Northland Securities reiterated their buy rating on shares of Ciena (NYSE:CIEN) in a research report sent to investors on Monday morning. They currently have a $34.00 target price on the communications equipment provider’s stock.
CIEN has been the subject of several other research reports. Needham & Company LLC cut their price target on shares of Ciena from $26.00 to $24.00 and set a buy rating for the company in a report on Friday, December 8th. Zacks Investment Research lowered shares of Ciena from a hold rating to a sell rating in a report on Monday, March 5th. BMO Capital Markets cut their price target on shares of Ciena to $25.00 and set an outperform rating for the company in a report on Friday, December 8th. Bank of America raised shares of Ciena from a neutral rating to a buy rating and boosted their price target for the stock from $20.98 to $28.00 in a report on Monday, November 27th. Finally, B. Riley boosted their price target on shares of Ciena from $27.50 to $31.00 and gave the stock a buy rating in a report on Wednesday, March 7th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and twenty-two have issued a buy rating to the company’s stock. Ciena has an average rating of Buy and an average price target of $29.81.
Ciena stock opened at $26.69 on Monday. The company has a quick ratio of 1.79, a current ratio of 2.06 and a debt-to-equity ratio of 0.33. Ciena has a 12 month low of $19.40 and a 12 month high of $27.98. The stock has a market cap of $3,925.49, a price-to-earnings ratio of 5.72, a P/E/G ratio of 1.63 and a beta of 1.51.
Ciena (NYSE:CIEN) last posted its earnings results on Tuesday, March 6th. The communications equipment provider reported $0.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.07 by $0.08. Ciena had a net margin of 27.76% and a return on equity of 14.10%. The firm had revenue of $646.14 million during the quarter, compared to analysts’ expectations of $641.77 million. During the same period in the previous year, the business posted $0.17 EPS. The business’s revenue was up 4.0% compared to the same quarter last year. research analysts anticipate that Ciena will post 1.08 earnings per share for the current year.
Ciena announced that its Board of Directors has initiated a share buyback plan on Thursday, December 7th that permits the company to repurchase $300.00 million in shares. This repurchase authorization permits the communications equipment provider to buy shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.
In other Ciena news, SVP Rick Hamilton sold 3,398 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 $72,105.56. Following the transaction, the senior vice president now owns 51,019 shares of the company’s stock, valued at $1,082,623.18. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Scott Mcfeely sold 1,000 shares of the company’s stock in a transaction dated Thursday, March 15th. The shares were sold at an average price of $26.95, for a total transaction of $26,950.00. The disclosure for this sale can be found here. Insiders sold 229,743 shares of company stock valued at $5,018,761 in the last three months. 1.38% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the business. Neuberger Berman Group LLC lifted its position in shares of 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 in the last quarter. Maverick Capital Ltd. acquired a new stake in shares of Ciena during the fourth quarter worth about $50,962,000. Millennium Management LLC lifted its position in shares of Ciena by 431.6% during the fourth quarter. Millennium Management LLC now owns 2,477,957 shares of the communications equipment provider’s stock worth $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 during the fourth quarter worth about $40,110,000. Finally, Rubric Capital Management LP acquired a new stake in shares of Ciena during the third quarter worth about $33,373,000.
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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