Ciena (NYSE:CIEN) Shares Gap Down on Insider Selling

Ciena Co. (NYSE:CIEN)’s stock price gapped down prior to trading on Friday following insider selling activity. The stock had previously closed at $38.18, but opened at $36.29. Ciena shares last traded at $35.00, with a volume of 7,256,568 shares trading hands.

Specifically, CFO James E. Moylan, Jr. sold 2,000 shares of the firm’s stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $36.96, for a total transaction of $73,920.00. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Gary B. Smith sold 3,750 shares of Ciena stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $37.65, for a total value of $141,187.50. In the last 90 days, insiders sold 110,313 shares of company stock valued at $5,643,265. Company insiders own 1.20% of the company’s stock.

A number of research analysts recently issued reports on the company. ValuEngine downgraded Ciena from a “hold” rating to a “sell” rating in a research note on Wednesday. Rosenblatt Securities raised Ciena from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $45.00 to $47.00 in a research report on Thursday, August 29th. Needham & Company LLC reiterated a “hold” rating on shares of Ciena in a research note on Tuesday, September 3rd. B. Riley set a $56.00 price objective on Ciena and gave the company a “buy” rating in a report on Friday, October 25th. Finally, Evercore ISI initiated coverage on shares of Ciena in a research report on Wednesday, September 11th. They set an “outperform” rating and a $48.00 target price on the stock. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the company. Ciena has a consensus rating of “Buy” and an average price target of $47.96.

The firm has a 50 day simple moving average of $37.31 and a two-hundred day simple moving average of $39.97. The company has a market capitalization of $5.41 billion, a PE ratio of 31.25, a P/E/G ratio of 0.97 and a beta of 1.06. The company has a current ratio of 2.90, a quick ratio of 2.45 and a debt-to-equity ratio of 0.32.

Ciena (NYSE:CIEN) last released its earnings results on Thursday, September 5th. The communications equipment provider reported $0.71 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.50 by $0.21. The business had revenue of $960.60 million for the quarter, compared to analyst estimates of $930.64 million. Ciena had a return on equity of 13.64% and a net margin of 6.77%. The company’s revenue for the quarter was up 17.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.48 earnings per share. Research analysts expect that Ciena Co. will post 1.88 earnings per share for the current fiscal year.

Large investors have recently added to or reduced their stakes in the business. First Trust Advisors LP boosted its position in shares of Ciena by 1,791.1% during the 3rd quarter. First Trust Advisors LP now owns 3,396,801 shares of the communications equipment provider’s stock worth $133,257,000 after purchasing an additional 3,217,184 shares in the last quarter. Nuveen Asset Management LLC acquired a new stake in shares of Ciena in the second quarter valued at about $77,706,000. Holocene Advisors LP acquired a new stake in shares of Ciena in the second quarter valued at about $53,362,000. FMR LLC boosted its holdings in Ciena by 605.3% during the first quarter. FMR LLC now owns 1,249,825 shares of the communications equipment provider’s stock worth $46,669,000 after buying an additional 1,072,632 shares in the last quarter. Finally, Menora Mivtachim Holdings LTD. purchased a new stake in Ciena during the third quarter worth about $40,458,000. Hedge funds and other institutional investors own 91.13% of the company’s stock.

About Ciena (NYSE:CIEN)

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

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