Ciena (NYSE:CIEN) had its price target cut by equities research analysts at Needham & Company LLC from $26.00 to $24.00 in a report issued on Friday. The firm presently has a “buy” rating on the communications equipment provider’s stock. Needham & Company LLC’s price objective points to a potential upside of 15.61% from the stock’s previous close.
Several other research analysts have also issued reports on CIEN. MKM Partners restated a “buy” rating on shares of Ciena in a research report on Thursday, August 31st. William Blair restated an “outperform” rating on shares of Ciena in a research report on Thursday, August 31st. Northland Securities restated a “buy” rating and set a $30.00 target price on shares of Ciena in a research report on Sunday, September 3rd. UBS set a $31.00 target price on Ciena and gave the company a “buy” rating in a research report on Wednesday, August 30th. Finally, Deutsche Bank restated a “hold” rating and set a $22.00 target price (down previously from $24.00) on shares of Ciena in a research report on Friday, September 1st. Two research analysts have rated the stock with a sell rating, four have given a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $29.19.
Ciena (NYSE CIEN) opened at $20.76 on Friday. The company has a market capitalization of $3,020.71, a PE ratio of 15.34, a P/E/G ratio of 0.86 and a beta of 1.67. Ciena has a 12-month low of $19.40 and a 12-month high of $27.98. The company has a debt-to-equity ratio of 0.99, a current ratio of 2.92 and a quick ratio of 2.50.
Ciena (NYSE:CIEN) last released its quarterly earnings results on Thursday, December 7th. The communications equipment provider reported $0.46 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.50 by ($0.04). The company had revenue of $744.40 million during the quarter, compared to analysts’ expectations of $736.91 million. Ciena had a return on equity of 25.53% and a net margin of 4.99%. The company’s revenue was up 3.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.44 EPS. analysts expect that Ciena will post 1.51 EPS for the current year.
Ciena declared that its Board of Directors has initiated a share repurchase program on Thursday, December 7th that allows the company to buyback $300.00 million in outstanding shares. This buyback authorization allows the communications equipment provider to repurchase shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its stock is undervalued.
In other news, VP James Frodsham sold 2,000 shares of the business’s stock in a transaction on Tuesday, September 19th. The shares were sold at an average price of $22.00, for a total transaction of $44,000.00. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Gary B. Smith sold 8,000 shares of the business’s stock in a transaction on Wednesday, September 13th. The shares were sold at an average price of $21.50, for a total transaction of $172,000.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 89,052 shares of company stock worth $1,898,778. Insiders own 1.45% of the company’s stock.
A number of large investors have recently bought and sold shares of CIEN. Capstone Asset Management Co. boosted its holdings in Ciena by 1.3% in the second quarter. Capstone Asset Management Co. now owns 10,490 shares of the communications equipment provider’s stock valued at $262,000 after purchasing an additional 130 shares during the last quarter. Nisa Investment Advisors LLC boosted its holdings in Ciena by 1.9% in the second quarter. Nisa Investment Advisors LLC now owns 10,740 shares of the communications equipment provider’s stock valued at $269,000 after purchasing an additional 200 shares during the last quarter. Aperio Group LLC boosted its holdings in Ciena by 7.1% in the second quarter. Aperio Group LLC now owns 26,237 shares of the communications equipment provider’s stock valued at $656,000 after purchasing an additional 1,742 shares during the last quarter. Acadian Asset Management LLC purchased a new stake in Ciena in the second quarter valued at $159,000. Finally, Strs Ohio boosted its holdings in Ciena by 15.5% in the second quarter. Strs Ohio now owns 19,400 shares of the communications equipment provider’s stock valued at $485,000 after purchasing an additional 2,600 shares during the last quarter.
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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.
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