James Frodsham Sells 4,000 Shares of Ciena Co. (CIEN) Stock
Ciena Co. (NYSE:CIEN) VP James Frodsham sold 4,000 shares of the business’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $23.14, for a total value of $92,560.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.
James Frodsham also recently made the following trade(s):
- On Monday, February 12th, James Frodsham sold 4,000 shares of Ciena stock. The stock was sold at an average price of $22.37, for a total value of $89,480.00.
Ciena Co. (NYSE:CIEN) opened at $23.16 on Thursday. The firm has a market capitalization of $3,330.00, a P/E ratio of 3.35, a PEG ratio of 1.47 and a beta of 1.67. 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 Co. has a 12-month low of $19.40 and a 12-month high of $27.98.
Ciena declared that its board has authorized a stock buyback plan on Thursday, December 7th that authorizes the company to buyback $300.00 million in outstanding shares. This buyback authorization authorizes the communications equipment provider to reacquire shares of its stock through open market purchases. Shares buyback plans are often an indication that the company’s board believes its stock is undervalued.
CIEN has been the topic of a number of research analyst reports. BidaskClub raised Ciena from a “strong sell” rating to a “sell” rating in a report on Wednesday, October 25th. BMO Capital Markets reissued a “buy” rating on shares of Ciena in a report on Friday, October 27th. Zacks Investment Research cut Ciena from a “hold” rating to a “sell” rating in a report on Tuesday, October 31st. Stifel Nicolaus reissued a “buy” rating on shares of Ciena in a report on Friday, November 3rd. Finally, William Blair reaffirmed a “buy” rating on shares of Ciena in a research note on Monday, November 13th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $28.48.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in CIEN. Neuberger Berman Group LLC increased its position in shares of Ciena by 169.5% during the 3rd quarter. Neuberger Berman Group LLC now owns 4,217,455 shares of the communications equipment provider’s stock valued at $92,657,000 after purchasing an additional 2,652,791 shares during the last quarter. Maverick Capital Ltd. bought a new position in shares of Ciena during the 4th quarter valued at approximately $50,962,000. Millennium Management LLC increased its position in shares of Ciena by 431.6% during the 4th quarter. Millennium Management LLC now owns 2,477,957 shares of the communications equipment provider’s stock valued at $51,864,000 after purchasing an additional 2,011,805 shares during the last quarter. Renaissance Technologies LLC bought a new position in shares of Ciena during the 4th quarter valued at approximately $40,110,000. Finally, Rubric Capital Management LP bought a new position in shares of Ciena during the 3rd quarter valued at approximately $33,373,000.
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.
Receive News & Ratings for Ciena Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ciena and related companies with MarketBeat.com's FREE daily email newsletter.