Ciena Corporation (NYSE:CIEN - Get Free Report)'s stock price rose 8.8% on Thursday . The company traded as high as $484.54 and last traded at $479.6120. 332,923 shares changed hands during mid-day trading, a decline of 89% from the average session volume of 3,113,867 shares. The stock had previously closed at $440.97.
Analyst Ratings Changes
A number of research analysts have recently commented on the company. Northland Securities set a $450.00 price objective on Ciena in a report on Friday, June 5th. B. Riley Financial boosted their target price on Ciena from $283.00 to $531.00 and gave the stock a "neutral" rating in a report on Tuesday, June 2nd. Stifel Nicolaus set a $615.00 target price on Ciena in a research report on Friday, May 29th. Citigroup increased their price target on Ciena from $345.00 to $658.00 and gave the company a "buy" rating in a report on Monday, May 18th. Finally, Bank of America lifted their price target on shares of Ciena from $550.00 to $660.00 and gave the company a "buy" rating in a research report on Tuesday, May 26th. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $530.56.
Check Out Our Latest Analysis on Ciena
Ciena Trading Up 6.0%
The stock has a market capitalization of $66.14 billion, a price-to-earnings ratio of 155.52 and a beta of 1.27. The company's 50 day moving average is $508.85 and its 200 day moving average is $395.56. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.11 and a current ratio of 2.73.
Ciena (NYSE:CIEN - Get Free Report) last issued its quarterly earnings results on Thursday, June 4th. The communications equipment provider reported $1.64 earnings per share for the quarter, beating analysts' consensus estimates of $1.46 by $0.18. Ciena had a net margin of 7.87% and a return on equity of 18.15%. The firm had revenue of $1.57 billion during the quarter, compared to the consensus estimate of $1.50 billion. During the same period in the prior year, the firm earned $0.42 EPS. The business's revenue was up 39.5% on a year-over-year basis. On average, research analysts forecast that Ciena Corporation will post 5.4 EPS for the current fiscal year.
Insiders Place Their Bets
In other Ciena news, SVP Brodie Gage sold 1,200 shares of the company's stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $466.10, for a total value of $559,320.00. Following the completion of the transaction, the senior vice president owned 42,741 shares of the company's stock, valued at $19,921,580.10. This represents a 2.73% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Joseph Cumello sold 1,586 shares of the company's stock in a transaction on Friday, June 26th. The shares were sold at an average price of $466.33, for a total value of $739,599.38. Following the completion of the transaction, the senior vice president owned 42,872 shares of the company's stock, valued at $19,992,499.76. The trade was a 3.57% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 22,827 shares of company stock valued at $11,541,133 in the last quarter. 0.58% of the stock is currently owned by insiders.
Hedge Funds Weigh In On Ciena
A number of hedge funds have recently made changes to their positions in CIEN. KBC Group NV grew its position in Ciena by 11.3% in the fourth quarter. KBC Group NV now owns 31,161 shares of the communications equipment provider's stock valued at $7,288,000 after acquiring an additional 3,156 shares during the period. Goldman Sachs Group Inc. lifted its holdings in shares of Ciena by 53.8% during the fourth quarter. Goldman Sachs Group Inc. now owns 445,359 shares of the communications equipment provider's stock valued at $104,156,000 after acquiring an additional 155,712 shares during the period. FengHe Fund Management Pte. Ltd. lifted its holdings in shares of Ciena by 164.0% during the fourth quarter. FengHe Fund Management Pte. Ltd. now owns 660,988 shares of the communications equipment provider's stock valued at $154,585,000 after acquiring an additional 410,588 shares during the period. TKG Advisors LLC acquired a new stake in shares of Ciena in the 1st quarter valued at $3,244,000. Finally, DNB Asset Management AS boosted its stake in shares of Ciena by 1,095.8% in the 4th quarter. DNB Asset Management AS now owns 27,527 shares of the communications equipment provider's stock valued at $6,438,000 after purchasing an additional 25,225 shares in the last quarter. Institutional investors and hedge funds own 91.99% of the company's stock.
About Ciena
(
Get Free Report)
Ciena Corporation NYSE: CIEN is a global supplier of telecommunications networking equipment, software and services. The company develops high-capacity optical transport systems and packet-optical platforms that enable service providers, cloud operators and large enterprises to build, manage and scale their networks. Ciena's product portfolio includes coherent optical solutions, packet networking platforms and a suite of network automation software designed to optimize bandwidth, reduce latency and simplify network operations.
In addition to hardware offerings, Ciena provides professional services and support, including network design, implementation and ongoing maintenance.
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