Ciena Co. (NYSE:CIEN) SVP Rick Hamilton Sells 2,600 Shares

Ciena Co. (NYSE:CIEN – Get Rating) SVP Rick Hamilton sold 2,600 shares of the stock in a transaction that occurred on Wednesday, June 22nd. The stock was sold at an average price of $44.06, for a total transaction of $114,556.00. Following the completion of the transaction, the senior vice president now owns 68,257 shares in the company, valued at approximately $3,007,403.42. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

CIEN traded up $1.96 on Thursday, hitting $46.14. The company had a trading volume of 2,477,275 shares, compared to its average volume of 1,663,729. The firm has a market cap of $6.91 billion, a P/E ratio of 16.96, a PEG ratio of 1.80 and a beta of 0.87. Ciena Co. has a 1 year low of $41.63 and a 1 year high of $78.28. The company’s fifty day moving average price is $51.02 and its 200 day moving average price is $61.09. The company has a current ratio of 3.72, a quick ratio of 3.10 and a debt-to-equity ratio of 0.38.

Ciena (NYSE:CIEN – Get Rating) last issued its quarterly earnings data on Thursday, June 2nd. The communications equipment provider reported $0.50 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.54 by ($0.04). The company had revenue of $949.20 million during the quarter, compared to analysts’ expectations of $950.86 million. Ciena had a net margin of 11.15% and a return on equity of 12.18%. The firm’s quarterly revenue was up 13.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.52 earnings per share. On average, analysts predict that Ciena Co. will post 1.65 earnings per share for the current year.

Several equities analysts recently weighed in on the stock. Rosenblatt Securities cut their price target on shares of Ciena from $80.00 to $70.00 and set a “buy” rating on the stock in a report on Monday, May 23rd. Evercore ISI dropped their price objective on shares of Ciena to $60.00 in a research note on Friday, June 3rd. Argus dropped their price objective on shares of Ciena from $82.00 to $68.00 and set a “buy” rating on the stock in a research note on Friday, June 3rd. UBS Group dropped their price objective on shares of Ciena from $66.00 to $51.00 and set a “neutral” rating on the stock in a research note on Friday, June 3rd. Finally, Raymond James dropped their price target on shares of Ciena from $80.00 to $75.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 8th. Three equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $73.71.

A number of institutional investors and hedge funds have recently modified their holdings of the stock. BlackRock Inc. raised its holdings in Ciena by 2.5% in the 1st quarter. BlackRock Inc. now owns 15,906,925 shares of the communications equipment provider’s stock valued at $964,436,000 after buying an additional 392,550 shares during the period. Alliancebernstein L.P. grew its position in Ciena by 38.5% in the 4th quarter. Alliancebernstein L.P. now owns 5,068,390 shares of the communications equipment provider’s stock valued at $390,114,000 after acquiring an additional 1,409,823 shares in the last quarter. State Street Corp grew its position in Ciena by 3.9% in the 1st quarter. State Street Corp now owns 4,218,280 shares of the communications equipment provider’s stock valued at $255,754,000 after acquiring an additional 160,100 shares in the last quarter. Bank of America Corp DE grew its position in Ciena by 1.0% in the 1st quarter. Bank of America Corp DE now owns 2,990,505 shares of the communications equipment provider’s stock valued at $181,314,000 after acquiring an additional 29,565 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its position in Ciena by 10.7% in the 3rd quarter. Bank of New York Mellon Corp now owns 2,936,940 shares of the communications equipment provider’s stock valued at $150,812,000 after acquiring an additional 284,184 shares in the last quarter. Hedge funds and other institutional investors own 88.75% of the company’s stock.

About Ciena (Get Rating)

Ciena Corporation provides network hardware, software, and services that support the transport, routing, 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 products and solutions that optimized for the convergence of coherent optical transport, optical transport network switching, and packet switching.

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