Rick Hamilton Sells 3,398 Shares of Ciena Corporation (CIEN) Stock

Ciena Corporation (NYSE:CIEN) SVP Rick Hamilton sold 3,398 shares of the stock in a transaction on Thursday, December 21st. The shares were sold at an average price of $21.22, for a total value of $72,105.56. The sale was disclosed in a filing with the SEC, which is available through the SEC website.

Shares of Ciena Corporation (NYSE:CIEN) remained flat at $$21.69 during mid-day trading on Tuesday. The company’s stock had a trading volume of 2,254,446 shares, compared to its average volume of 3,145,892. The company has a quick ratio of 1.68, a current ratio of 1.93 and a debt-to-equity ratio of 0.27. Ciena Corporation has a 1-year low of $19.40 and a 1-year high of $27.98. The company has a market cap of $3,100.00, a PE ratio of 3.13, a P/E/G ratio of 1.38 and a beta of 1.66.

Ciena (NYSE:CIEN) last issued its quarterly earnings data on Thursday, December 7th. The communications equipment provider reported $0.46 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.50 by ($0.04). Ciena had a return on equity of 18.32% and a net margin of 45.04%. The business had revenue of $744.40 million during the quarter, compared to analysts’ expectations of $736.91 million. During the same quarter last year, the business posted $0.44 EPS. The company’s quarterly revenue was up 3.9% on a year-over-year basis. research analysts expect that Ciena Corporation will post 1 EPS for the current year.

Ciena announced that its board has authorized a share buyback plan 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 reacquire shares of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Ciena by 11.3% during 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. Advisor Group Inc. grew its stake in shares of Ciena by 6.4% during the second quarter. Advisor Group Inc. now owns 10,011 shares of the communications equipment provider’s stock valued at $151,000 after buying an additional 604 shares during the last quarter. Howe & Rusling Inc. bought a new position in shares of Ciena during the third quarter valued at about $158,000. First Quadrant L P CA bought a new position in shares of Ciena during the third quarter valued at about $183,000. Finally, Koch Industries Inc. bought a new position in shares of Ciena during the second quarter valued at about $235,000.

Several equities research analysts have issued reports on the company. B. Riley restated a “buy” rating and set a $34.25 target price on shares of Ciena in a research report on Tuesday, August 29th. Stifel Nicolaus restated a “buy” rating and set a $30.00 target price on shares of Ciena in a research report on Tuesday, September 26th. Nomura restated a “buy” rating and set a $28.00 target price on shares of Ciena in a research report on Wednesday, September 20th. Needham & Company LLC restated a “buy” rating and set a $28.00 target price (down previously from $31.00) on shares of Ciena in a research report on Monday, September 25th. Finally, Raymond James Financial set a $33.00 target price on Ciena and gave the stock a “buy” rating in a research report on Thursday, December 7th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and nineteen have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $28.48.

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About Ciena

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.

Insider Buying and Selling by Quarter for Ciena (NYSE:CIEN)

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