Insider Selling: Ciena Co. (NYSE:CIEN) SVP Sells 18,888 Shares of Stock

Ciena Co. (NYSE:CIEN - Get Free Report) SVP Jason Phipps sold 18,888 shares of the business's stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $59.88, for a total transaction of $1,131,013.44. Following the completion of the transaction, the senior vice president now owns 89,258 shares in the company, valued at $5,344,769.04. This represents a 17.47 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Ciena Stock Performance

NYSE CIEN traded down $2.66 on Friday, hitting $53.53. The stock had a trading volume of 5,780,351 shares, compared to its average volume of 1,996,189. The company's 50-day moving average is $75.40 and its two-hundred day moving average is $74.08. The stock has a market cap of $7.61 billion, a price-to-earnings ratio of 93.91, a P/E/G ratio of 1.54 and a beta of 1.15. The company has a quick ratio of 2.72, a current ratio of 3.55 and a debt-to-equity ratio of 0.54. Ciena Co. has a one year low of $43.30 and a one year high of $101.44.

Analyst Upgrades and Downgrades

CIEN has been the subject of several research analyst reports. Rosenblatt Securities reduced their target price on Ciena from $94.00 to $79.00 and set a "neutral" rating for the company in a research note on Friday, March 7th. Bank of America raised shares of Ciena from a "neutral" rating to a "buy" rating and increased their price target for the stock from $70.00 to $95.00 in a research report on Friday, December 13th. Morgan Stanley cut their price objective on Ciena from $80.00 to $76.00 and set an "equal weight" rating on the stock in a research note on Wednesday, March 12th. Northland Capmk upgraded Ciena from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, March 12th. Finally, Needham & Company LLC dropped their target price on shares of Ciena from $95.00 to $90.00 and set a "buy" rating on the stock in a report on Wednesday, March 12th. Four investment 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 company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $81.38.

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Hedge Funds Weigh In On Ciena

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Bank of Montreal Can grew its stake in shares of Ciena by 44.0% in the third quarter. Bank of Montreal Can now owns 48,883 shares of the communications equipment provider's stock worth $3,021,000 after purchasing an additional 14,946 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Ciena by 10.8% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 34,198 shares of the communications equipment provider's stock worth $2,106,000 after purchasing an additional 3,336 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Ciena by 25.7% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 541,097 shares of the communications equipment provider's stock valued at $33,326,000 after buying an additional 110,789 shares in the last quarter. Captrust Financial Advisors increased its stake in Ciena by 28.7% during the 3rd quarter. Captrust Financial Advisors now owns 7,951 shares of the communications equipment provider's stock valued at $490,000 after buying an additional 1,775 shares during the period. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Ciena during the 3rd quarter worth about $259,000. 91.99% of the stock is owned by institutional investors.

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.