Ciena (CIEN) Shares Gap Down Following Insider Selling

Ciena (NYSE:CIEN) gapped down before the market opened on Thursday after an insider sold shares in the company. The stock had previously closed at $26.48, but opened at $26.13. Ciena shares last traded at $26.13, with a volume of 11137095 shares traded.

Specifically, SVP Scott Mcfeely sold 1,000 shares of Ciena stock in a transaction dated Thursday, March 15th. The stock was sold at an average price of $26.95, for a total value of $26,950.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Rick Hamilton sold 2,526 shares of Ciena stock in a transaction dated Monday, January 29th. The shares were sold at an average price of $21.40, for a total value of $54,056.40. The disclosure for this sale can be found here. Insiders have sold a total of 92,031 shares of company stock worth $2,308,613 in the last ninety days. 1.38% of the stock is currently owned by company insiders.

Several analysts have issued reports on CIEN shares. Goldman Sachs raised Ciena from a “neutral” rating to a “buy” rating and set a $27.00 price target on the stock in a research note on Monday, January 15th. ValuEngine raised Ciena from a “hold” rating to a “buy” rating in a research note on Friday, March 9th. Jefferies Group reissued a “buy” rating and issued a $31.00 price target on shares of Ciena in a research note on Wednesday, March 7th. MKM Partners lifted their price target on Ciena to $32.00 and gave the company a “buy” rating in a research note on Wednesday, March 7th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $29.00 price target (up previously from $24.00) on shares of Ciena in a research note on Wednesday, March 7th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and twenty-three have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $29.77.

The company has a quick ratio of 1.79, a current ratio of 2.06 and a debt-to-equity ratio of 0.33. The firm has a market capitalization of $3,874.98, a P/E ratio of 17.54, a PEG ratio of 1.60 and a beta of 1.38.

Ciena (NYSE:CIEN) last posted its quarterly earnings results on Tuesday, March 6th. The communications equipment provider reported $0.15 EPS for the quarter, topping analysts’ consensus estimates of $0.07 by $0.08. Ciena had a return on equity of 14.10% and a net margin of 27.76%. The business had revenue of $646.14 million during the quarter, compared to analysts’ expectations of $641.77 million. During the same quarter last year, the company posted $0.17 earnings per share. Ciena’s quarterly revenue was up 4.0% on a year-over-year basis. equities analysts expect that Ciena will post 1.08 earnings per share for the current fiscal year.

Institutional investors have recently bought and sold shares of the stock. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Ciena by 47.3% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,488 shares of the communications equipment provider’s stock worth $157,000 after purchasing an additional 2,403 shares during the period. Stone Ridge Asset Management LLC bought a new position in Ciena during the fourth quarter worth about $225,000. Corient Capital Partners LLC bought a new position in Ciena during the fourth quarter worth about $230,000. Aristotle Atlantic Partners LLC bought a new position in Ciena during the fourth quarter worth about $244,000. Finally, Koch Industries Inc. bought a new position in Ciena during the fourth quarter worth about $252,000.

About Ciena

Ciena Corporation provides hardware, software, and services that support the transport, switching, aggregation, service delivery, and management of voice, video, and data 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.

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