Ciena Corporation (NYSE:CIEN) released its quarterly earnings data on Thursday, August 31st. The communications equipment provider reported $0.51 EPS for the quarter, topping analysts’ consensus estimates of $0.49 by $0.02, Bloomberg Earnings reports. The firm had revenue of $728.70 million for the quarter, compared to the consensus estimate of $726.81 million. Ciena Corporation had a net margin of 4.99% and a return on equity of 25.53%. The firm’s revenue was up 8.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.42 earnings per share.
Ciena Corporation (NYSE CIEN) traded up 1.76% during trading on Friday, hitting $21.96. 3,330,248 shares of the stock traded hands. Ciena Corporation has a 52 week low of $18.94 and a 52 week high of $27.98. The stock has a market cap of $3.13 billion, a P/E ratio of 24.03 and a beta of 1.68. The firm’s 50-day moving average is $23.63 and its 200 day moving average is $24.15.
CIEN has been the subject of several research analyst reports. Jefferies Group LLC reaffirmed a “buy” rating and set a $32.50 price target (up previously from $29.00) on shares of Ciena Corporation in a research report on Friday, June 2nd. Stifel Nicolaus reissued a “buy” rating and issued a $30.00 price objective on shares of Ciena Corporation in a research report on Friday, September 1st. BMO Capital Markets reissued an “outperform” rating and issued a $32.00 price objective (up previously from $30.00) on shares of Ciena Corporation in a research report on Saturday, June 3rd. Argus upped their target price on shares of Ciena Corporation from $27.00 to $33.00 and gave the company a “buy” rating in a research note on Friday, June 2nd. Finally, TheStreet upgraded shares of Ciena Corporation from a “c+” rating to a “b” rating in a research note on Monday, June 19th. One analyst has rated the stock with a sell rating, five have issued a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company. Ciena Corporation currently has a consensus rating of “Buy” and a consensus target price of $29.79.
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In other Ciena Corporation news, CEO Gary B. Smith sold 12,558 shares of the business’s stock in a transaction on Wednesday, June 21st. The stock was sold at an average price of $25.31, for a total value of $317,842.98. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Jason Phipps sold 2,147 shares of the business’s stock in a transaction on Wednesday, June 21st. The stock was sold at an average price of $25.31, for a total value of $54,340.57. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 82,608 shares of company stock valued at $2,048,407. Corporate insiders own 1.45% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of the business. BlackRock Inc. raised its stake in shares of Ciena Corporation by 11,733.7% in the first quarter. BlackRock Inc. now owns 15,755,200 shares of the communications equipment provider’s stock valued at $371,979,000 after buying an additional 15,622,062 shares during the period. Vanguard Group Inc. raised its stake in shares of Ciena Corporation by 1.7% in the second quarter. Vanguard Group Inc. now owns 12,466,282 shares of the communications equipment provider’s stock valued at $311,906,000 after buying an additional 203,112 shares during the period. TIAA CREF Investment Management LLC raised its stake in shares of Ciena Corporation by 36.4% in the first quarter. TIAA CREF Investment Management LLC now owns 8,553,894 shares of the communications equipment provider’s stock valued at $201,957,000 after buying an additional 2,283,352 shares during the period. Teachers Advisors LLC raised its stake in shares of Ciena Corporation by 21.1% in the first quarter. Teachers Advisors LLC now owns 4,900,040 shares of the communications equipment provider’s stock valued at $115,690,000 after buying an additional 853,793 shares during the period. Finally, State Street Corp raised its stake in shares of Ciena Corporation by 3.9% during the 2nd quarter. State Street Corp now owns 4,648,540 shares of the communications equipment provider’s stock valued at $116,319,000 after purchasing an additional 172,876 shares during the period.
About Ciena Corporation
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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