Rick Hamilton Sells 2,540 Shares of Ciena Co. (NYSE:CIEN) Stock

Ciena Co. (NYSE:CIENGet Rating) SVP Rick Hamilton sold 2,540 shares of the firm’s stock in a transaction that occurred on Wednesday, September 21st. The shares were sold at an average price of $40.79, for a total value of $103,606.60. Following the completion of the sale, the senior vice president now directly owns 64,247 shares of the company’s stock, valued at approximately $2,620,635.13. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Ciena Stock Performance

Ciena stock traded up $0.30 during mid-day trading on Thursday, reaching $41.04. 2,086,551 shares of the company’s stock were exchanged, compared to its average volume of 1,608,488. The business’s fifty day simple moving average is $49.25 and its 200 day simple moving average is $51.55. The firm has a market capitalization of $6.08 billion, a PE ratio of 32.01, a P/E/G ratio of 3.27 and a beta of 0.91. Ciena Co. has a one year low of $40.17 and a one year high of $78.28. The company has a quick ratio of 2.58, a current ratio of 3.48 and a debt-to-equity ratio of 0.40.

Ciena (NYSE:CIENGet Rating) last issued its quarterly earnings results on Thursday, September 1st. The communications equipment provider reported $0.18 EPS for the quarter, missing analysts’ consensus estimates of $0.21 by ($0.03). The business had revenue of $867.30 million for the quarter, compared to the consensus estimate of $903.95 million. Ciena had a return on equity of 8.91% and a net margin of 5.37%. The business’s revenue was down 12.2% compared to the same quarter last year. During the same quarter last year, the business posted $0.81 earnings per share. On average, sell-side analysts expect that Ciena Co. will post 0.83 earnings per share for the current year.

Wall Street Analyst Weigh In

CIEN has been the subject of a number of research reports. Cowen reduced their price objective on Ciena from $82.00 to $71.00 and set an “outperform” rating for the company in a research note on Friday, September 2nd. Argus reduced their price objective on Ciena from $82.00 to $68.00 and set a “buy” rating for the company in a research note on Friday, June 3rd. Needham & Company LLC reduced their price objective on Ciena from $88.00 to $70.00 and set a “buy” rating for the company in a research note on Friday, September 2nd. JPMorgan Chase & Co. lowered Ciena from an “overweight” rating to a “neutral” rating and dropped their target price for the company from $62.00 to $45.00 in a report on Tuesday, September 6th. Finally, Morgan Stanley dropped their target price on Ciena from $65.00 to $60.00 and set an “overweight” rating on the stock in a report on Friday, September 2nd. Four equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $65.32.

Institutional Trading of Ciena

Several hedge funds have recently made changes to their positions in CIEN. Capital World Investors bought a new stake in shares of Ciena in the first quarter valued at $108,564,000. Alliancebernstein L.P. raised its stake in shares of Ciena by 38.5% in the fourth quarter. Alliancebernstein L.P. now owns 5,068,390 shares of the communications equipment provider’s stock valued at $390,114,000 after buying an additional 1,409,823 shares during the period. Goldman Sachs Group Inc. raised its stake in shares of Ciena by 137.0% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,222,361 shares of the communications equipment provider’s stock valued at $94,085,000 after buying an additional 706,610 shares during the period. Acadian Asset Management LLC grew its position in shares of Ciena by 47.1% in the first quarter. Acadian Asset Management LLC now owns 2,187,552 shares of the communications equipment provider’s stock valued at $132,597,000 after purchasing an additional 700,258 shares in the last quarter. Finally, Artemis Investment Management LLP purchased a new position in shares of Ciena in the second quarter valued at $29,626,000. 90.64% of the stock is currently owned by institutional investors.

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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