Ciena Corp. (CIEN) Given Buy Rating at Needham & Company LLC

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Ciena Corp. (NYSE:CIEN)‘s stock had its “buy” rating reaffirmed by equities research analysts at Needham & Company LLC in a report released on Tuesday. They presently have a $30.00 price objective on the stock. Needham & Company LLC’s price objective indicates a potential upside of 31.06% from the company’s current price.
In other news, CMO Marcus H. Starke sold 1,598 shares of the stock in a transaction on Tuesday, June 21st. The stock was sold at an average price of $20.40, for a total value of $32,599.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Gary B. Smith sold 16,000 shares of the stock in a transaction on Wednesday, June 15th. The shares were sold at an average price of $20.97, for a total value of $335,520.00. Following the completion of the sale, the chief executive officer now owns 801,335 shares of the company’s stock, valued at approximately $16,803,994.95. The disclosure for this sale can be found here.
CIEN has been the topic of a number of other reports. Citigroup increased their price target on Ciena Corp. from $21.00 to $23.00 and gave the stock a “hold” rating in a research report on Thursday, August 25th. Deutsche Bank AG increased their price target on Ciena Corp. from $17.00 to $18.50 and gave the stock a “hold” rating in a research report on Monday, August 29th. Nomura reiterated a “buy” rating and set a $24.00 price target on shares of Ciena Corp. in a research report on Thursday, May 26th. BMO Capital Markets reiterated a “buy” rating on shares of Ciena Corp. in a research report on Wednesday, June 1st. Finally, MKM Partners reissued a “buy” rating and issued a $26.00 price objective on shares of Ciena Corp. in a report on Tuesday, August 23rd. Six investment analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company’s stock. Ciena Corp. has an average rating of “Buy” and an average price target of $25.34.

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Several hedge funds have added to or reduced their stakes in the stock. Boothbay Fund Management LLC raised its stake 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 last quarter. Los Angeles Capital Management & Equity Research Inc. raised its stake in shares of Ciena Corp. by 1.8% in the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 17,462 shares of the company’s stock valued at $332,000 after buying an additional 305 shares in the last quarter. Aperio Group LLC raised its stake in shares of Ciena Corp. by 6.1% in the first quarter. Aperio Group LLC now owns 19,467 shares of the company’s stock valued at $370,000 after buying an additional 1,124 shares in the last quarter. Regent Investment Management LLC raised its stake in shares of Ciena Corp. by 5.5% in the second quarter. Regent Investment Management LLC now owns 27,035 shares of the company’s stock valued at $507,000 after buying an additional 1,402 shares in the last quarter. Finally, Capstone Asset Management Co. raised its stake in shares of Ciena Corp. by 18.2% in the second quarter. Capstone Asset Management Co. now owns 13,160 shares of the company’s stock valued at $247,000 after buying an additional 2,030 shares in the last quarter.
Ciena Corp. (NYSE:CIEN) traded up 0.153% during trading on Tuesday, hitting $22.925. The stock had a trading volume of 1,917,617 shares. The firm’s 50-day moving average price is $20.76 and its 200-day moving average price is $18.98. Ciena Corp. has a 1-year low of $15.62 and a 1-year high of $25.46. The stock has a market cap of $3.19 billion and a PE ratio of 141.512.
Ciena Corp. (NYSE:CIEN) last announced its quarterly earnings results on Thursday, September 1st. The company reported $0.42 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.04. The company had revenue of $670.60 million for the quarter, compared to analyst estimates of $672.23 million. During the same quarter in the previous year, the company posted $0.37 earnings per share. The firm’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 earnings per share for the current fiscal year.
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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