BMO Capital Markets Cuts Ciena (CIEN) Price Target to $25.00

Ciena (NYSE:CIEN) had its target price cut by BMO Capital Markets to $25.00 in a research report report published on Friday, December 8th. They currently have an outperform rating on the communications equipment provider’s stock.

Several other equities analysts also recently commented on CIEN. B. Riley reaffirmed a buy rating and issued a $30.50 price objective on shares of Ciena in a research report on Sunday, September 3rd. MKM Partners reaffirmed a buy rating and issued a $30.00 price objective on shares of Ciena in a research report on Tuesday, September 26th. ValuEngine downgraded Ciena from a buy rating to a hold rating in a research report on Monday, August 14th. Needham & Company LLC reaffirmed a buy rating and issued a $28.00 price objective (down previously from $31.00) on shares of Ciena in a research report on Monday, September 25th. Finally, Stifel Nicolaus reaffirmed a buy rating and issued a $30.00 price objective on shares of Ciena in a research report on Tuesday, September 26th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and nineteen have assigned a buy rating to the stock. The stock currently has a consensus rating of Buy and a consensus price target of $28.48.

Ciena (CIEN) traded up $21.22 during midday trading on Friday, hitting $21.22. The stock had a trading volume of 1,898,000 shares, compared to its average volume of 3,330,000. The company has a market cap of $3,050.00, a P/E ratio of 3.07, a P/E/G ratio of 1.33 and a beta of 1.66. The company has a current ratio of 1.93, a quick ratio of 1.68 and a debt-to-equity ratio of 0.27. Ciena has a 52-week low of $19.40 and a 52-week high of $27.98.

Ciena (NYSE:CIEN) last announced its quarterly earnings data on Thursday, December 7th. The communications equipment provider reported $0.46 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.50 by ($0.04). The business had revenue of $744.40 million during the quarter, compared to the consensus estimate of $736.91 million. Ciena had a net margin of 45.04% and a return on equity of 18.32%. The business’s revenue was up 3.9% compared to the same quarter last year. During the same period last year, the company earned $0.44 EPS. research analysts expect that Ciena will post 1 EPS for the current fiscal year.

Ciena declared that its board has initiated a share repurchase program on Thursday, December 7th that permits the company to buyback $300.00 million in outstanding shares. This buyback authorization permits the communications equipment provider to reacquire shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s management believes its shares are undervalued.

In related news, CEO Gary B. Smith sold 113,735 shares of the company’s stock in a transaction on Thursday, December 21st. The stock was sold at an average price of $21.22, for a total transaction of $2,413,456.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP James E. Moylan, Jr. sold 2,000 shares of the company’s stock in a transaction on Thursday, October 5th. The stock was sold at an average price of $22.17, for a total value of $44,340.00. The disclosure for this sale can be found here. Insiders have sold a total of 220,217 shares of company stock valued at $4,674,355 over the last 90 days. 1.45% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Capstone Asset Management Co. raised its stake in Ciena by 1.3% in the second quarter. Capstone Asset Management Co. now owns 10,490 shares of the communications equipment provider’s stock valued at $262,000 after buying an additional 130 shares during the last quarter. Nisa Investment Advisors LLC raised its stake in Ciena by 1.9% in the second quarter. Nisa Investment Advisors LLC now owns 10,740 shares of the communications equipment provider’s stock valued at $269,000 after buying an additional 200 shares during the last quarter. Aperio Group LLC raised its stake in Ciena by 7.1% in the second quarter. Aperio Group LLC now owns 26,237 shares of the communications equipment provider’s stock valued at $656,000 after buying an additional 1,742 shares during the last quarter. Acadian Asset Management LLC purchased a new stake in Ciena in the second quarter valued at about $159,000. Finally, Strs Ohio raised its stake in Ciena by 15.5% in the second quarter. Strs Ohio now owns 19,400 shares of the communications equipment provider’s stock valued at $485,000 after buying an additional 2,600 shares during the last quarter.

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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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