Ciena (NYSE:CIEN) had its price target upped by research analysts at Citigroup from $30.00 to $32.00 in a note issued to investors on Friday. The firm currently has a “buy” rating on the communications equipment provider’s stock. Citigroup’s price target would indicate a potential upside of 18.30% from the company’s current price.
CIEN has been the topic of several other reports. Bank of America raised shares of Ciena from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $20.98 to $28.00 in a research report on Monday, November 27th. William Blair reissued a “buy” rating on shares of Ciena in a research report on Monday, November 13th. Cowen reissued a “buy” rating and set a $33.00 price target on shares of Ciena in a research report on Wednesday, December 6th. Raymond James Financial set a $33.00 price target on shares of Ciena and gave the stock a “buy” rating in a research report on Thursday, December 7th. Finally, Goldman Sachs Group raised shares of Ciena from a “neutral” rating to a “buy” rating and set a $27.00 price target on the stock in a research report on Monday, January 15th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and twenty-one have assigned a buy rating to the company. Ciena presently has a consensus rating of “Buy” and a consensus price target of $29.67.
Shares of Ciena (NYSE CIEN) opened at $27.05 on Friday. The company has a market cap of $3,980.00, a price-to-earnings ratio of 4.10, a P/E/G ratio of 1.72 and a beta of 1.50. Ciena has a 52-week low of $19.40 and a 52-week high of $27.98. The company has a debt-to-equity ratio of 0.33, a current ratio of 2.06 and a quick ratio of 1.68.
Ciena declared that its board has authorized a stock repurchase program on Thursday, December 7th that permits the company to buyback $300.00 million in outstanding shares. This buyback authorization permits the communications equipment provider to purchase shares of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
In other news, VP Andrew C. Petrik sold 3,800 shares of the business’s stock in a transaction dated Thursday, December 21st. The shares were sold at an average price of $21.22, for a total transaction of $80,636.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, SVP James E. Moylan, Jr. sold 2,000 shares of the business’s stock in a transaction dated 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 have sold a total of 228,743 shares of company stock worth $4,934,751 over the last 90 days. 1.38% of the stock is owned by company insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Neuberger Berman Group LLC grew its stake in Ciena by 169.5% in the 3rd quarter. Neuberger Berman Group LLC now owns 4,217,455 shares of the communications equipment provider’s stock valued at $92,657,000 after buying an additional 2,652,791 shares during the last quarter. Schroder Investment Management Group grew its stake in Ciena by 7.2% in the 3rd quarter. Schroder Investment Management Group now owns 2,982,417 shares of the communications equipment provider’s stock valued at $65,822,000 after buying an additional 200,907 shares during the last quarter. Westfield Capital Management Co. LP grew its stake in Ciena by 21.5% in the 3rd quarter. Westfield Capital Management Co. LP now owns 2,594,285 shares of the communications equipment provider’s stock valued at $56,996,000 after buying an additional 459,190 shares during the last quarter. Millennium Management LLC grew its stake in Ciena by 431.6% in the 4th quarter. Millennium Management LLC now owns 2,477,957 shares of the communications equipment provider’s stock valued at $51,864,000 after buying an additional 2,011,805 shares during the last quarter. Finally, Maverick Capital Ltd. acquired a new position in Ciena in the 4th quarter valued at about $50,962,000.
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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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