Ciena Co. (NYSE:CIEN – Get Rating) was the target of unusually large options trading activity on Thursday. Traders bought 2,379 put options on the stock. This represents an increase of approximately 76% compared to the typical volume of 1,350 put options.
Ciena Stock Performance
Ciena stock opened at $45.48 on Friday. Ciena has a 12-month low of $41.63 and a 12-month high of $78.28. The company has a market capitalization of $6.81 billion, a price-to-earnings ratio of 16.72, a price-to-earnings-growth ratio of 2.29 and a beta of 0.92. The company has a debt-to-equity ratio of 0.38, a current ratio of 3.72 and a quick ratio of 3.10. The firm’s fifty day moving average price is $50.22 and its 200 day moving average price is $54.04.
Ciena (NYSE:CIEN – Get Rating) last released its quarterly earnings results on Thursday, September 1st. The communications equipment provider reported $0.33 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.35 by ($0.02). Ciena had a return on equity of 12.18% and a net margin of 11.15%. The firm had revenue of $867.30 million for the quarter, compared to analysts’ expectations of $903.95 million. During the same period last year, the firm earned $0.81 EPS. The business’s quarterly revenue was down 12.2% on a year-over-year basis. On average, research analysts forecast that Ciena will post 1.5 EPS for the current fiscal year.
Insiders Place Their Bets
In related news, CEO Gary B. Smith sold 3,542 shares of the business’s stock in a transaction on Monday, August 22nd. The shares were sold at an average price of $54.63, for a total transaction of $193,499.46. Following the completion of the transaction, the chief executive officer now owns 413,711 shares in the company, valued at $22,601,031.93. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, SVP Scott Mcfeely sold 4,000 shares of the business’s stock in a transaction on Wednesday, June 15th. The shares were sold at an average price of $43.73, for a total value of $174,920.00. Following the completion of the sale, the senior vice president now directly owns 101,773 shares of the company’s stock, valued at $4,450,533.29. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Gary B. Smith sold 3,542 shares of the business’s stock in a transaction on Monday, August 22nd. The shares were sold at an average price of $54.63, for a total transaction of $193,499.46. Following the completion of the sale, the chief executive officer now directly owns 413,711 shares of the company’s stock, valued at $22,601,031.93. The disclosure for this sale can be found here. Insiders sold a total of 33,852 shares of company stock worth $1,638,258 over the last 90 days. Corporate insiders own 0.94% of the company’s stock.
Institutional Investors Weigh In On Ciena
Hedge funds and other institutional investors have recently modified their holdings of the stock. IronBridge Private Wealth LLC bought a new stake in shares of Ciena in the 4th quarter worth about $31,000. Allegheny Financial Group LTD bought a new stake in shares of Ciena in the 4th quarter worth approximately $44,000. IndexIQ Advisors LLC acquired a new stake in shares of Ciena during the first quarter valued at approximately $41,000. SeaCrest Wealth Management LLC acquired a new stake in shares of Ciena during the second quarter valued at approximately $32,000. Finally, Whittier Trust Co. increased its stake in Ciena by 46.8% in the 1st quarter. Whittier Trust Co. now owns 728 shares of the communications equipment provider’s stock valued at $44,000 after buying an additional 232 shares during the period. Institutional investors own 90.64% of the company’s stock.
Wall Street Analyst Weigh In
A number of equities analysts recently issued reports on the company. Rosenblatt Securities lowered their price target on Ciena from $80.00 to $70.00 and set a “buy” rating on the stock in a report on Monday, May 23rd. Barclays lowered their price target on Ciena from $84.00 to $70.00 and set an “overweight” rating on the stock in a report on Friday, June 3rd. UBS Group cut their price target on shares of Ciena from $66.00 to $51.00 and set a “neutral” rating for the company in a report on Friday, June 3rd. Cowen cut their price target on shares of Ciena from $96.00 to $82.00 in a report on Monday, June 6th. Finally, Argus cut their price target on shares of Ciena from $82.00 to $68.00 and set a “buy” rating for the company in a report on Friday, June 3rd. Two investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $72.28.
Ciena Company Profile
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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