Ciena Corp. (NYSE:CIEN)‘s stock had its “buy” rating restated by B. Riley in a report released on Friday. They currently have a $28.50 price objective on the stock. B. Riley’s target price indicates a potential upside of 31.58% from the company’s current price.
CIEN has been the topic of several other research reports. Citigroup Inc. upped their price target on Ciena Corp. from $21.00 to $23.00 and gave the company a “hold” rating in a research note on Thursday, August 25th. Deutsche Bank AG increased their target price on Ciena Corp. from $17.00 to $18.50 and gave the stock a “hold” rating in a research note on Monday, August 29th. Nomura reissued a “buy” rating and set a $24.00 target price on shares of Ciena Corp. in a research note on Thursday, May 26th. BMO Capital Markets reissued a “buy” rating on shares of Ciena Corp. in a research note on Wednesday, June 1st. Finally, MKM Partners reissued a “buy” rating and set a $26.00 target price on shares of Ciena Corp. in a research note on Tuesday, August 23rd. Four equities research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $25.47.
Shares of Ciena Corp. (NYSE:CIEN) traded down 2.34% during midday trading on Friday, reaching $21.66. The company’s stock had a trading volume of 5,730,093 shares. The stock’s 50-day moving average price is $21.05 and its 200-day moving average price is $19.05. Ciena Corp. has a 12-month low of $15.62 and a 12-month high of $25.46. The company has a market cap of $3.02 billion, a P/E ratio of 133.70 and a beta of 1.63.
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Ciena Corp. (NYSE:CIEN) last announced its quarterly earnings results on Thursday, September 1st. The company reported $0.42 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 business had revenue of $670.60 million for the quarter, compared to analyst estimates of $672.23 million. During the same quarter in the prior year, the company posted $0.37 EPS. The company’s quarterly revenue was up 11.2% on a year-over-year basis. On average, analysts expect that Ciena Corp. will post $1.43 EPS for the current fiscal year.
In other Ciena Corp. news, VP David M. Rothenstein sold 2,000 shares of the stock in a transaction that occurred on Wednesday, June 15th. The stock was sold at an average price of $20.95, for a total transaction of $41,900.00. Following the completion of the sale, the vice president now directly owns 275,921 shares of the company’s stock, valued at approximately $5,780,544.95. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Gary B. Smith sold 16,000 shares of the stock in a transaction that occurred on Wednesday, June 15th. The stock was sold at an average price of $20.97, for a total value of $335,520.00. Following the sale, the chief executive officer now directly owns 801,335 shares of the company’s stock, valued at $16,803,994.95. The disclosure for this sale can be found here. Company insiders own 1.72% of the company’s stock.
Other hedge funds recently bought and sold shares of the company. Kornitzer Capital Management Inc. KS boosted its stake in Ciena Corp. by 78.3% in the second quarter. Kornitzer Capital Management Inc. KS now owns 555,415 shares of the company’s stock worth $10,414,000 after buying an additional 243,875 shares during the last quarter. ClariVest Asset Management LLC boosted its stake in Ciena Corp. by 15.5% in the second quarter. ClariVest Asset Management LLC now owns 100,418 shares of the company’s stock valued at $1,883,000 after buying an additional 13,500 shares in the last quarter. Monarch Partners Asset Management LLC boosted its stake in Ciena Corp. by 14.4% in the second quarter. Monarch Partners Asset Management LLC now owns 435,860 shares of the company’s stock valued at $8,172,000 after buying an additional 54,760 shares in the last quarter. FNY Managed Accounts LLC acquired a new stake in Ciena Corp. during the second quarter valued at approximately $712,000. Finally, American Century Companies Inc. boosted its stake in Ciena Corp. by 73.4% in the second quarter. American Century Companies Inc. now owns 1,318,831 shares of the company’s stock valued at $24,728,000 after buying an additional 558,245 shares in the last quarter. 95.42% of the stock is owned by institutional investors.
Ciena Corp. Company Profile
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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