Ciena Co. (NYSE:CIEN) VP James Frodsham sold 4,000 shares of the stock in a transaction on Monday, February 12th. The stock was sold at an average price of $22.37, for a total value of $89,480.00. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website.
Shares of Ciena Co. (NYSE CIEN) traded up $0.12 during trading hours on Friday, hitting $23.29. The stock had a trading volume of 1,390,217 shares, compared to its average volume of 2,889,300. The firm has a market capitalization of $3,333.37, a P/E ratio of 2.92, a P/E/G ratio of 1.48 and a beta of 1.67. Ciena Co. has a 12 month low of $19.40 and a 12 month high of $27.98. The company has a current ratio of 1.93, a quick ratio of 1.68 and a debt-to-equity ratio of 0.27.
Ciena (NYSE:CIEN) last issued its quarterly earnings results on Thursday, December 7th. The communications equipment provider reported $0.46 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.50 by ($0.04). The business had revenue of $744.40 million during the quarter, compared to analyst estimates of $736.91 million. Ciena had a net margin of 45.04% and a return on equity of 18.32%. The company’s revenue for the quarter was up 3.9% compared to the same quarter last year. During the same period in the prior year, the business posted $0.44 earnings per share. research analysts predict that Ciena Co. will post 1 EPS for the current fiscal year.
Ciena announced that its board has authorized a share repurchase program on Thursday, December 7th that permits the company to buyback $300.00 million in outstanding shares. This buyback authorization permits the communications equipment provider to repurchase shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.
A number of hedge funds have recently added to or reduced their stakes in CIEN. Advisor Group Inc. grew its position in Ciena by 6.4% during the second quarter. Advisor Group Inc. now owns 10,011 shares of the communications equipment provider’s stock worth $151,000 after buying an additional 604 shares in the last quarter. Parametric Portfolio Associates LLC grew its position in Ciena by 15.9% during the second quarter. Parametric Portfolio Associates LLC now owns 187,277 shares of the communications equipment provider’s stock worth $4,686,000 after buying an additional 25,663 shares in the last quarter. Royal Bank of Canada grew its position in Ciena by 500.5% during the second quarter. Royal Bank of Canada now owns 327,854 shares of the communications equipment provider’s stock worth $8,203,000 after buying an additional 273,255 shares in the last quarter. State Street Corp grew its position in Ciena by 3.9% during the second quarter. State Street Corp now owns 4,648,540 shares of the communications equipment provider’s stock worth $116,319,000 after buying an additional 172,876 shares in the last quarter. Finally, The Manufacturers Life Insurance Company grew its position in Ciena by 2.1% during the second quarter. The Manufacturers Life Insurance Company now owns 311,990 shares of the communications equipment provider’s stock worth $7,806,000 after buying an additional 6,274 shares in the last quarter.
CIEN has been the topic of several recent research reports. Stifel Nicolaus restated a “buy” rating on shares of Ciena in a report on Friday, November 3rd. BidaskClub lowered Ciena from a “sell” rating to a “strong sell” rating in a report on Saturday, November 4th. Zacks Investment Research lowered Ciena from a “hold” rating to a “sell” rating in a report on Tuesday, October 31st. William Blair restated a “buy” rating on shares of Ciena in a report on Monday, November 13th. Finally, Bank of America upgraded Ciena from a “neutral” rating to a “buy” rating and raised their target price for the company from $20.98 to $28.00 in a report on Monday, November 27th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and twenty have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $28.48.
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Ciena 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.
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