Ciena (NYSE:CIEN) had its target price reduced by stock analysts at UBS from $29.00 to $27.00 in a note issued to investors on Friday. The firm currently has a “buy” rating on the communications equipment provider’s stock. UBS’s price objective points to a potential upside of 30.06% from the company’s current price.
Other analysts have also issued research reports about the stock. B. Riley restated a “buy” rating and issued a $34.25 target price on shares of Ciena in a research report on Tuesday, August 29th. Raymond James Financial set a $33.00 target price on shares of Ciena and gave the company a “buy” rating in a research report on Thursday. Piper Jaffray Companies lowered shares of Ciena from an “overweight” rating to a “neutral” rating and raised their target price for the company from $20.76 to $30.00 in a research report on Friday. Needham & Company LLC cut their target price on shares of Ciena from $26.00 to $24.00 and set a “buy” rating on the stock in a research report on Friday. Finally, BMO Capital Markets cut their target price on shares of Ciena to $25.00 and set an “outperform” rating on the stock in a research report on Friday. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $28.86.
Ciena (NYSE:CIEN) traded down $0.41 during midday trading on Friday, hitting $20.76. 15,390,700 shares of the company traded hands, compared to its average volume of 3,134,981. The company has a debt-to-equity ratio of 0.99, a current ratio of 2.92 and a quick ratio of 2.50. The firm has a market cap of $3,010.00, a price-to-earnings ratio of 15.34, a price-to-earnings-growth ratio of 0.86 and a beta of 1.66. Ciena has a twelve month low of $19.40 and a twelve month high of $27.98.
Ciena (NYSE:CIEN) last posted its quarterly earnings results on Thursday, December 7th. The communications equipment provider reported $0.46 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.50 by ($0.04). Ciena had a return on equity of 25.53% and a net margin of 4.99%. The firm had revenue of $744.40 million for the quarter, compared to analyst estimates of $736.91 million. During the same quarter in the prior year, the business posted $0.44 EPS. The business’s revenue was up 3.9% on a year-over-year basis. equities research analysts predict that Ciena will post 1.51 earnings per share for the current year.
Ciena announced that its board has authorized a stock repurchase plan on Thursday, December 7th that authorizes the company to repurchase $300.00 million in shares. This repurchase authorization authorizes the communications equipment provider to purchase shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.
In other news, VP James Frodsham sold 2,000 shares of Ciena stock in a transaction dated Tuesday, September 19th. The shares were sold at an average price of $22.00, for a total transaction of $44,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Gary B. Smith sold 8,000 shares of Ciena stock in a transaction dated Wednesday, September 13th. The shares were sold at an average price of $21.50, for a total transaction of $172,000.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 89,052 shares of company stock valued at $1,898,778. Insiders own 1.45% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of CIEN. Rubric Capital Management LP purchased a new position in Ciena during the third quarter worth about $33,373,000. Algert Global LLC boosted its holdings in Ciena by 48.5% during the third quarter. Algert Global LLC now owns 128,474 shares of the communications equipment provider’s stock worth $2,823,000 after purchasing an additional 41,959 shares during the last quarter. Neuberger Berman Group LLC boosted its holdings in 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 worth $92,657,000 after purchasing an additional 2,652,791 shares during the last quarter. PVG Asset Management Corp purchased a new position in Ciena during the third quarter worth about $674,000. Finally, California Public Employees Retirement System boosted its holdings in Ciena by 5.1% during the third quarter. California Public Employees Retirement System now owns 319,658 shares of the communications equipment provider’s stock worth $7,023,000 after purchasing an additional 15,588 shares during the last quarter.
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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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