Ciena Co. (NYSE:CIEN) has earned a consensus recommendation of “Buy” from the twenty-seven ratings firms that are covering the firm, MarketBeat Ratings reports. Nine equities research analysts have rated the stock with a hold recommendation, sixteen have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $48.35.
A number of equities research analysts have issued reports on CIEN shares. ValuEngine lowered shares of Ciena from a “buy” rating to a “hold” rating in a report on Friday, September 6th. MKM Partners set a $51.00 target price on shares of Ciena and gave the stock a “buy” rating in a report on Wednesday, September 18th. Nomura reiterated a “buy” rating and set a $43.00 target price (down from $47.00) on shares of Ciena in a report on Wednesday, October 2nd. Rosenblatt Securities upgraded shares of Ciena from a “neutral” rating to a “buy” rating and increased their target price for the stock from $45.00 to $47.00 in a report on Thursday, August 29th. Finally, Barclays increased their target price on shares of Ciena from $50.00 to $53.00 and gave the stock an “overweight” rating in a report on Friday, September 6th.
In related news, SVP Scott Mcfeely sold 1,000 shares of Ciena stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $41.11, for a total transaction of $41,110.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Judith M. Obrien sold 17,071 shares of Ciena stock in a transaction on Monday, September 9th. The stock was sold at an average price of $39.45, for a total transaction of $673,450.95. The disclosure for this sale can be found here. Insiders sold a total of 70,854 shares of company stock worth $3,009,833 over the last 90 days. Company insiders own 1.20% of the company’s stock.
A number of large investors have recently made changes to their positions in the stock. Clearbridge Investments LLC grew its position in Ciena by 83.9% during the 1st quarter. Clearbridge Investments LLC now owns 2,321 shares of the communications equipment provider’s stock worth $87,000 after purchasing an additional 1,059 shares during the last quarter. Campbell & CO Investment Adviser LLC purchased a new position in Ciena during the 2nd quarter worth $258,000. Swiss National Bank grew its position in Ciena by 11.9% during the 2nd quarter. Swiss National Bank now owns 290,900 shares of the communications equipment provider’s stock worth $11,965,000 after purchasing an additional 31,000 shares during the last quarter. Envestnet Asset Management Inc. grew its position in Ciena by 2.0% during the 2nd quarter. Envestnet Asset Management Inc. now owns 27,902 shares of the communications equipment provider’s stock worth $1,148,000 after purchasing an additional 555 shares during the last quarter. Finally, Oakbrook Investments LLC grew its position in Ciena by 58.4% during the 2nd quarter. Oakbrook Investments LLC now owns 16,000 shares of the communications equipment provider’s stock worth $658,000 after purchasing an additional 5,900 shares during the last quarter. Hedge funds and other institutional investors own 88.49% of the company’s stock.
Ciena stock traded up $0.40 during mid-day trading on Thursday, reaching $38.45. 1,301,921 shares of the company’s stock were exchanged, compared to its average volume of 2,964,862. The company has a market cap of $5.89 billion, a P/E ratio of 34.33, a P/E/G ratio of 1.17 and a beta of 1.06. Ciena has a twelve month low of $29.30 and a twelve month high of $46.78. The company has a quick ratio of 2.45, a current ratio of 2.90 and a debt-to-equity ratio of 0.32. The company has a fifty day moving average of $39.09 and a 200-day moving average of $39.97.
Ciena (NYSE:CIEN) last released its earnings results on Thursday, September 5th. The communications equipment provider reported $0.71 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.50 by $0.21. The company had revenue of $960.60 million for the quarter, compared to analyst estimates of $930.64 million. Ciena had a net margin of 6.77% and a return on equity of 13.64%. The firm’s quarterly revenue was up 17.3% on a year-over-year basis. During the same period in the prior year, the business earned $0.48 EPS. Equities research analysts expect that Ciena will post 1.88 earnings per share for the current fiscal year.
Ciena Company Profile
Ciena Corporation provides network hardware, software, and services that support the transport, switching, aggregation, service delivery, and management of video, data, and voice 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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