Ciena Co. (NYSE:CIEN) has received an average rating of “Buy” from the twenty-five analysts that are presently covering the stock, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation, seven have given a hold recommendation and sixteen have assigned a buy recommendation to the company. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $33.05.
A number of research analysts recently weighed in on the company. Stifel Nicolaus assumed coverage on Ciena in a report on Tuesday, October 23rd. They set a “buy” rating and a $35.00 target price on the stock. Northland Securities lowered Ciena from an “outperform” rating to a “market perform” rating in a report on Monday, October 1st. UBS Group lowered Ciena from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $29.50 to $33.00 in a report on Wednesday, September 26th. Morgan Stanley lowered Ciena from an “overweight” rating to an “equal weight” rating and boosted their target price for the stock from $30.00 to $32.00 in a report on Thursday, September 13th. Finally, Zacks Investment Research raised Ciena from a “hold” rating to a “buy” rating and set a $35.00 target price on the stock in a report on Wednesday, September 5th.
In other news, VP David M. Rothenstein sold 2,000 shares of the stock in a transaction on Wednesday, August 15th. The stock was sold at an average price of $26.00, for a total transaction of $52,000.00. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Gary B. Smith sold 9,600 shares of the company’s stock in a transaction on Friday, November 2nd. The stock was sold at an average price of $31.65, for a total value of $303,840.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 84,812 shares of company stock worth $2,537,062. 1.38% of the stock is currently owned by insiders.
Several hedge funds have recently made changes to their positions in CIEN. Victory Capital Management Inc. lifted its position in shares of Ciena by 89.4% during the 2nd quarter. Victory Capital Management Inc. now owns 2,153,725 shares of the communications equipment provider’s stock worth $57,095,000 after buying an additional 1,016,354 shares during the last quarter. LSV Asset Management raised its position in Ciena by 56.6% in the second quarter. LSV Asset Management now owns 2,734,607 shares of the communications equipment provider’s stock valued at $72,494,000 after purchasing an additional 988,292 shares during the last quarter. Dalton Greiner Hartman Maher & Co. bought a new position in shares of Ciena during the second quarter worth about $17,890,000. Emerald Advisers Inc. PA raised its position in shares of Ciena by 97.2% during the second quarter. Emerald Advisers Inc. PA now owns 1,290,822 shares of the communications equipment provider’s stock worth $34,220,000 after acquiring an additional 636,313 shares during the last quarter. Finally, Emerald Mutual Fund Advisers Trust raised its position in shares of Ciena by 129.3% during the second quarter. Emerald Mutual Fund Advisers Trust now owns 1,109,068 shares of the communications equipment provider’s stock worth $29,401,000 after acquiring an additional 625,370 shares during the last quarter.
Shares of Ciena stock traded up $0.14 on Thursday, reaching $33.78. 374,313 shares of the company were exchanged, compared to its average volume of 3,226,641. The company has a quick ratio of 1.76, a current ratio of 1.97 and a debt-to-equity ratio of 0.33. The stock has a market cap of $4.57 billion, a P/E ratio of 22.74, a P/E/G ratio of 1.40 and a beta of 1.21. Ciena has a one year low of $19.40 and a one year high of $33.74.
Ciena (NYSE:CIEN) last posted its earnings results on Thursday, August 30th. The communications equipment provider reported $0.48 earnings per share for the quarter, topping analysts’ consensus estimates of $0.36 by $0.12. The business had revenue of $818.82 million for the quarter, compared to analyst estimates of $792.28 million. Ciena had a return on equity of 8.56% and a net margin of 25.56%. The firm’s revenue was up 12.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.51 EPS. On average, sell-side analysts expect that Ciena will post 1.1 EPS for the current year.
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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