Ciena (CIEN) Stock Price Down 5.1% Following Insider Selling

Ciena Co. (NYSE:CIEN) was down 5.1% during trading on Tuesday after an insider sold shares in the company. The company traded as low as $31.42 and last traded at $31.45. Approximately 2,788,927 shares changed hands during mid-day trading, a decline of 8% from the average daily volume of 3,023,146 shares. The stock had previously closed at $33.14.

Specifically, SVP Jason Phipps sold 1,581 shares of the business’s stock in a transaction that occurred on Monday, September 24th. The stock was sold at an average price of $30.98, for a total transaction of $48,979.38. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP James E. Moylan, Jr. sold 1,963 shares of the business’s stock in a transaction that occurred on Wednesday, November 14th. The stock was sold at an average price of $33.35, for a total value of $65,466.05. The disclosure for this sale can be found here. Insiders have sold a total of 89,875 shares of company stock valued at $2,811,012 over the last three months. Corporate insiders own 1.38% of the company’s stock.

CIEN has been the subject of several recent analyst reports. Stifel Nicolaus initiated coverage on Ciena in a report on Tuesday, October 23rd. They issued a “buy” rating and a $35.00 target price for the company. UBS Group lowered Ciena from a “buy” rating to a “neutral” rating and upped their target price for the company from $29.50 to $33.00 in a report on Wednesday, September 26th. Zacks Investment Research raised Ciena from a “hold” rating to a “buy” rating and set a $35.00 target price for the company in a report on Wednesday, September 5th. ValuEngine raised Ciena from a “hold” rating to a “buy” rating in a report on Friday, August 17th. Finally, Morgan Stanley lowered Ciena from an “overweight” rating to an “equal weight” rating and upped their target price for the company from $30.00 to $32.00 in a report on Thursday, September 13th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and thirteen have given a buy rating to the company’s stock. Ciena presently has a consensus rating of “Buy” and a consensus price target of $33.05.

The company has a debt-to-equity ratio of 0.33, a current ratio of 1.97 and a quick ratio of 1.76. The company has a market cap of $4.65 billion, a P/E ratio of 21.11, a P/E/G ratio of 1.42 and a beta of 1.24.

Institutional investors have recently bought and sold shares of the stock. Belpointe Asset Management LLC purchased a new position in Ciena in the third quarter valued at approximately $137,000. Signaturefd LLC lifted its stake in Ciena by 484.4% in the second quarter. Signaturefd LLC now owns 5,534 shares of the communications equipment provider’s stock valued at $147,000 after purchasing an additional 4,587 shares during the last quarter. CenterStar Asset Management LLC purchased a new position in Ciena in the third quarter valued at approximately $159,000. Moneta Group Investment Advisors LLC lifted its stake in Ciena by 102.0% in the second quarter. Moneta Group Investment Advisors LLC now owns 6,140 shares of the communications equipment provider’s stock valued at $163,000 after purchasing an additional 3,100 shares during the last quarter. Finally, O Shaughnessy Asset Management LLC purchased a new position in Ciena in the third quarter valued at approximately $198,000.

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About Ciena (NYSE:CIEN)

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.

See Also: Market Capitalization

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