CIEN has been the subject of a number of other research reports. Citigroup Inc. increased their price target on shares of Ciena Corp. from $21.00 to $23.00 and gave the company a hold rating in a report on Thursday, August 25th. Deutsche Bank AG increased their price target on shares of Ciena Corp. from $17.00 to $18.50 and gave the company a hold rating in a report on Monday, August 29th. MKM Partners reiterated a buy rating and issued a $26.00 price target on shares of Ciena Corp. in a report on Tuesday, August 23rd. Morgan Stanley downgraded shares of Ciena Corp. from an overweight rating to an equal weight rating and cut their price target for the company from $23.17 to $23.00 in a report on Friday, September 2nd. They noted that the move was a valuation call. Finally, William Blair reiterated an outperform rating on shares of Ciena Corp. in a report on Tuesday, September 6th. Five research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. The company has an average rating of Buy and an average target price of $25.36.
Ciena Corp. (NYSE:CIEN) opened at 21.80 on Friday. The firm has a market capitalization of $3.04 billion, a price-to-earnings ratio of 134.57 and a beta of 1.68. The firm has a 50-day moving average of $21.85 and a 200 day moving average of $19.38. Ciena Corp. has a 12-month low of $15.62 and a 12-month high of $25.46.
Ciena Corp. (NYSE:CIEN) last announced its quarterly earnings results on Thursday, September 1st. The company reported $0.42 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.38 by $0.04. The business earned $670.60 million during the quarter, compared to the consensus estimate of $672.23 million. Ciena Corp. had a net margin of 0.86% and a return on equity of 22.41%. The business’s revenue was up 11.2% compared to the same quarter last year. During the same quarter last year, the firm posted $0.37 EPS. On average, equities analysts predict that Ciena Corp. will post $1.43 EPS for the current year.
In other news, VP David M. Rothenstein sold 2,000 shares of Ciena Corp. stock in a transaction that occurred on Friday, July 15th. The shares were sold at an average price of $19.57, for a total transaction of $39,140.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Gary B. Smith sold 8,000 shares of Ciena Corp. stock in a transaction that occurred on Thursday, July 14th. The shares were sold at an average price of $19.65, for a total transaction of $157,200.00. The disclosure for this sale can be found here. Company insiders own 1.72% of the company’s stock.
Several hedge funds have recently bought and sold shares of the stock. LS Investment Advisors LLC raised its stake in Ciena Corp. by 70.1% in the second quarter. LS Investment Advisors LLC now owns 7,664 shares of the company’s stock worth $144,000 after buying an additional 3,159 shares in the last quarter. Oakbrook Investments LLC purchased a new stake in Ciena Corp. during the second quarter worth about $199,000. Clinton Group Inc. purchased a new stake in Ciena Corp. during the second quarter worth about $201,000. Acrospire Investment Management LLC purchased a new stake in Ciena Corp. during the second quarter worth about $206,000. Finally, Pacer Advisors Inc. purchased a new stake in Ciena Corp. during the second quarter worth about $218,000. Institutional investors own 92.51% of the company’s stock.
Ciena Corp. Company Profile
Ciena Corporation is a network specialist that focuses on providing communications networking solutions. The Company operates through four segments: Converged Packet Optical, Packet Networking, Optical Transport, and Software and Services. Its Converged Packet Optical portfolio includes networking solutions optimized for the convergence of coherent optical transport, optical transport network (OTN) switching and packet switching.
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