’s stock worth $100,000 after acquiring an additional 342 shares in the last quarter. 88.44% of the stock is owned by hedge funds and other institutional investors.

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.

Read More: What are the most popular ETFs

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

Receive News & Ratings for Ciena Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ciena and related companies with MarketBeat.com's FREE daily email newsletter.