Rick Hamilton Sells 2,600 Shares of Ciena Co. (NYSE:CIEN) Stock

Ciena Co. (NYSE:CIENGet Rating) SVP Rick Hamilton sold 2,600 shares of the firm’s stock in a transaction dated Wednesday, June 22nd. The shares were sold at an average price of $44.06, for a total value of $114,556.00. Following the sale, the senior vice president now owns 68,257 shares in the company, valued at $3,007,403.42. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Shares of NYSE CIEN traded up $1.96 during mid-day trading on Thursday, reaching $46.14. The company had a trading volume of 2,477,275 shares, compared to its average volume of 1,663,729. The company has a current ratio of 3.72, a quick ratio of 3.10 and a debt-to-equity ratio of 0.38. The stock has a market cap of $6.91 billion, a PE ratio of 16.96, a P/E/G ratio of 1.80 and a beta of 0.87. The company has a 50-day moving average price of $51.02 and a two-hundred day moving average price of $61.09. Ciena Co. has a 1-year low of $41.63 and a 1-year high of $78.28.

Ciena (NYSE:CIENGet Rating) last issued its earnings results on Thursday, June 2nd. The communications equipment provider reported $0.50 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.04). The company had revenue of $949.20 million during the quarter, compared to analyst estimates of $950.86 million. Ciena had a return on equity of 12.18% and a net margin of 11.15%. The business’s revenue was up 13.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.52 earnings per share. On average, research analysts expect that Ciena Co. will post 1.65 EPS for the current year.

Hedge funds have recently modified their holdings of the company. UBS Group AG grew its holdings in shares of Ciena by 65.4% during the third quarter. UBS Group AG now owns 98,850 shares of the communications equipment provider’s stock valued at $5,076,000 after buying an additional 39,083 shares in the last quarter. Brookstone Capital Management purchased a new position in shares of Ciena during the fourth quarter valued at $226,000. KBC Group NV grew its holdings in shares of Ciena by 21.1% during the fourth quarter. KBC Group NV now owns 54,742 shares of the communications equipment provider’s stock valued at $4,213,000 after buying an additional 9,525 shares in the last quarter. Barings LLC purchased a new position in shares of Ciena during the fourth quarter valued at $278,000. Finally, Fox Run Management L.L.C. purchased a new position in Ciena in the fourth quarter valued at about $296,000. Institutional investors and hedge funds own 88.75% of the company’s stock.

A number of equities research analysts have weighed in on the company. Citigroup lowered their price objective on Ciena from $85.00 to $65.00 and set a “buy” rating for the company in a research note on Friday, June 3rd. Evercore ISI lowered their price objective on Ciena to $60.00 in a research note on Friday, June 3rd. Raymond James lowered their price objective on Ciena from $80.00 to $75.00 and set an “outperform” rating for the company in a research note on Tuesday, March 8th. Rosenblatt Securities lowered their price objective on Ciena from $80.00 to $70.00 and set a “buy” rating for the company in a research note on Monday, May 23rd. Finally, Argus decreased their target price on Ciena from $82.00 to $68.00 and set a “buy” rating for the company in a research report on Friday, June 3rd. Three analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $73.71.

About Ciena (Get Rating)

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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