Ciena (NYSE:CIEN) Stock Rating Upgraded by StockNews.com

StockNews.com upgraded shares of Ciena (NYSE:CIENFree Report) from a sell rating to a hold rating in a report issued on Friday morning.

A number of other equities research analysts have also issued reports on the company. Needham & Company LLC reaffirmed a buy rating and issued a $60.00 price target on shares of Ciena in a research report on Thursday, December 28th. Raymond James reduced their price target on Ciena from $63.00 to $60.00 and set a strong-buy rating on the stock in a research report on Friday, December 8th. B. Riley increased their price objective on Ciena from $67.00 to $68.00 and gave the company a buy rating in a report on Friday, December 8th. Evercore ISI upgraded Ciena from an in-line rating to an outperform rating and increased their price objective for the company from $52.00 to $57.00 in a report on Friday, January 12th. Finally, Rosenblatt Securities reiterated a buy rating and issued a $65.00 price objective on shares of Ciena in a report on Friday, December 8th. Three research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of Moderate Buy and a consensus price target of $59.79.

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Ciena Stock Performance

Shares of Ciena stock opened at $56.88 on Friday. Ciena has a 52 week low of $39.94 and a 52 week high of $57.73. The business’s fifty day simple moving average is $48.53 and its 200-day simple moving average is $45.83. The firm has a market cap of $8.25 billion, a PE ratio of 33.26, a price-to-earnings-growth ratio of 1.81 and a beta of 1.01. The company has a quick ratio of 2.71, a current ratio of 3.84 and a debt-to-equity ratio of 0.54.

Ciena (NYSE:CIENGet Free Report) last announced its quarterly earnings results on Thursday, December 7th. The communications equipment provider reported $0.75 EPS for the quarter, beating the consensus estimate of $0.69 by $0.06. Ciena had a return on equity of 10.28% and a net margin of 5.81%. The business had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.10 billion. During the same quarter in the prior year, the company posted $0.49 EPS. The company’s quarterly revenue was up 16.4% on a year-over-year basis. Equities analysts forecast that Ciena will post 2.09 earnings per share for the current year.

Insider Buying and Selling at Ciena

In other Ciena news, CEO Gary B. Smith sold 4,166 shares of Ciena stock in a transaction that occurred on Friday, December 15th. The stock was sold at an average price of $43.68, for a total value of $181,970.88. Following the transaction, the chief executive officer now directly owns 538,067 shares in the company, valued at approximately $23,502,766.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO Gary B. Smith sold 4,166 shares of the firm’s stock in a transaction that occurred on Friday, December 15th. The stock was sold at an average price of $43.68, for a total value of $181,970.88. Following the completion of the sale, the chief executive officer now directly owns 538,067 shares of the company’s stock, valued at approximately $23,502,766.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Joseph Cumello sold 1,212 shares of the firm’s stock in a transaction that occurred on Wednesday, November 15th. The shares were sold at an average price of $45.96, for a total value of $55,703.52. Following the completion of the sale, the senior vice president now directly owns 36,951 shares of the company’s stock, valued at $1,698,267.96. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 105,288 shares of company stock worth $5,417,833. 0.83% of the stock is currently owned by insiders.

Institutional Trading of Ciena

Several hedge funds have recently modified their holdings of the business. Raymond James Financial Services Advisors Inc. raised its holdings in Ciena by 0.9% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 28,651 shares of the communications equipment provider’s stock worth $1,737,000 after purchasing an additional 252 shares during the last quarter. American Century Companies Inc. increased its position in Ciena by 11.0% during the first quarter. American Century Companies Inc. now owns 17,204 shares of the communications equipment provider’s stock worth $1,043,000 after buying an additional 1,708 shares in the last quarter. Bank of Montreal Can increased its position in Ciena by 0.6% during the first quarter. Bank of Montreal Can now owns 36,296 shares of the communications equipment provider’s stock worth $2,227,000 after buying an additional 220 shares in the last quarter. Dimensional Fund Advisors LP increased its position in Ciena by 2.4% during the first quarter. Dimensional Fund Advisors LP now owns 1,753,752 shares of the communications equipment provider’s stock worth $106,335,000 after buying an additional 41,815 shares in the last quarter. Finally, Vontobel Holding Ltd. increased its position in Ciena by 40.6% during the first quarter. Vontobel Holding Ltd. now owns 19,106 shares of the communications equipment provider’s stock worth $1,172,000 after buying an additional 5,516 shares in the last quarter. 90.02% of the stock is owned by institutional investors and hedge funds.

About Ciena

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Ciena Corporation provides hardware and software services for delivery of video, data, and voice traffic metro, aggregation, and access communications network worldwide. The company's Networking Platforms segment offers convergence of coherent optical transport, open optical networking, optical transport network switching, IP routing, and switching services.

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Analyst Recommendations for Ciena (NYSE:CIEN)

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