Ciena Co. (NYSE:CIEN)‘s stock had its “outperform” rating reiterated by investment analysts at BMO Capital Markets in a report released on Friday. They presently have a $28.00 price objective on the communications equipment provider’s stock, down from their prior price objective of $32.00. BMO Capital Markets’ target price indicates a potential upside of 26.93% from the stock’s previous close.
Several other analysts also recently issued reports on CIEN. UBS AG reissued a “buy” rating and issued a $31.00 price target (up previously from $29.00) on shares of Ciena in a research report on Monday, June 5th. Stifel Nicolaus reissued a “buy” rating and issued a $30.00 price target on shares of Ciena in a research report on Friday. B. Riley reissued a “buy” rating and issued a $34.00 price target on shares of Ciena in a research report on Sunday, June 4th. ValuEngine downgraded shares of Ciena from a “buy” rating to a “hold” rating in a research report on Monday, August 14th. Finally, Citigroup Inc. raised shares of Ciena from a “neutral” rating to a “buy” rating and lifted their price target for the company from $23.87 to $29.00 in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $29.96.
Shares of Ciena (NYSE CIEN) traded up 2.08% during mid-day trading on Friday, hitting $22.06. 7,708,989 shares of the stock were exchanged. Ciena has a 12-month low of $18.94 and a 12-month high of $27.98. The stock has a market capitalization of $3.13 billion, a P/E ratio of 29.14 and a beta of 1.69. The stock’s 50 day moving average price is $24.70 and its 200-day moving average price is $24.41.
Ciena (NYSE:CIEN) last announced its quarterly earnings data on Thursday, August 31st. The communications equipment provider reported $0.51 EPS for the quarter, topping the consensus estimate of $0.49 by $0.02. Ciena had a net margin of 8.23% and a return on equity of 26.88%. The company had revenue of $728.70 million during the quarter, compared to the consensus estimate of $726.81 million. During the same quarter last year, the firm posted $0.42 EPS. The company’s quarterly revenue was up 8.7% on a year-over-year basis. On average, equities research analysts expect that Ciena will post $1.76 EPS for the current fiscal year.
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In related news, VP Andrew C. Petrik sold 1,258 shares of the business’s stock in a transaction dated Tuesday, August 15th. The stock was sold at an average price of $24.44, for a total value of $30,745.52. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Gary B. Smith sold 8,000 shares of the business’s stock in a transaction dated Tuesday, August 22nd. The shares were sold at an average price of $23.27, for a total value of $186,160.00. The disclosure for this sale can be found here. Insiders have sold a total of 77,108 shares of company stock worth $1,945,437 over the last quarter. Company insiders own 1.45% of the company’s stock.
A number of large investors have recently made changes to their positions in CIEN. WINTON GROUP Ltd bought a new stake in Ciena in the 2nd quarter valued at about $777,000. Koch Industries Inc. bought a new stake in Ciena in the 2nd quarter valued at about $235,000. Verition Fund Management LLC raised its stake in Ciena by 48.4% in the 2nd quarter. Verition Fund Management LLC now owns 31,899 shares of the communications equipment provider’s stock valued at $798,000 after acquiring an additional 10,399 shares during the period. Ameritas Investment Partners Inc. raised its stake in Ciena by 2.5% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 54,813 shares of the communications equipment provider’s stock valued at $1,371,000 after acquiring an additional 1,328 shares during the period. Finally, Raymond James Financial Services Advisors Inc. raised its stake in Ciena by 11.2% in the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 26,091 shares of the communications equipment provider’s stock valued at $653,000 after acquiring an additional 2,628 shares during the period.
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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