Ciena Corp. (NYSE:CIEN)‘s stock had its “positive” rating restated by stock analysts at MKM Partners in a note issued to investors on Friday. They presently have a $28.00 price objective on the stock. MKM Partners’ price objective would suggest a potential upside of 25.45% from the stock’s current price.
Several other equities analysts have also issued reports on the company. Stifel Nicolaus started coverage on Ciena Corp. in a research note on Friday, September 30th. They issued a “hold” rating and a $23.00 price target on the stock. Deutsche Bank AG set a $20.00 price target on Ciena Corp. and gave the company a “hold” rating in a research note on Sunday, September 4th. Needham & Company LLC restated a “buy” rating and set a $30.00 price objective on shares of Ciena Corp. in a research report on Tuesday, September 6th. William Blair restated an “outperform” rating on shares of Ciena Corp. in a research report on Tuesday, September 6th. Finally, Zacks Investment Research upgraded Ciena Corp. from a “hold” rating to a “buy” rating and set a $25.00 price objective on the stock in a research report on Thursday, September 8th. Five analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $25.36.
Shares of Ciena Corp. (NYSE:CIEN) opened at 22.32 on Friday. The company has a market capitalization of $3.11 billion, a P/E ratio of 137.78 and a beta of 1.68. Ciena Corp. has a one year low of $15.62 and a one year high of $25.46. The firm has a 50 day moving average price of $21.95 and a 200 day moving average price of $19.57.
Ciena Corp. (NYSE:CIEN) last issued its quarterly earnings results on Thursday, September 1st. The company reported $0.42 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.38 by $0.04. Ciena Corp. had a return on equity of 22.41% and a net margin of 0.86%. The company had revenue of $670.60 million for the quarter, compared to analyst estimates of $672.23 million. During the same quarter last year, the company posted $0.37 EPS. The company’s revenue for the quarter was up 11.2% compared to the same quarter last year. On average, equities research analysts predict that Ciena Corp. will post $1.43 EPS for the current fiscal year.
In related news, CEO Gary B. Smith sold 8,000 shares of the company’s stock in a transaction that occurred on Thursday, July 14th. The stock was sold at an average price of $19.65, for a total transaction of $157,200.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Stephen B. Alexander sold 3,500 shares of the company’s stock in a transaction that occurred on Friday, July 15th. The stock was sold at an average price of $19.57, for a total value of $68,495.00. The disclosure for this sale can be found here. 1.72% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Geode Capital Management LLC increased its position in Ciena Corp. by 6.9% in the first quarter. Geode Capital Management LLC now owns 814,749 shares of the company’s stock worth $15,495,000 after buying an additional 52,291 shares during the period. Emerald Acquisition Ltd. purchased a new position in Ciena Corp. during the second quarter worth $1,589,000. Quentec Asset Management LLC purchased a new position in Ciena Corp. during the first quarter worth $5,706,000. Prudential Financial Inc. increased its position in Ciena Corp. by 25.9% in the first quarter. Prudential Financial Inc. now owns 101,269 shares of the company’s stock worth $1,927,000 after buying an additional 20,840 shares during the period. Finally, Boothbay Fund Management LLC increased its position in Ciena Corp. by 0.4% in the first quarter. Boothbay Fund Management LLC now owns 41,636 shares of the company’s stock worth $792,000 after buying an additional 183 shares during the period. 92.51% of the stock is currently owned by institutional investors and hedge funds.
About Ciena Corp.
Ciena Corporation is a network specialist that focuses on providing communications networking solutions. The Company operates through four segments: Converged Packet Optical, Packet Networking, Optical Transport, and Software and Services. Its Converged Packet Optical portfolio includes networking solutions optimized for the convergence of coherent optical transport, optical transport network (OTN) switching and packet switching.
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