Shares of Ciena Co. (NYSE:CIEN) have received a consensus rating of “Buy” from the twenty-six ratings firms that are covering the company, Marketbeat reports. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and twenty have issued a buy rating on the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $28.25.
CIEN has been the topic of a number of research analyst reports. Bank of America upgraded Ciena from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $20.98 to $28.00 in a research report on Monday, November 27th. Zacks Investment Research raised shares of Ciena from a “sell” rating to a “hold” rating in a research report on Tuesday, November 7th. BidaskClub cut shares of Ciena from a “sell” rating to a “strong sell” rating in a research report on Saturday, November 4th. Piper Jaffray Companies reaffirmed a “buy” rating on shares of Ciena in a research report on Thursday, October 12th. Finally, Stifel Nicolaus reaffirmed a “buy” rating on shares of Ciena in a research report on Friday, November 3rd.
Shares of Ciena (NYSE:CIEN) traded up $0.16 during trading hours on Tuesday, reaching $22.07. 3,194,849 shares of the company traded hands, compared to its average volume of 2,305,388. The company has a market cap of $3,171.02, a P/E ratio of 2.76, a PEG ratio of 1.41 and a beta of 1.67. Ciena has a 12-month low of $19.40 and a 12-month high of $27.98. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.68 and a current ratio of 1.93.
Ciena (NYSE:CIEN) last issued its quarterly earnings data on Thursday, December 7th. The communications equipment provider reported $0.46 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.50 by ($0.04). Ciena had a net margin of 45.04% and a return on equity of 18.32%. The firm had revenue of $744.40 million during the quarter, compared to the consensus estimate of $736.91 million. During the same quarter in the prior year, the business earned $0.44 earnings per share. The company’s revenue for the quarter was up 3.9% compared to the same quarter last year. sell-side analysts anticipate that Ciena will post 1 EPS for the current fiscal year.
Ciena announced that its Board of Directors has authorized a share 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 board of directors believes its shares are undervalued.
In other news, VP Andrew C. Petrik sold 3,800 shares of the company’s stock in a transaction dated Thursday, December 21st. The shares were sold at an average price of $21.22, for a total value of $80,636.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP David M. Rothenstein sold 2,000 shares of the company’s stock in a transaction dated Wednesday, November 15th. The shares were sold at an average price of $19.50, for a total transaction of $39,000.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 218,743 shares of company stock valued at $4,646,981. 1.45% of the stock is owned by corporate insiders.
Several large investors have recently made changes to their positions in the company. Advisor Group Inc. lifted its stake in shares of Ciena by 6.4% in the second quarter. Advisor Group Inc. now owns 10,011 shares of the communications equipment provider’s stock worth $151,000 after buying an additional 604 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Ciena by 47.3% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,488 shares of the communications equipment provider’s stock worth $157,000 after acquiring an additional 2,403 shares in the last quarter. Howe & Rusling Inc. bought a new position in shares of Ciena during the 3rd quarter worth approximately $158,000. First Quadrant L P CA bought a new position in shares of Ciena during the 3rd quarter worth approximately $183,000. Finally, Oakbrook Investments LLC bought a new position in shares of Ciena during the 3rd quarter worth approximately $235,000.
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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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