Ciena (NYSE:CIEN) was downgraded by equities research analysts at Piper Jaffray Companies from an “overweight” rating to a “neutral” rating in a research note issued on Friday. They presently have a $22.00 price target on the communications equipment provider’s stock, up from their previous price target of $20.76. Piper Jaffray Companies’ price target points to a potential upside of 5.11% from the stock’s previous close.
Other equities analysts have also issued research reports about the company. Nomura cut their target price on Ciena from $30.00 to $28.00 and set a “buy” rating on the stock in a research note on Friday, September 1st. Dougherty & Co lowered their price target on Ciena from $32.00 to $27.00 and set a “buy” rating for the company in a report on Friday, September 1st. UBS set a $31.00 price target on Ciena and gave the stock a “buy” rating in a report on Wednesday, August 30th. Citigroup upgraded Ciena from a “neutral” rating to a “buy” rating and increased their price target for the stock from $23.87 to $29.00 in a report on Wednesday, August 30th. Finally, B. Riley restated a “buy” rating and issued a $34.25 price target on shares of Ciena in a report on Tuesday, August 29th. Two equities 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 issued a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $28.48.
Ciena (NYSE CIEN) opened at $20.93 on Friday. Ciena has a one year low of $19.40 and a one year high of $27.98. The company has a quick ratio of 2.50, a current ratio of 1.93 and a debt-to-equity ratio of 0.27. The firm has a market capitalization of $2,986.46, a PE ratio of 14.95, a price-to-earnings-growth ratio of 0.85 and a beta of 1.67.
Ciena (NYSE:CIEN) last released its earnings results on Thursday, December 7th. The communications equipment provider reported $0.46 earnings per share for the quarter, missing the consensus estimate of $0.50 by ($0.04). Ciena had a net margin of 45.04% and a return on equity of 18.32%. The company had revenue of $744.40 million during the quarter, compared to analyst estimates of $736.91 million. During the same period in the previous year, the company posted $0.44 EPS. The company’s quarterly revenue was up 3.9% compared to the same quarter last year. equities research analysts expect that Ciena will post 1.65 EPS for the current fiscal year.
Ciena declared that its board has initiated a share buyback program on Thursday, December 7th that permits the company to buyback $300.00 million in shares. This buyback authorization permits the communications equipment provider to repurchase shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board believes its shares are undervalued.
In related news, SVP James E. Moylan, Jr. sold 3,053 shares of the stock in a transaction dated Thursday, September 21st. The stock was sold at an average price of $21.25, for a total transaction of $64,876.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP James Frodsham sold 2,000 shares of the stock in a transaction dated Tuesday, September 19th. The stock was sold at an average price of $22.00, for a total value of $44,000.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 89,052 shares of company stock valued at $1,898,778. 1.45% of the stock is owned by corporate insiders.
Large investors have recently bought and sold shares of the stock. Parametric Portfolio Associates LLC grew its stake in Ciena by 15.9% in the second quarter. Parametric Portfolio Associates LLC now owns 187,277 shares of the communications equipment provider’s stock valued at $4,686,000 after purchasing an additional 25,663 shares in the last quarter. Marshall Wace North America L.P. bought a new position in Ciena in the second quarter valued at approximately $2,679,000. Dupont Capital Management Corp grew its stake in Ciena by 150.1% in the second quarter. Dupont Capital Management Corp now owns 72,528 shares of the communications equipment provider’s stock valued at $1,815,000 after purchasing an additional 43,528 shares in the last quarter. OMERS ADMINISTRATION Corp bought a new position in Ciena in the second quarter valued at approximately $1,927,000. Finally, Vanguard Group Inc. grew its stake in Ciena by 1.7% in the second quarter. Vanguard Group Inc. now owns 12,466,282 shares of the communications equipment provider’s stock valued at $311,906,000 after purchasing an additional 203,112 shares in the last quarter.
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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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