Insider Selling: Ciena Corporation (CIEN) CEO Sells 8,000 Shares of Stock

Ciena Corporation (NYSE:CIEN) CEO Gary B. Smith sold 8,000 shares of the company’s stock in a transaction on Thursday, July 27th. The shares were sold at an average price of $26.07, for a total value of $208,560.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Gary B. Smith also recently made the following trade(s):

• On Friday, August 11th, Gary B. Smith sold 8,000 shares of Ciena Corporation stock. The shares were sold at an average price of $24.20, for a total value of $193,600.00.
• On Wednesday, July 26th, Gary B. Smith sold 4,000 shares of Ciena Corporation stock. The shares were sold at an average price of $26.25, for a total value of $105,000.00.
• On Monday, July 10th, Gary B. Smith sold 4,000 shares of Ciena Corporation stock. The shares were sold at an average price of $25.84, for a total value of $103,360.00.
• On Tuesday, July 11th, Gary B. Smith sold 8,000 shares of Ciena Corporation stock. The shares were sold at an average price of $25.87, for a total value of $206,960.00.
• On Wednesday, June 21st, Gary B. Smith sold 12,558 shares of Ciena Corporation stock. The shares were sold at an average price of $25.31, for a total value of $317,842.98.
• On Thursday, May 4th, Gary B. Smith sold 8,000 shares of Ciena Corporation stock. The shares were sold at an average price of $22.62, for a total value of $180,960.00.

Ciena Corporation (CIEN) traded down 0.41% during trading on Thursday, reaching $24.02. The company’s stock had a trading volume of 529,495 shares. Ciena Corporation has a 52-week low of $18.94 and a 52-week high of $27.98. The company has a market cap of $3.41 billion, a PE ratio of 31.73 and a beta of 1.61. The stock has a 50-day moving average price of $25.43 and a 200 day moving average price of $24.50.

Ciena Corporation (NYSE:CIEN) last posted its quarterly earnings results on Thursday, June 1st. The communications equipment provider reported $0.45 EPS for the quarter, beating the consensus estimate of $0.37 by $0.08. Ciena Corporation had a net margin of 4.13% and a return on equity of 25.56%. The company had revenue of $707.02 million for the quarter, compared to analyst estimates of $694.84 million. During the same period in the prior year, the company earned $0.34 earnings per share. The firm’s revenue was up 10.3% on a year-over-year basis. On average, analysts expect that Ciena Corporation will post $1.77 EPS for the current year.

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A number of large investors have recently bought and sold shares of CIEN. Advisors Capital Management LLC acquired a new stake in Ciena Corporation during the first quarter valued at approximately $183,000. Thompson Davis & CO. Inc. acquired a new stake in Ciena Corporation during the first quarter valued at approximately $106,000. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Ciena Corporation by 11.3% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,085 shares of the communications equipment provider’s stock valued at $127,000 after buying an additional 517 shares during the last quarter. Glen Harbor Capital Management LLC raised its stake in Ciena Corporation by 12.1% in the first quarter. Glen Harbor Capital Management LLC now owns 5,280 shares of the communications equipment provider’s stock valued at $125,000 after buying an additional 572 shares during the last quarter. Finally, Fortaleza Asset Management Inc. acquired a new stake in Ciena Corporation during the second quarter valued at approximately $134,000.

CIEN has been the topic of several analyst reports. B. Riley reissued a “buy” rating and set a $34.25 target price on shares of Ciena Corporation in a report on Tuesday, May 30th. UBS AG reissued a “buy” rating and set a $31.00 target price (up from $29.00) on shares of Ciena Corporation in a report on Monday, June 5th. ValuEngine raised Ciena Corporation from a “hold” rating to a “buy” rating in a report on Thursday, July 6th. Stifel Nicolaus reissued a “buy” rating and set a $32.00 target price on shares of Ciena Corporation in a report on Friday, July 21st. Finally, Jefferies Group LLC reissued a “buy” rating and set a $32.50 target price (up from $29.00) on shares of Ciena Corporation in a report on Friday, June 2nd. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $30.19.

Ciena Corporation Company Profile

Ciena Corporation is a network strategy and technology company, which provides solutions that enable a range of network operators to adopt communication architectures and deliver an array of services, relied upon by enterprise and consumer end users. It provides equipment, software and services that support the transport, switching, aggregation, service delivery and management of voice, video and data traffic on communications networks.