Ciena Co. (NYSE:CIEN) has earned an average rating of “Buy” from the twenty-six analysts that are covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, four have assigned a hold recommendation and twenty have issued a buy recommendation on the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $28.25.
A number of brokerages have weighed in on CIEN. Needham & Company LLC lowered their target price on Ciena from $26.00 to $24.00 and set a “buy” rating for the company in a report on Friday, December 8th. Stifel Nicolaus reiterated a “buy” rating on shares of Ciena in a report on Friday, November 3rd. Zacks Investment Research upgraded Ciena from a “sell” rating to a “hold” rating in a report on Monday, February 12th. BMO Capital Markets reduced their price objective on Ciena to $25.00 and set an “outperform” rating for the company in a research note on Friday, December 8th. Finally, Bank of America raised Ciena from a “neutral” rating to a “buy” rating and raised their price objective for the company from $20.98 to $28.00 in a research note on Monday, November 27th.
Shares of Ciena (CIEN) traded down $0.05 during mid-day trading on Friday, reaching $23.65. The company’s stock had a trading volume of 2,517,107 shares, compared to its average volume of 2,850,385. The company has a market capitalization of $3,440.00, a P/E ratio of 3.43, a P/E/G ratio of 1.49 and a beta of 1.67. 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 has a 1-year low of $19.40 and a 1-year high of $27.98.
Ciena (NYSE:CIEN) last issued its earnings results on Thursday, December 7th. The communications equipment provider reported $0.46 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.50 by ($0.04). The business had revenue of $744.40 million during the quarter, compared to the consensus estimate of $736.91 million. Ciena had a return on equity of 18.32% and a net margin of 45.04%. The company’s revenue for the quarter was up 3.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.44 earnings per share. research analysts predict that Ciena will post 1 EPS for the current year.
Ciena declared that its board has authorized a stock buyback program on Thursday, December 7th that allows the company to repurchase $300.00 million in outstanding shares. This repurchase authorization allows the communications equipment provider to buy shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company’s management believes its shares are undervalued.
In other Ciena news, VP Andrew C. Petrik sold 3,800 shares of the business’s stock in a transaction on Thursday, December 21st. The stock was sold at an average price of $21.22, for a total value of $80,636.00. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Gary B. Smith sold 8,000 shares of the business’s stock in a transaction on Friday, December 15th. The stock was sold at an average price of $21.38, for a total value of $171,040.00. The disclosure for this sale can be found here. In the last three months, insiders sold 228,743 shares of company stock worth $4,925,411. Insiders own 1.38% of the company’s stock.
Hedge funds have recently bought and sold shares of the business. Neuberger Berman Group LLC raised its stake 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 buying an additional 2,652,791 shares during the period. Schroder Investment Management Group raised its stake in shares of Ciena by 7.2% in the third quarter. Schroder Investment Management Group now owns 2,982,417 shares of the communications equipment provider’s stock valued at $65,822,000 after buying an additional 200,907 shares during the period. Westfield Capital Management Co. LP raised its stake in shares of Ciena by 21.5% in the third quarter. Westfield Capital Management Co. LP now owns 2,594,285 shares of the communications equipment provider’s stock valued at $56,996,000 after buying an additional 459,190 shares during the period. Millennium Management LLC raised its stake 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 buying an additional 2,011,805 shares during the period. Finally, Maverick Capital Ltd. bought a new stake in shares of Ciena in the fourth quarter valued at $50,962,000.
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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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