Ciena (NYSE:CIEN) Trading Down 8.3% - Should You Sell?

Ciena Corporation (NYSE:CIEN - Get Free Report)'s share price dropped 8.3% during trading on Friday . The stock traded as low as $220.77 and last traded at $222.2160. Approximately 844,979 shares were traded during trading, a decline of 66% from the average daily volume of 2,518,013 shares. The stock had previously closed at $242.37.

Analyst Upgrades and Downgrades

• Ciena Rebounds: AI and Strong Guidance Drive Post-Earnings Surge

A number of analysts have recently weighed in on the stock. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Ciena in a research note on Wednesday, October 8th. Needham & Company LLC increased their price target on Ciena to $280.00 and gave the company a "buy" rating in a research note on Thursday. Evercore ISI set a $240.00 price objective on Ciena in a research note on Thursday. Stifel Nicolaus set a $270.00 price objective on Ciena in a report on Thursday. Finally, Argus raised their target price on Ciena from $135.00 to $280.00 and gave the company a "buy" rating in a research note on Friday. Two research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and seven have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $226.38.

View Our Latest Stock Analysis on CIEN

Ciena Stock Performance

• Cisco on the Rise: AI Potential and Analyst Upgrades Drive Gains

The firm has a fifty day moving average price of $187.08 and a 200 day moving average price of $127.55. The firm has a market capitalization of $31.35 billion, a PE ratio of 229.48, a P/E/G ratio of 1.36 and a beta of 1.17. The company has a debt-to-equity ratio of 0.55, a current ratio of 3.28 and a quick ratio of 2.52.

Ciena (NYSE:CIEN - Get Free Report) last posted its quarterly earnings data on Thursday, April 6th. The communications equipment provider reported $0.47 EPS for the quarter. The company had revenue of $844.44 million during the quarter. Ciena had a net margin of 3.10% and a return on equity of 6.62%. Research analysts anticipate that Ciena Corporation will post 1.6 earnings per share for the current fiscal year.

Insider Activity

• 2 Stocks Riding the Recovery in Cloud Computing Driven by AI

In related news, SVP Brodie Gage sold 350 shares of the stock in a transaction dated Wednesday, October 15th. The stock was sold at an average price of $169.36, for a total value of $59,276.00. Following the completion of the sale, the senior vice president directly owned 40,653 shares of the company's stock, valued at approximately $6,884,992.08. This represents a 0.85% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Bruce L. Claflin sold 8,461 shares of the firm's stock in a transaction dated Wednesday, September 24th. The stock was sold at an average price of $140.12, for a total value of $1,185,555.32. Following the sale, the director owned 54,624 shares of the company's stock, valued at $7,653,914.88. The trade was a 13.41% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 51,935 shares of company stock valued at $8,707,266. 0.93% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Ciena

A number of institutional investors have recently modified their holdings of the stock. Allworth Financial LP increased its stake in shares of Ciena by 94.3% in the third quarter. Allworth Financial LP now owns 1,395 shares of the communications equipment provider's stock worth $203,000 after acquiring an additional 677 shares during the last quarter. IFP Advisors Inc grew its stake in Ciena by 93.1% in the third quarter. IFP Advisors Inc now owns 977 shares of the communications equipment provider's stock valued at $145,000 after purchasing an additional 471 shares in the last quarter. Swiss Life Asset Management Ltd increased its position in Ciena by 80.2% in the 3rd quarter. Swiss Life Asset Management Ltd now owns 6,635 shares of the communications equipment provider's stock worth $967,000 after purchasing an additional 2,954 shares during the last quarter. WBI Investments LLC purchased a new stake in shares of Ciena during the 3rd quarter worth about $458,000. Finally, Wilmington Savings Fund Society FSB acquired a new stake in shares of Ciena during the 3rd quarter valued at about $157,000. Institutional investors and hedge funds own 91.99% of the company's stock.

Ciena Company Profile

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, optical transport network switching, IP routing, and switching services.

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