Needham & Company LLC Cuts Ciena (CIEN) Price Target to $24.00

Ciena (NYSE:CIEN) had its price objective reduced by Needham & Company LLC from $26.00 to $24.00 in a research report report published on Friday, Marketbeat.com reports. Needham & Company LLC currently has a buy rating on the communications equipment provider’s stock.

A number of other analysts have also commented on the stock. ValuEngine lowered shares of Ciena from a buy rating to a hold rating in a report on Monday, August 14th. BidaskClub lowered shares of Ciena from a sell rating to a strong sell rating in a research note on Friday, August 18th. Raymond James Financial reaffirmed an outperform rating on shares of Ciena in a research note on Thursday, August 24th. B. Riley reaffirmed a buy rating and issued a $34.25 target price on shares of Ciena in a research note on Tuesday, August 29th. Finally, Citigroup raised shares of Ciena from a neutral rating to a buy rating and upped their target price for the stock from $23.87 to $29.00 in a research note on Wednesday, August 30th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of Buy and a consensus price target of $28.48.

Shares of Ciena (CIEN) opened at $21.77 on Friday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.68 and a current ratio of 1.93. The firm has a market capitalization of $3,090.00, a P/E ratio of 14.95, a price-to-earnings-growth ratio of 0.86 and a beta of 1.66. Ciena has a 1-year low of $19.40 and a 1-year high of $27.98.

Ciena (NYSE:CIEN) last posted its earnings results on Thursday, December 7th. The communications equipment provider reported $0.46 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.04). Ciena had a net margin of 45.04% and a return on equity of 18.32%. The firm had revenue of $744.40 million during the quarter, compared to the consensus estimate of $736.91 million. During the same quarter last year, the firm posted $0.44 EPS. The business’s revenue was up 3.9% on a year-over-year basis. equities research analysts predict that Ciena will post 1.65 EPS for the current fiscal year.

Ciena announced that its board has initiated a stock repurchase plan on Thursday, December 7th that allows the company to repurchase $300.00 million in outstanding shares. This repurchase authorization allows the communications equipment provider to buy shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its stock is undervalued.

In other Ciena news, VP David M. Rothenstein sold 2,000 shares of the company’s stock in a transaction on Wednesday, November 15th. The shares were sold at an average price of $19.50, for a total value of $39,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Gary B. Smith sold 8,000 shares of the stock in a transaction dated Wednesday, September 13th. The stock was 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. In the last ninety days, insiders have sold 89,052 shares of company stock valued at $1,898,778. 1.45% of the stock is owned by corporate insiders.

Several institutional investors have recently modified their holdings of the stock. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its position in Ciena by 0.3% during the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 20,690 shares of the communications equipment provider’s stock valued at $518,000 after purchasing an additional 58 shares during the last quarter. Capstone Asset Management Co. boosted its holdings in shares of Ciena by 1.3% during the 2nd quarter. Capstone Asset Management Co. now owns 10,490 shares of the communications equipment provider’s stock valued at $262,000 after acquiring an additional 130 shares during the last quarter. Nisa Investment Advisors LLC boosted its holdings in shares of Ciena by 1.9% during the 2nd quarter. Nisa Investment Advisors LLC now owns 10,740 shares of the communications equipment provider’s stock valued at $269,000 after acquiring an additional 200 shares during the last quarter. World Asset Management Inc lifted its stake in shares of Ciena by 2.8% in the 2nd quarter. World Asset Management Inc now owns 8,935 shares of the communications equipment provider’s stock worth $224,000 after purchasing an additional 243 shares during the period. Finally, Teacher Retirement System of Texas raised its stake in Ciena by 2.7% during the 2nd quarter. Teacher Retirement System of Texas now owns 11,289 shares of the communications equipment provider’s stock worth $282,000 after acquiring an additional 300 shares during the period.

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About Ciena

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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