Ciena Corporation (NYSE:CIEN) Short Interest Update

Ciena Corporation (NYSE:CIEN) saw a significant drop in short interest in the month of January. As of January 30th, there was short interest totaling 4,244,185 shares, a drop of 28.7% from the January 15th total of 5,952,010 shares. Approximately 3.0% of the shares of the stock are short sold. Based on an average daily trading volume, of 2,260,600 shares, the short-interest ratio is currently 1.9 days. Based on an average daily trading volume, of 2,260,600 shares, the short-interest ratio is currently 1.9 days. Approximately 3.0% of the shares of the stock are short sold.

Ciena Trading Up 3.7%

Shares of CIEN stock traded up $10.89 on Friday, hitting $303.85. 3,087,171 shares of the company’s stock traded hands, compared to its average volume of 4,183,345. The stock has a market capitalization of $42.80 billion, a price-to-earnings ratio of 191.14, a P/E/G ratio of 1.71 and a beta of 1.13. The company’s fifty day simple moving average is $243.93 and its 200 day simple moving average is $180.56. Ciena has a one year low of $49.21 and a one year high of $308.81. The company has a debt-to-equity ratio of 0.56, a quick ratio of 2.09 and a current ratio of 2.73.

Ciena (NYSE:CIEN) last posted its quarterly earnings results on Thursday, December 11th. The communications equipment provider reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.76 by $0.15. Ciena had a net margin of 2.59% and a return on equity of 8.38%. The business had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $1.29 billion. During the same period in the previous year, the firm posted $0.54 earnings per share. The firm’s revenue for the quarter was up 20.1% on a year-over-year basis. Equities analysts forecast that Ciena will post 1.6 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on CIEN shares. Citigroup lifted their target price on shares of Ciena to $280.00 and gave the company a “buy” rating in a research report on Friday, December 12th. Zacks Research cut shares of Ciena from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 9th. Rosenblatt Securities upped their target price on shares of Ciena from $175.00 to $305.00 and gave the stock a “buy” rating in a research report on Friday, December 12th. Stifel Nicolaus increased their target price on Ciena to $280.00 and gave the company a “buy” rating in a research note on Thursday, January 22nd. Finally, Wall Street Zen downgraded Ciena from a “strong-buy” rating to a “buy” rating in a research report on Sunday, December 21st. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and eight have given a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $241.67.

Insider Buying and Selling at Ciena

In other news, SVP Joseph Cumello sold 11,929 shares of Ciena stock in a transaction dated Monday, January 12th. The stock was sold at an average price of $229.82, for a total transaction of $2,741,522.78. Following the completion of the sale, the senior vice president owned 49,475 shares in the company, valued at approximately $11,370,344.50. This trade represents a 19.43% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Gary B. Smith sold 83,552 shares of the business’s stock in a transaction dated Monday, January 5th. The stock was sold at an average price of $229.44, for a total value of $19,170,170.88. Following the transaction, the chief executive officer directly owned 307,885 shares of the company’s stock, valued at $70,641,134.40. The trade was a 21.34% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 157,242 shares of company stock valued at $36,341,766 over the last 90 days. Insiders own 0.93% of the company’s stock.

Hedge Funds Weigh In On Ciena

Several institutional investors and hedge funds have recently bought and sold shares of CIEN. Lecap Asset Management Ltd. bought a new position in Ciena in the 3rd quarter worth $1,993,000. World Investment Advisors bought a new stake in shares of Ciena during the 2nd quarter valued at about $253,000. Convergence Investment Partners LLC purchased a new position in shares of Ciena during the third quarter valued at about $1,726,000. JPMorgan Chase & Co. raised its stake in Ciena by 7.4% in the second quarter. JPMorgan Chase & Co. now owns 5,243,053 shares of the communications equipment provider’s stock worth $426,420,000 after buying an additional 359,579 shares in the last quarter. Finally, M & L Capital Management Ltd bought a new position in Ciena in the third quarter worth about $714,000. 91.99% of the stock is currently owned by institutional investors.

Ciena Company Profile

Ciena Corporation (NYSE: CIEN) is a global supplier of telecommunications networking equipment, software and services. The company develops high-capacity optical transport systems and packet-optical platforms that enable service providers, cloud operators and large enterprises to build, manage and scale their networks. Ciena’s product portfolio includes coherent optical solutions, packet networking platforms and a suite of network automation software designed to optimize bandwidth, reduce latency and simplify network operations.

In addition to hardware offerings, Ciena provides professional services and support, including network design, implementation and ongoing maintenance.