Insider Selling: Ciena Corporation (CIEN) CEO Sells $171,760.00 in Stock

Ciena Corporation (NYSE:CIEN) CEO Gary B. Smith sold 8,000 shares of the company’s stock in a transaction dated Thursday, December 28th. The shares were sold at an average price of $21.47, for a total transaction of $171,760.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

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

  • On Thursday, December 27th, Gary B. Smith sold 4,000 shares of Ciena stock. The shares were sold at an average price of $21.66, for a total transaction of $86,640.00.
  • On Thursday, December 21st, Gary B. Smith sold 113,735 shares of Ciena stock. The stock was sold at an average price of $21.22, for a total transaction of $2,413,456.70.
  • On Friday, December 15th, Gary B. Smith sold 8,000 shares of Ciena stock. The stock was sold at an average price of $21.38, for a total transaction of $171,040.00.
  • On Tuesday, November 21st, Gary B. Smith sold 10,000 shares of Ciena stock. The stock was sold at an average price of $20.55, for a total transaction of $205,500.00.
  • On Thursday, November 9th, Gary B. Smith sold 6,000 shares of Ciena stock. The stock was sold at an average price of $20.09, for a total transaction of $120,540.00.
  • On Tuesday, October 24th, Gary B. Smith sold 8,000 shares of Ciena stock. The stock was sold at an average price of $22.12, for a total transaction of $176,960.00.

Shares of Ciena Corporation (CIEN) opened at $20.93 on Monday. Ciena Corporation has a twelve month low of $19.40 and a twelve month high of $27.98. The company has a current ratio of 1.93, a quick ratio of 1.68 and a debt-to-equity ratio of 0.27. The firm has a market cap of $3,007.21, a P/E ratio of 2.62, a PEG ratio of 1.33 and a beta of 1.67.

Ciena (NYSE:CIEN) last issued its quarterly earnings results on Thursday, December 7th. The communications equipment provider reported $0.46 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.50 by ($0.04). Ciena had a return on equity of 18.32% and a net margin of 45.04%. The firm had revenue of $744.40 million for the quarter, compared to the consensus estimate of $736.91 million. During the same period last year, the company posted $0.44 EPS. The business’s revenue was up 3.9% on a year-over-year basis. research analysts forecast that Ciena Corporation will post 1 earnings per share for the current year.

Ciena announced that its Board of Directors has authorized a share buyback program on Thursday, December 7th that permits the company to buyback $300.00 million in shares. This buyback authorization permits the communications equipment provider to reacquire shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its stock is undervalued.

A number of research analysts have issued reports on CIEN shares. Northland Securities restated a “buy” rating and set a $30.00 target price on shares of Ciena in a research report on Sunday, September 3rd. B. Riley restated a “buy” rating and set a $30.50 target price on shares of Ciena in a research report on Sunday, September 3rd. Zacks Investment Research lowered shares of Ciena from a “buy” rating to a “hold” rating in a research report on Friday, September 8th. Nomura restated a “buy” rating and set a $28.00 target price on shares of Ciena in a research report on Wednesday, September 20th. Finally, Needham & Company LLC restated a “buy” rating and set a $28.00 target price (down previously from $31.00) on shares of Ciena in a research report on Monday, September 25th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and nineteen have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $28.48.

Several institutional investors have recently modified their holdings of the company. Parametric Portfolio Associates LLC lifted its stake in Ciena by 15.9% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 187,277 shares of the communications equipment provider’s stock valued at $4,686,000 after purchasing an additional 25,663 shares during the last quarter. Marshall Wace North America L.P. bought a new position in Ciena in the 2nd quarter valued at approximately $2,679,000. Westfield Capital Management Co. LP lifted its stake in Ciena by 21.5% in the 3rd quarter. Westfield Capital Management Co. LP now owns 2,594,285 shares of the communications equipment provider’s stock valued at $56,996,000 after purchasing an additional 459,190 shares during the last quarter. OMERS ADMINISTRATION Corp bought a new position in Ciena in the 2nd quarter valued at approximately $1,927,000. Finally, Vanguard Group Inc. lifted its stake in Ciena by 1.7% in the 2nd quarter. Vanguard Group Inc. now owns 12,466,282 shares of the communications equipment provider’s stock valued at $311,906,000 after purchasing an additional 203,112 shares during the last quarter.

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About Ciena

Ciena Corporation is a network strategy and technology company, which provides solutions that enable a range of network operators to adopt communication architectures and deliver an array of services, relied upon by enterprise and consumer end users. It provides equipment, software and services that support the transport, switching, aggregation, service delivery and management of voice, video and data traffic on communications networks.

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

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