Rosenblatt Securities assumed coverage on shares of Ciena (NYSE:CIEN) in a research report sent to investors on Wednesday morning, MarketBeat.com reports. The brokerage issued a buy rating and a $32.00 price objective on the communications equipment provider’s stock.
Several other research firms also recently weighed in on CIEN. MKM Partners boosted their target price on Ciena to $32.00 and gave the company a buy rating in a report on Wednesday, March 7th. B. Riley reduced their target price on Ciena from $30.50 to $28.00 and set a buy rating for the company in a report on Tuesday, December 5th. Goldman Sachs raised Ciena from a neutral rating to a buy rating and set a $27.00 target price for the company in a report on Monday, January 15th. Northland Securities reissued a buy rating and issued a $34.00 target price on shares of Ciena in a report on Monday, March 19th. Finally, Piper Jaffray reissued a neutral rating and issued a $27.00 target price (up from $22.00) on shares of Ciena in a report on Tuesday, March 6th. One analyst has rated the stock with a sell rating, three have given a hold rating and twenty-three have issued a buy rating to the company. Ciena currently has an average rating of Buy and an average target price of $29.91.
Ciena stock opened at $25.04 on Wednesday. Ciena has a fifty-two week low of $19.40 and a fifty-two week high of $27.98. The company has a quick ratio of 1.79, a current ratio of 2.06 and a debt-to-equity ratio of 0.33. The stock has a market capitalization of $3,668.60, a PE ratio of 19.70, a PEG ratio of 1.52 and a beta of 1.38.
Ciena (NYSE:CIEN) last posted its earnings results on Tuesday, March 6th. The communications equipment provider reported $0.15 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.07 by $0.08. Ciena had a return on equity of 14.10% and a net margin of 27.76%. The business had revenue of $646.14 million during the quarter, compared to the consensus estimate of $641.77 million. During the same period in the previous year, the business earned $0.17 EPS. The business’s quarterly revenue was up 4.0% on a year-over-year basis. equities research analysts expect that Ciena will post 1.08 EPS for the current year.
In other Ciena news, CEO Gary B. Smith sold 8,000 shares of the business’s stock in a transaction that occurred on Thursday, March 15th. The stock was sold at an average price of $27.16, for a total transaction of $217,280.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP James E. Moylan, Jr. sold 2,000 shares of the business’s stock in a transaction that occurred on Thursday, January 11th. The stock was sold at an average price of $21.81, for a total value of $43,620.00. The disclosure for this sale can be found here. Insiders have sold a total of 95,531 shares of company stock worth $2,315,878 in the last quarter. 1.38% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Ciena by 47.3% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,488 shares of the communications equipment provider’s stock worth $157,000 after purchasing an additional 2,403 shares during the period. Stone Ridge Asset Management LLC acquired a new position in Ciena during the 4th quarter worth approximately $225,000. Corient Capital Partners LLC acquired a new position in Ciena during the 4th quarter worth approximately $230,000. Aristotle Atlantic Partners LLC acquired a new stake in shares of Ciena in the 4th quarter worth approximately $244,000. Finally, Koch Industries Inc. acquired a new stake in shares of Ciena in the 4th quarter worth approximately $252,000.
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Ciena Company Profile
Ciena Corporation provides hardware, software, and services that support the transport, switching, aggregation, service delivery, and management of voice, video, and data traffic on communications networks worldwide. The company's Networking Platforms segment offers hardware networking solutions optimized for the convergence of coherent optical transport, optical transport network switching, and packet switching.
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