Morgan Stanley reiterated their equal weight rating on shares of Ciena (NYSE:CIEN) in a research report sent to investors on Friday. Morgan Stanley currently has a $29.00 price objective on the communications equipment provider’s stock, up from their previous price objective of $25.00.
A number of other research analysts have also recently commented on the stock. ValuEngine upgraded shares of Ciena from a hold rating to a buy rating in a research note on Friday. Jefferies Group restated a buy rating and set a $31.00 price target on shares of Ciena in a research note on Wednesday, March 7th. MKM Partners raised their price target on shares of Ciena to $32.00 and gave the stock a buy rating in a research note on Wednesday, March 7th. BMO Capital Markets raised their price target on shares of Ciena to $32.00 and gave the stock an outperform rating in a research note on Wednesday, March 7th. Finally, Needham & Company LLC restated a buy rating and set a $29.00 price target (up previously from $24.00) on shares of Ciena in a research note on Wednesday, March 7th. 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. Ciena presently has an average rating of Buy and an average target price of $29.60.
Ciena (NYSE CIEN) opened at $27.05 on Friday. The company has a market cap of $3,903.84, a PE ratio of 20.97, a price-to-earnings-growth ratio of 1.75 and a beta of 1.51. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.79 and a current ratio of 2.06. Ciena has a one year low of $19.40 and a one year high of $27.98.
Ciena announced that its board has authorized a stock buyback program on Thursday, December 7th that permits the company to buyback $300.00 million in shares. This buyback authorization permits the communications equipment provider to reacquire shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its stock is undervalued.
In related news, CEO Gary B. Smith sold 113,735 shares of the firm’s stock in a transaction that occurred on Thursday, December 21st. The shares were sold at an average price of $21.22, for a total value of $2,413,456.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Andrew C. Petrik sold 3,800 shares of the firm’s stock in a transaction that occurred on Thursday, December 21st. The shares were sold at an average price of $21.22, for a total transaction of $80,636.00. The disclosure for this sale can be found here. In the last three months, insiders sold 228,743 shares of company stock valued at $4,934,751. 1.38% of the stock is currently owned by company insiders.
Several institutional investors have recently modified their holdings of CIEN. Neuberger Berman Group LLC increased its holdings in shares of Ciena by 169.5% in 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 purchasing an additional 2,652,791 shares in the last quarter. Maverick Capital Ltd. acquired a new stake in shares of Ciena in the fourth quarter valued at approximately $50,962,000. Millennium Management LLC increased its holdings in shares of Ciena by 431.6% in 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 purchasing an additional 2,011,805 shares in the last quarter. Renaissance Technologies LLC acquired a new stake in shares of Ciena in the fourth quarter valued at approximately $40,110,000. Finally, Rubric Capital Management LP acquired a new stake in shares of Ciena in the third quarter valued at approximately $33,373,000.
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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.
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