Ciena (NYSE:CIEN)‘s stock had its “buy” rating restated by Northland Securities in a report issued on Monday. They presently have a $34.00 price objective on the communications equipment provider’s stock. Northland Securities’ price target would indicate a potential upside of 27.82% from the stock’s current price.
Other equities research analysts have also recently issued reports about the stock. Zacks Investment Research raised shares of Ciena from a “sell” rating to a “buy” rating and set a $30.00 price target for the company in a research report on Tuesday, March 13th. Citigroup boosted their price target on shares of Ciena from $30.00 to $32.00 and gave the company a “buy” rating in a research report on Friday, March 9th. ValuEngine raised shares of Ciena from a “hold” rating to a “buy” rating in a research report on Friday, March 9th. Morgan Stanley reissued an “equal weight” rating and issued a $29.00 price target (up from $25.00) on shares of Ciena in a research report on Friday, March 9th. Finally, MKM Partners boosted their price target on shares of Ciena to $32.00 and gave the company a “buy” rating in a research report on Wednesday, March 7th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and twenty-two have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $29.81.
Shares of Ciena stock opened at $26.60 on Monday. The stock has a market cap of $3,925.49, a price-to-earnings ratio of 5.70, a PEG ratio of 1.63 and a beta of 1.51. Ciena has a 1 year low of $19.40 and a 1 year high of $27.98. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.79 and a current ratio of 2.06.
Ciena (NYSE:CIEN) last released its quarterly earnings data on Tuesday, March 6th. The communications equipment provider reported $0.15 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.07 by $0.08. The business had revenue of $646.14 million during the quarter, compared to analysts’ expectations of $641.77 million. Ciena had a net margin of 27.76% and a return on equity of 14.10%. The company’s revenue for the quarter was up 4.0% on a year-over-year basis. During the same period in the previous year, the company earned $0.17 EPS. research analysts anticipate that Ciena will post 1.08 earnings per share for the current year.
Ciena announced that its Board of Directors has approved a share repurchase plan on Thursday, December 7th that allows the company to repurchase $300.00 million in shares. This repurchase authorization allows the communications equipment provider to repurchase shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company’s board believes its shares are undervalued.
In other news, VP David M. Rothenstein sold 2,000 shares of the business’s stock in a transaction dated Thursday, March 15th. The shares were sold at an average price of $26.95, for a total transaction of $53,900.00. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Rick Hamilton sold 3,398 shares of the business’s stock in a transaction dated Thursday, December 21st. The stock was sold at an average price of $21.22, for a total transaction of $72,105.56. Following the transaction, the senior vice president now owns 51,019 shares in the company, valued at $1,082,623.18. The disclosure for this sale can be found here. Insiders sold 229,743 shares of company stock valued at $5,018,761 over the last ninety days. Corporate insiders own 1.38% of the company’s stock.
Institutional investors have recently modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Ciena by 47.3% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,488 shares of the communications equipment provider’s stock worth $157,000 after acquiring an additional 2,403 shares during the period. Stone Ridge Asset Management LLC acquired a new position in shares of Ciena during the fourth quarter worth about $225,000. Corient Capital Partners LLC acquired a new position in shares of Ciena during the fourth quarter worth about $230,000. Aristotle Atlantic Partners LLC acquired a new position in shares of Ciena during the fourth quarter worth about $244,000. Finally, Crossmark Global Holdings Inc. acquired a new position in shares of Ciena during the third quarter worth about $246,000.
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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