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Gary B. Smith Sells 3,542 Shares of Ciena Co. (NYSE:CIEN) Stock

Defense World ·  Sep 23, 2022 07:12

Ciena Co. (NYSE:CIEN – Get Rating) CEO Gary B. Smith sold 3,542 shares of the stock in a transaction that occurred on Monday, September 19th. The shares were sold at an average price of $41.35, for a total value of $146,461.70. Following the transaction, the chief executive officer now owns 406,627 shares of the company's stock, valued at $16,814,026.45. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink.

Ciena Price Performance

Shares of CIEN opened at $41.04 on Friday. The firm has a market capitalization of $6.08 billion, a price-to-earnings ratio of 32.32, a price-to-earnings-growth ratio of 3.27 and a beta of 0.91. The company has a debt-to-equity ratio of 0.40, a quick ratio of 2.58 and a current ratio of 3.48. Ciena Co. has a one year low of $40.17 and a one year high of $78.28. The stock's fifty day moving average is $49.14 and its 200-day moving average is $51.43.

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Ciena (NYSE:CIEN – Get Rating) last issued its quarterly earnings results on Thursday, September 1st. The communications equipment provider reported $0.18 EPS for the quarter, missing analysts' consensus estimates of $0.21 by ($0.03). Ciena had a net margin of 5.37% and a return on equity of 8.91%. The business had revenue of $867.30 million for the quarter, compared to analyst estimates of $903.95 million. During the same period last year, the business posted $0.81 earnings per share. Ciena's revenue for the quarter was down 12.2% on a year-over-year basis. Equities analysts anticipate that Ciena Co. will post 0.83 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. BlackRock Inc. boosted its stake in Ciena by 2.5% during the first quarter. BlackRock Inc. now owns 15,906,925 shares of the communications equipment provider's stock valued at $964,436,000 after buying an additional 392,550 shares in the last quarter. Alliancebernstein L.P. boosted its stake in Ciena by 38.5% during the fourth quarter. Alliancebernstein L.P. now owns 5,068,390 shares of the communications equipment provider's stock valued at $390,114,000 after buying an additional 1,409,823 shares in the last quarter. State Street Corp boosted its stake in Ciena by 3.9% during the first quarter. State Street Corp now owns 4,218,280 shares of the communications equipment provider's stock valued at $255,754,000 after buying an additional 160,100 shares in the last quarter. Bank of America Corp DE boosted its stake in Ciena by 1.0% during the first quarter. Bank of America Corp DE now owns 2,990,505 shares of the communications equipment provider's stock valued at $181,314,000 after buying an additional 29,565 shares in the last quarter. Finally, Nuveen Asset Management LLC boosted its stake in Ciena by 21.7% during the fourth quarter. Nuveen Asset Management LLC now owns 2,768,937 shares of the communications equipment provider's stock valued at $213,125,000 after buying an additional 492,835 shares in the last quarter. Institutional investors own 90.64% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. MKM Partners assumed coverage on Ciena in a research note on Thursday, August 4th. They set a "buy" rating and a $62.00 price objective on the stock. Barclays reduced their price objective on Ciena from $70.00 to $55.00 in a research note on Friday, September 2nd. Argus reduced their price objective on Ciena from $82.00 to $68.00 and set a "buy" rating on the stock in a research note on Friday, June 3rd. Rosenblatt Securities reduced their price objective on Ciena from $70.00 to $65.00 and set a "buy" rating on the stock in a research note on Friday, September 2nd. Finally, Raymond James dropped their target price on Ciena from $64.00 to $55.00 and set an "outperform" rating on the stock in a research report on Friday, September 2nd. Four equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $65.32.

About Ciena

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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.

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