Ciena Corporation’s (NYSE:CIEN) Outperform Rating Reaffirmed at BMO Capital Markets

Ciena Corporation (NYSE:CIEN)‘s stock had its “outperform” rating reaffirmed by BMO Capital Markets in a research report issued on Friday, September 1st. They presently have a $28.00 price target on the communications equipment provider’s stock, down from their previous price target of $32.00. BMO Capital Markets’ price objective would indicate a potential upside of 28.91% from the company’s previous close.

Several other analysts have also weighed in on CIEN. Stifel Nicolaus upgraded shares of Ciena Corporation from a “hold” rating to a “buy” rating and lifted their price objective for the company from $24.00 to $28.00 in a research note on Monday, May 22nd. Deutsche Bank AG lowered shares of Ciena Corporation from a “buy” rating to a “hold” rating and lowered their price objective for the company from $24.35 to $23.00 in a research note on Wednesday, May 24th. B. Riley reiterated a “buy” rating and issued a $34.25 price objective on shares of Ciena Corporation in a research note on Tuesday, May 30th. Cowen and Company reiterated an “outperform” rating and issued a $35.00 price objective on shares of Ciena Corporation in a research note on Tuesday, May 30th. Finally, Drexel Hamilton upgraded shares of Ciena Corporation from a “hold” rating to a “buy” rating in a research note on Thursday, June 1st. One research analyst has rated the stock with a sell rating, five have given a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the stock. Ciena Corporation presently has a consensus rating of “Buy” and an average target price of $29.79.

Ciena Corporation (NYSE CIEN) opened at 22.05 on Friday. The stock’s 50 day moving average is $24.25 and its 200 day moving average is $24.30. Ciena Corporation has a 12 month low of $18.94 and a 12 month high of $27.98. The company has a market cap of $3.13 billion, a PE ratio of 29.13 and a beta of 1.68.

Ciena Corporation (NYSE:CIEN) last released its quarterly earnings results on Thursday, August 31st. The communications equipment provider reported $0.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.49 by $0.02. The firm had revenue of $728.70 million during the quarter, compared to analyst estimates of $726.81 million. Ciena Corporation had a net margin of 4.99% and a return on equity of 25.53%. The company’s revenue was up 8.7% compared to the same quarter last year. During the same quarter last year, the business earned $0.42 EPS. Equities analysts predict that Ciena Corporation will post $1.74 earnings per share for the current year.

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In other news, VP David M. Rothenstein sold 2,000 shares of the stock in a transaction that occurred on Thursday, June 15th. The stock was sold at an average price of $25.02, for a total transaction of $50,040.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Stephen B. Alexander sold 2,500 shares of the stock in a transaction that occurred on Thursday, June 15th. The shares were sold at an average price of $25.02, for a total value of $62,550.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 79,108 shares of company stock valued at $1,988,997. 1.45% of the stock is owned by insiders.

Several institutional investors have recently made changes to their positions in CIEN. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its holdings in Ciena Corporation by 0.3% in the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 20,690 shares of the communications equipment provider’s stock worth $518,000 after purchasing an additional 58 shares in the last quarter. Capstone Asset Management Co. raised its holdings in Ciena Corporation by 1.3% in the second quarter. Capstone Asset Management Co. now owns 10,490 shares of the communications equipment provider’s stock worth $262,000 after purchasing an additional 130 shares in the last quarter. Nisa Investment Advisors LLC raised its holdings in Ciena Corporation by 1.9% in the second quarter. Nisa Investment Advisors LLC now owns 10,740 shares of the communications equipment provider’s stock worth $269,000 after purchasing an additional 200 shares in the last quarter. World Asset Management Inc raised its holdings in Ciena Corporation by 2.8% in the second quarter. World Asset Management Inc now owns 8,935 shares of the communications equipment provider’s stock worth $224,000 after purchasing an additional 243 shares in the last quarter. Finally, Teacher Retirement System of Texas raised its holdings in Ciena Corporation by 2.7% in the second quarter. Teacher Retirement System of Texas now owns 11,289 shares of the communications equipment provider’s stock worth $282,000 after purchasing an additional 300 shares in the last quarter.

About Ciena Corporation

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.

Analyst Recommendations for Ciena Corporation (NYSE:CIEN)

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