Jefferies Group reissued their buy rating on shares of Ciena (NYSE:CIEN) in a report issued on Wednesday morning. Jefferies Group currently has a $31.00 price objective on the communications equipment provider’s stock.
Other equities research analysts have also recently issued reports about the company. Zacks Investment Research raised Ciena from a sell rating to a hold rating in a report on Monday, February 12th. Raymond James Financial set a $33.00 price target on Ciena and gave the company a buy rating in a report on Thursday, December 7th. B. Riley decreased their price target on Ciena from $30.50 to $28.00 and set a buy rating on the stock in a report on Tuesday, December 5th. Needham & Company LLC reissued a buy rating and set a $29.00 price target (up from $24.00) on shares of Ciena in a report on Wednesday. Finally, Piper Jaffray Companies cut Ciena from an overweight rating to a neutral rating and raised their price target for the company from $20.76 to $22.00 in a report on Friday, December 8th. Two analysts have rated the stock with a sell rating, three have given a hold rating and twenty-one have given a buy rating to the company. The company presently has an average rating of Buy and an average target price of $29.67.
Shares of Ciena (NYSE:CIEN) opened at $27.05 on Wednesday. The company has a current ratio of 2.06, a quick ratio of 1.68 and a debt-to-equity ratio of 0.33. The company has a market capitalization of $3,903.86, a PE ratio of 5.79, a price-to-earnings-growth ratio of 1.75 and a beta of 1.51. Ciena has a twelve month low of $19.40 and a twelve month high of $27.98.
Ciena declared that its board has approved a stock buyback program on Thursday, December 7th that authorizes the company to repurchase $300.00 million in shares. This repurchase authorization authorizes the communications equipment provider to buy shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s management believes its stock is undervalued.
In related news, SVP James E. Moylan, Jr. sold 2,000 shares of Ciena stock in a transaction dated Wednesday, March 7th. The stock was sold at an average price of $26.13, for a total value of $52,260.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Rick Hamilton sold 3,398 shares of Ciena stock in a transaction dated Thursday, December 21st. The stock was sold at an average price of $21.22, for a total value of $72,105.56. Following the completion of the transaction, the senior vice president now owns 51,019 shares of the company’s stock, valued at approximately $1,082,623.18. The disclosure for this sale can be found here. In the last quarter, insiders sold 228,743 shares of company stock valued at $4,934,751. 1.38% of the stock is currently owned by company insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Neuberger Berman Group LLC boosted its position in shares of Ciena by 169.5% during the third 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 period. Maverick Capital Ltd. purchased a new position in shares of Ciena during the fourth quarter valued at approximately $50,962,000. Millennium Management LLC boosted its position in shares of Ciena by 431.6% during the fourth 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 period. Renaissance Technologies LLC purchased a new position in shares of Ciena during the fourth quarter valued at approximately $40,110,000. Finally, Rubric Capital Management LP purchased a new position in shares of Ciena during the third quarter valued at approximately $33,373,000.
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.