Ciena (NYSE:CIEN) Sets New 1-Year Low After Insider Selling

Ciena Co. (NYSE:CIENGet Rating) shares reached a new 52-week low on Friday following insider selling activity. The stock traded as low as $39.97 and last traded at $40.40, with a volume of 37635 shares traded. The stock had previously closed at $41.04.

Specifically, CEO Gary B. Smith sold 3,542 shares of the stock in a transaction on Tuesday, July 5th. The stock was sold at an average price of $44.85, for a total transaction of $158,858.70. Following the completion of the transaction, the chief executive officer now directly owns 424,337 shares of the company’s stock, valued at approximately $19,031,514.45. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, SVP Rick Hamilton sold 2,540 shares of the firm’s stock in a transaction on Wednesday, September 21st. The stock was sold at an average price of $40.79, for a total transaction 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 transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Gary B. Smith sold 3,542 shares of the firm’s stock in a transaction on Tuesday, July 5th. The stock was sold at an average price of $44.85, for a total value of $158,858.70. Following the sale, the chief executive officer now directly owns 424,337 shares of the company’s stock, valued at $19,031,514.45. The disclosure for this sale can be found here. In the last ninety days, insiders sold 29,250 shares of company stock valued at $1,395,279. 0.94% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research firms have recently weighed in on CIEN. Raymond James reduced their price objective on Ciena from $64.00 to $55.00 and set an “outperform” rating for the company in a research note on Friday, September 2nd. TheStreet lowered Ciena from a “b-” rating to a “c” rating in a research note on Thursday, September 1st. MKM Partners began coverage on Ciena in a report on Thursday, August 4th. They issued a “buy” rating and a $62.00 target price for the company. Rosenblatt Securities reduced their target price on Ciena from $70.00 to $65.00 and set a “buy” rating for the company in a report on Friday, September 2nd. Finally, Citigroup reduced their target price on Ciena from $85.00 to $65.00 and set a “buy” rating for the company in a report on Friday, June 3rd. Four analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $65.32.

Ciena Stock Down 1.6 %

The company has a debt-to-equity ratio of 0.40, a current ratio of 3.48 and a quick ratio of 2.58. The business’s 50 day moving average price is $49.14 and its 200-day moving average price is $51.43. The company has a market cap of $5.98 billion, a P/E ratio of 31.73, a PEG ratio of 3.28 and a beta of 0.91.

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

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. IronBridge Private Wealth LLC acquired a new stake in Ciena during the 4th quarter worth $31,000. SeaCrest Wealth Management LLC acquired a new stake in Ciena during the 2nd quarter worth $32,000. Eagle Bay Advisors LLC grew its holdings in Ciena by 98.3% during the 2nd quarter. Eagle Bay Advisors LLC now owns 817 shares of the communications equipment provider’s stock worth $37,000 after acquiring an additional 405 shares during the period. IndexIQ Advisors LLC acquired a new stake in Ciena during the 1st quarter worth $41,000. Finally, Whittier Trust Co. grew its holdings in Ciena by 46.8% during the 1st quarter. Whittier Trust Co. now owns 728 shares of the communications equipment provider’s stock worth $44,000 after acquiring an additional 232 shares during the period. Institutional investors own 90.64% of the company’s stock.

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.

Further Reading

Receive News & Ratings for Ciena Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ciena and related companies with MarketBeat.com's FREE daily email newsletter.