Ciena (NYSE:CIEN) received a $33.00 price objective from research analysts at Raymond James Financial in a research note issued on Thursday, December 7th. The firm presently has a “buy” rating on the communications equipment provider’s stock. Raymond James Financial’s price target points to a potential upside of 55.51% from the stock’s previous close.
Other analysts have also recently issued reports about the company. B. Riley restated a “buy” rating and issued a $34.25 price objective on shares of Ciena in a research report on Tuesday, August 29th. Stifel Nicolaus reiterated a “buy” rating and set a $30.00 price target on shares of Ciena in a research report on Tuesday, September 26th. Nomura reiterated a “buy” rating and set a $28.00 price target on shares of Ciena in a research report on Wednesday, September 20th. Needham & Company LLC reiterated a “buy” rating and set a $28.00 price target (down from $31.00) on shares of Ciena in a research report on Monday, September 25th. Finally, Piper Jaffray Companies cut Ciena from an “overweight” rating to a “neutral” rating and boosted their price target for the stock from $20.76 to $22.00 in a research report on Friday, December 8th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and nineteen have given a buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $28.48.
Shares of Ciena (NYSE:CIEN) traded up $0.29 during trading hours on Thursday, reaching $21.22. The company’s stock had a trading volume of 1,898,067 shares, compared to its average volume of 3,330,000. Ciena has a one year low of $19.40 and a one year high of $27.98. The firm has a market capitalization of $3,050.00, a P/E ratio of 3.07, a PEG ratio of 1.33 and a beta of 1.66. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.93 and a quick ratio of 1.68.
Ciena (NYSE:CIEN) last announced its quarterly earnings results on Thursday, December 7th. The communications equipment provider reported $0.46 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.50 by ($0.04). The company had revenue of $744.40 million during the quarter, compared to analyst estimates of $736.91 million. Ciena had a net margin of 45.04% and a return on equity of 18.32%. The company’s revenue was up 3.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.44 earnings per share. equities research analysts anticipate that Ciena will post 1 EPS for the current year.
Ciena declared that its board has initiated a stock buyback 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 generally an indication that the company’s management believes its shares are undervalued.
In other news, SVP James E. Moylan, Jr. sold 2,000 shares of the stock in a transaction dated Thursday, October 5th. The stock was sold at an average price of $22.17, for a total value of $44,340.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Gary B. Smith sold 8,000 shares of the stock in a transaction dated Thursday, October 12th. The shares were sold at an average price of $21.74, for a total value of $173,920.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 220,217 shares of company stock worth $4,674,355. 1.45% of the stock is owned by corporate insiders.
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Parametric Portfolio Associates LLC grew its stake in Ciena by 15.9% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 187,277 shares of the communications equipment provider’s stock worth $4,686,000 after buying an additional 25,663 shares during the last quarter. Marshall Wace North America L.P. purchased a new position in Ciena during the 2nd quarter worth approximately $2,679,000. Westfield Capital Management Co. LP grew its stake in Ciena by 21.5% during the 3rd quarter. Westfield Capital Management Co. LP now owns 2,594,285 shares of the communications equipment provider’s stock worth $56,996,000 after buying an additional 459,190 shares during the last quarter. Dupont Capital Management Corp grew its stake in Ciena by 150.1% during the 2nd quarter. Dupont Capital Management Corp now owns 72,528 shares of the communications equipment provider’s stock worth $1,815,000 after buying an additional 43,528 shares during the last quarter. Finally, Stifel Financial Corp grew its stake in Ciena by 15.5% during the 3rd quarter. Stifel Financial Corp now owns 70,070 shares of the communications equipment provider’s stock worth $1,538,000 after buying an additional 9,389 shares during the last quarter.
Ciena Company Profile
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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