Ciena (NYSE:CIEN) was upgraded by investment analysts at ValuEngine from a “buy” rating to a “strong-buy” rating in a research report issued on Tuesday, January 22nd.
Several other analysts have also recently commented on the stock. Jefferies Financial Group raised their target price on shares of Ciena from $42.00 to $45.00 and gave the stock a “buy” rating in a research note on Tuesday, January 22nd. Northland Securities set a $32.00 price objective on shares of Ciena and gave the company a “buy” rating in a research note on Thursday, December 20th. Zacks Investment Research cut shares of Ciena from a “buy” rating to a “hold” rating in a research note on Wednesday, December 19th. TheStreet cut shares of Ciena from a “b” rating to a “c+” rating in a research note on Friday, December 14th. Finally, Rosenblatt Securities restated a “hold” rating and set a $33.00 target price on shares of Ciena in a report on Sunday, December 16th. Nine equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $37.02.
Shares of NYSE CIEN traded up $0.50 during mid-day trading on Tuesday, reaching $40.21. The company had a trading volume of 1,917,786 shares, compared to its average volume of 2,405,934. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.22 and a quick ratio of 1.95. The company has a market capitalization of $6.24 billion, a price-to-earnings ratio of 35.90, a price-to-earnings-growth ratio of 1.75 and a beta of 1.03. Ciena has a 52-week low of $22.94 and a 52-week high of $40.31.
Ciena (NYSE:CIEN) last issued its quarterly earnings results on Thursday, December 13th. The communications equipment provider reported $0.53 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.48 by $0.05. The firm had revenue of $889.40 million during the quarter, compared to analysts’ expectations of $862.54 million. Ciena had a negative net margin of 11.14% and a positive return on equity of 9.31%. Ciena’s quarterly revenue was up 19.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.46 EPS. As a group, sell-side analysts forecast that Ciena will post 1.44 earnings per share for the current year.
In other news, SVP James E. Moylan, Jr. sold 2,000 shares of the business’s stock in a transaction on Tuesday, January 22nd. The shares were sold at an average price of $38.68, for a total transaction of $77,360.00. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Gary B. Smith sold 9,600 shares of the business’s stock in a transaction on Friday, February 8th. The stock was sold at an average price of $37.52, for a total transaction of $360,192.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 69,187 shares of company stock worth $2,403,339. Corporate insiders own 1.38% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the company. Advisory Services Network LLC grew its position in shares of Ciena by 12,478.5% during the fourth quarter. Advisory Services Network LLC now owns 11,698 shares of the communications equipment provider’s stock worth $397,000 after acquiring an additional 11,605 shares during the last quarter. Public Employees Retirement System of Ohio grew its position in shares of Ciena by 445.4% during the fourth quarter. Public Employees Retirement System of Ohio now owns 15,161 shares of the communications equipment provider’s stock worth $514,000 after acquiring an additional 12,381 shares during the last quarter. Legal & General Group Plc grew its position in shares of Ciena by 21.5% during the fourth quarter. Legal & General Group Plc now owns 184,503 shares of the communications equipment provider’s stock worth $6,256,000 after acquiring an additional 32,603 shares during the last quarter. Cipher Capital LP bought a new position in shares of Ciena during the fourth quarter worth about $2,150,000. Finally, Voleon Capital Management LP bought a new position in shares of Ciena during the fourth quarter worth about $2,238,000. Institutional investors and hedge funds own 99.17% of the company’s stock.
Ciena Corporation provides network hardware, software, and services that support the transport, switching, aggregation, service delivery, and management of video, data, and voice traffic on communications networks worldwide. The company's Networking Platforms segment offers hardware networking solutions optimized for the convergence of coherent optical transport, optical transport network switching, and packet switching.
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