Ciena (NYSE:CIEN) had its price objective raised by Stifel Nicolaus from $28.00 to $31.00 in a research report released on Tuesday morning, The Fly reports. The firm currently has a buy rating on the communications equipment provider’s stock.
A number of other equities research analysts have also recently commented on CIEN. Zacks Investment Research upgraded shares of Ciena from a sell rating to a hold rating in a report on Tuesday, November 7th. William Blair reiterated a buy rating on shares of Ciena in a report on Monday, November 13th. Bank of America upgraded shares of Ciena from a neutral rating to a buy rating and increased their price target for the company from $20.98 to $28.00 in a report on Monday, November 27th. B. Riley cut their price target on shares of Ciena from $30.50 to $28.00 and set a buy rating on the stock in a report on Tuesday, December 5th. Finally, Cowen reiterated a buy rating and set a $33.00 price target on shares of Ciena in a report on Wednesday, December 6th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and twenty-one have given a buy rating to the company. The stock has an average rating of Buy and an average target price of $29.67.
Shares of Ciena (NYSE CIEN) opened at $27.05 on Tuesday. The firm has a market cap of $3,831.68, a PE ratio of 20.58, a price-to-earnings-growth ratio of 1.72 and a beta of 1.51. The company has a quick ratio of 1.68, a current ratio of 2.06 and a debt-to-equity ratio of 0.33. Ciena has a fifty-two week low of $19.40 and a fifty-two week high of $27.98.
Ciena announced that its Board of Directors has initiated a stock buyback program on Thursday, December 7th that authorizes the company to repurchase $300.00 million in outstanding shares. This repurchase authorization authorizes the communications equipment provider to buy shares of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s management believes its stock is undervalued.
In other Ciena news, CEO Gary B. Smith sold 8,000 shares of the stock in a transaction that occurred on Friday, December 15th. The shares were sold at an average price of $21.38, for a total value of $171,040.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, SVP James E. Moylan, Jr. sold 2,000 shares of the stock in a transaction that occurred on Thursday, December 14th. The stock was sold at an average price of $21.54, for a total transaction of $43,080.00. The disclosure for this sale can be found here. Insiders sold 228,743 shares of company stock worth $4,934,751 in the last 90 days. 1.38% of the stock is currently owned by corporate insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. TCW Group Inc. raised its position in Ciena by 0.4% in the fourth quarter. TCW Group Inc. now owns 639,066 shares of the communications equipment provider’s stock worth $13,376,000 after acquiring an additional 2,270 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Ciena by 47.3% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,488 shares of the communications equipment provider’s stock worth $157,000 after acquiring an additional 2,403 shares during the period. Glenmede Trust Co. NA raised its position in Ciena by 18.2% in the fourth quarter. Glenmede Trust Co. NA now owns 15,794 shares of the communications equipment provider’s stock worth $330,000 after acquiring an additional 2,430 shares during the period. American International Group Inc. raised its position in Ciena by 0.7% in the fourth quarter. American International Group Inc. now owns 387,326 shares of the communications equipment provider’s stock worth $8,107,000 after acquiring an additional 2,668 shares during the period. Finally, Wedge Capital Management L L P NC raised its position in Ciena by 8.8% in the fourth quarter. Wedge Capital Management L L P NC now owns 37,657 shares of the communications equipment provider’s stock worth $788,000 after acquiring an additional 3,052 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.
Receive News & Ratings for Ciena Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ciena and related companies with MarketBeat.com's FREE daily email newsletter.