Insider Selling: Ciena Co. (NYSE:CIEN) CEO Sells 6,800 Shares of Stock

Ciena Co. (NYSE:CIEN - Get Free Report) CEO Gary B. Smith sold 6,800 shares of the stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $65.18, for a total value of $443,224.00. Following the sale, the chief executive officer now directly owns 391,749 shares in the company, valued at $25,534,199.82. This trade represents a 1.71 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link.

Ciena Trading Down 0.2 %

CIEN traded down $0.16 on Friday, hitting $65.47. 2,537,351 shares of the company were exchanged, compared to its average volume of 1,908,725. The firm has a fifty day simple moving average of $80.57 and a two-hundred day simple moving average of $73.60. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.72 and a current ratio of 3.55. Ciena Co. has a 12 month low of $43.30 and a 12 month high of $101.44. The stock has a market capitalization of $9.31 billion, a PE ratio of 114.86, a price-to-earnings-growth ratio of 1.54 and a beta of 0.91.

Hedge Funds Weigh In On Ciena

Several institutional investors and hedge funds have recently bought and sold shares of CIEN. 111 Capital purchased a new stake in Ciena in the 4th quarter worth approximately $428,000. Carolinas Wealth Consulting LLC purchased a new stake in Ciena in the 4th quarter worth approximately $106,000. Forum Financial Management LP purchased a new stake in Ciena in the 4th quarter worth approximately $259,000. Orion Capital Management LLC purchased a new stake in Ciena in the 4th quarter worth approximately $42,000. Finally, Kolinsky Wealth Management LLC purchased a new stake in Ciena in the 4th quarter worth approximately $216,000. 91.99% of the stock is currently owned by institutional investors.

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Analyst Ratings Changes

CIEN has been the topic of several recent analyst reports. B. Riley reaffirmed a "buy" rating and issued a $89.00 price target (down previously from $97.00) on shares of Ciena in a report on Wednesday, March 12th. Rosenblatt Securities lowered their price target on Ciena from $94.00 to $79.00 and set a "neutral" rating on the stock in a report on Friday, March 7th. Needham & Company LLC lowered their price target on Ciena from $95.00 to $90.00 and set a "buy" rating on the stock in a report on Wednesday, March 12th. Stifel Nicolaus reiterated a "buy" rating and set a $82.00 price objective (up from $75.00) on shares of Ciena in a research report on Tuesday, December 10th. Finally, JPMorgan Chase & Co. upgraded Ciena from a "neutral" rating to an "overweight" rating and increased their price objective for the company from $84.00 to $88.00 in a research report on Tuesday, January 28th. Four equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $81.38.

Ciena Company Profile

Ciena Corporation provides hardware and software services for delivery of video, data, and voice traffic metro, aggregation, and access communications network worldwide. The company's Networking Platforms segment offers convergence of coherent optical transport, open optical networking, optical transport network switching, IP routing, and switching services.