Ciena Corporation (NYSE:CIEN - Get Free Report)'s stock price gapped down prior to trading on Tuesday . The stock had previously closed at $80.13, but opened at $77.25. Ciena shares last traded at $78.99, with a volume of 333,452 shares changing hands.
Wall Street Analyst Weigh In
Several brokerages have recently issued reports on CIEN. Evercore ISI restated a "mixed" rating on shares of Ciena in a research report on Friday, June 6th. Wolfe Research upgraded Ciena to a "strong-buy" rating in a research report on Tuesday. Morgan Stanley reiterated an "underweight" rating and set a $70.00 target price (down from $73.00) on shares of Ciena in a research report on Tuesday. JPMorgan Chase & Co. increased their target price on Ciena from $76.00 to $86.00 and gave the stock an "overweight" rating in a research report on Tuesday, May 27th. Finally, Barclays set a $100.00 target price on Ciena and gave the stock an "overweight" rating in a research report on Wednesday, March 12th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, nine have given a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, Ciena presently has a consensus rating of "Moderate Buy" and an average target price of $84.08.
View Our Latest Report on Ciena
Ciena Price Performance
The company has a market capitalization of $11.21 billion, a price-to-earnings ratio of 110.15, a price-to-earnings-growth ratio of 1.79 and a beta of 1.11. The company has a quick ratio of 2.57, a current ratio of 3.40 and a debt-to-equity ratio of 0.55. The company has a 50 day simple moving average of $77.54 and a 200 day simple moving average of $76.04.
Ciena (NYSE:CIEN - Get Free Report) last announced its quarterly earnings results on Thursday, June 5th. The communications equipment provider reported $0.42 EPS for the quarter, missing the consensus estimate of $0.50 by ($0.08). Ciena had a return on equity of 5.08% and a net margin of 2.46%. The firm had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.09 billion. During the same quarter in the prior year, the company earned $0.27 earnings per share. The business's revenue was up 23.6% compared to the same quarter last year. As a group, research analysts predict that Ciena Corporation will post 1.6 EPS for the current year.
Insiders Place Their Bets
In other news, CEO Gary B. Smith sold 6,800 shares of the stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $80.35, for a total value of $546,380.00. Following the completion of the sale, the chief executive officer owned 332,357 shares in the company, valued at approximately $26,704,884.95. This trade represents a 2.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Jason Phipps sold 2,325 shares of the stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $80.50, for a total value of $187,162.50. Following the completion of the sale, the senior vice president owned 84,833 shares of the company's stock, valued at approximately $6,829,056.50. This trade represents a 2.67% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 41,919 shares of company stock valued at $3,115,199. Company insiders own 0.93% of the company's stock.
Institutional Investors Weigh In On Ciena
Large investors have recently modified their holdings of the stock. Price T Rowe Associates Inc. MD grew its stake in Ciena by 195.9% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 4,626,153 shares of the communications equipment provider's stock valued at $392,345,000 after purchasing an additional 3,062,883 shares in the last quarter. Nuveen LLC bought a new position in Ciena during the 1st quarter worth approximately $70,065,000. Polar Capital Holdings Plc lifted its holdings in Ciena by 113.7% during the 4th quarter. Polar Capital Holdings Plc now owns 2,169,406 shares of the communications equipment provider's stock worth $183,987,000 after buying an additional 1,154,260 shares during the last quarter. Marshall Wace LLP lifted its holdings in Ciena by 4,215.9% during the 4th quarter. Marshall Wace LLP now owns 899,828 shares of the communications equipment provider's stock worth $76,314,000 after buying an additional 878,979 shares during the last quarter. Finally, Woodline Partners LP bought a new position in Ciena during the 1st quarter worth approximately $49,221,000. Institutional investors and hedge funds own 91.99% of the company's stock.
About Ciena
(
Get Free Report)
Ciena Corporation provides hardware and software services for delivery of video, data, and voice traffic metro, aggregation, and access communications network worldwide. The company's Networking Platforms segment offers convergence of coherent optical transport, open optical networking, optical transport network switching, IP routing, and switching services.
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