Joseph Cumello Sells 1,212 Shares of Ciena Co. (NYSE:CIEN) Stock

Ciena Co. (NYSE:CIEN) SVP Joseph Cumello sold 1,212 shares of Ciena stock in a transaction on Wednesday, November 15th. The shares were sold at an average price of $45.96, for a total transaction of $55,703.52. Following the completion of the sale, the senior vice president now owns 36,951 shares of the company’s stock, valued at approximately $1,698,267.96. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.

Joseph Cumello also recently made the following trade(s):

• On Monday, October 16th, Joseph Cumello sold 1,212 shares of Ciena stock. The shares were sold at an average price of $42.45, for a total transaction of $51,449.40.

Ciena Stock Performance

Shares of Ciena stock traded down $0.13 during trading hours on Monday, hitting $45.06. 427,248 shares of the company’s stock traded hands, compared to its average volume of 1,669,133. The company has a fifty day simple moving average of $44.74 and a 200-day simple moving average of $43.92. The company has a debt-to-equity ratio of 0.52, a current ratio of 3.95 and a quick ratio of 2.71. The stock has a market capitalization of $6.66 billion, a price-to-earnings ratio of 30.53, a PEG ratio of 1.31 and a beta of 0.96. Ciena Co. has a 12-month low of $39.94 and a 12-month high of $54.25.

Ciena (NYSE:CIEN) last posted its quarterly earnings results on Thursday, August 31st. The communications equipment provider reported $0.59 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.08. The company had revenue of $1.07 billion during the quarter, compared to analyst estimates of $1.04 billion. Ciena had a net margin of 5.23% and a return on equity of 10.00%. The firm’s revenue for the quarter was up 23.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.18 earnings per share. Equities research analysts anticipate that Ciena Co. will post 1.97 EPS for the current fiscal year.

Hedge Funds Weigh In On Ciena

Several institutional investors have recently added to or reduced their stakes in the stock. FMR LLC grew its position in Ciena by 4.3% during the third quarter. FMR LLC now owns 8,940,640 shares of the communications equipment provider’s stock valued at $422,535,000 after buying an additional 371,041 shares during the period. Providence Capital Advisors LLC increased its holdings in Ciena by 5,220.2% in the 1st quarter. Providence Capital Advisors LLC now owns 5,927,512 shares of the communications equipment provider’s stock worth $112,862,000 after acquiring an additional 5,816,096 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its holdings in Ciena by 8.6% in the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 4,652,822 shares of the communications equipment provider’s stock worth $219,893,000 after acquiring an additional 366,647 shares during the last quarter. State Street Corp increased its holdings in Ciena by 0.7% in the 1st quarter. State Street Corp now owns 4,262,245 shares of the communications equipment provider’s stock worth $223,853,000 after acquiring an additional 31,333 shares during the last quarter. Finally, Bank of America Corp DE increased its holdings in Ciena by 11.7% in the 1st quarter. Bank of America Corp DE now owns 4,052,505 shares of the communications equipment provider’s stock worth $212,838,000 after acquiring an additional 424,453 shares during the last quarter. Institutional investors own 90.02% of the company’s stock.

Analysts Set New Price Targets

CIEN has been the subject of several research analyst reports. B. Riley lifted their price objective on shares of Ciena from $60.00 to $67.00 and gave the company a “buy” rating in a research note on Friday, September 1st. Needham & Company LLC lowered their target price on Ciena from $60.00 to $50.00 and set a “buy” rating on the stock in a research report on Monday, August 28th. Rosenblatt Securities upped their target price on Ciena from $57.00 to $65.00 in a research report on Friday, September 1st. Evercore ISI upped their target price on Ciena from $47.00 to $52.00 and gave the stock an “in-line” rating in a research report on Friday, September 1st. Finally, Stifel Nicolaus started coverage on Ciena in a research report on Wednesday, September 27th. They set a “buy” rating and a $62.00 target price on the stock. Four research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Ciena presently has an average rating of “Moderate Buy” and an average price target of $61.39.

About Ciena

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, IP routing, and switching services.