Ciena (NYSE:CIEN)'s stock had its "buy" rating restated by stock analysts at Rosenblatt Securities in a research note issued on Monday, TipRanks reports. They currently have a $64.00 price objective on the communications equipment provider's stock. Rosenblatt Securities' price objective would suggest a potential upside of 20.41% from the stock's current price.
Several other analysts have also commented on CIEN. Zacks Investment Research raised shares of Ciena from a "hold" rating to a "buy" rating and set a $43.00 target price for the company in a research note on Tuesday, March 31st. Northland Securities downgraded shares of Ciena from an "outperform" rating to a "market perform" rating and set a $54.00 price target for the company. in a research report on Thursday, June 4th. They noted that the move was a valuation call. B. Riley downgraded shares of Ciena from a "buy" rating to a "neutral" rating and reduced their price target for the company from $54.00 to $51.00 in a research report on Wednesday, May 13th. MKM Partners upped their price target on shares of Ciena from $54.00 to $62.00 and gave the company a "buy" rating in a research report on Friday, May 22nd. Finally, Morgan Stanley upped their price target on shares of Ciena from $47.00 to $50.00 and gave the company an "equal weight" rating in a research report on Friday, June 5th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and sixteen have issued a buy rating to the stock. Ciena has a consensus rating of "Buy" and a consensus price target of $56.30.
CIEN stock opened at $53.15 on Monday. Ciena has a 12 month low of $30.58 and a 12 month high of $57.19. The firm has a market cap of $8.21 billion, a PE ratio of 25.93, a P/E/G ratio of 1.29 and a beta of 0.89. The firm has a 50 day simple moving average of $52.93 and a 200 day simple moving average of $44.84. The company has a debt-to-equity ratio of 0.30, a current ratio of 3.28 and a quick ratio of 2.83.
Ciena (NYSE:CIEN) last released its earnings results on Thursday, June 4th. The communications equipment provider reported $0.76 EPS for the quarter, beating the consensus estimate of $0.49 by $0.27. Ciena had a net margin of 8.78% and a return on equity of 16.18%. The business had revenue of $894.00 million during the quarter, compared to analyst estimates of $889.42 million. During the same period in the prior year, the business earned $0.48 earnings per share. The business's quarterly revenue was up 3.3% on a year-over-year basis. As a group, sell-side analysts expect that Ciena will post 2.6 earnings per share for the current year.
In other news, CFO James E. Moylan, Jr. sold 2,000 shares of the stock in a transaction on Monday, June 15th. The shares were sold at an average price of $52.11, for a total transaction of $104,220.00. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP David M. Rothenstein sold 2,500 shares of the stock in a transaction on Monday, June 15th. The stock was sold at an average price of $52.12, for a total transaction of $130,300.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 35,150 shares of company stock valued at $1,706,385. Insiders own 0.95% of the company's stock.
Several institutional investors and hedge funds have recently made changes to their positions in the company. Wealth Quarterback LLC acquired a new position in shares of Ciena during the 4th quarter worth $17,177,931,000. Alliancebernstein L.P. increased its stake in shares of Ciena by 32.3% during the 1st quarter. Alliancebernstein L.P. now owns 4,255,893 shares of the communications equipment provider's stock worth $169,427,000 after purchasing an additional 1,038,125 shares during the last quarter. State Street Corp grew its stake in Ciena by 2.6% in the 1st quarter. State Street Corp now owns 3,783,454 shares of the communications equipment provider's stock valued at $150,619,000 after buying an additional 96,321 shares during the last quarter. Thrivent Financial for Lutherans grew its stake in Ciena by 6.0% in the 4th quarter. Thrivent Financial for Lutherans now owns 3,166,259 shares of the communications equipment provider's stock valued at $135,167,000 after buying an additional 180,614 shares during the last quarter. Finally, Ion Asset Management Ltd. grew its stake in Ciena by 9.2% in the 1st quarter. Ion Asset Management Ltd. now owns 2,625,524 shares of the communications equipment provider's stock valued at $104,522,000 after buying an additional 221,467 shares during the last quarter. Institutional investors own 88.43% of the company's stock.
Ciena Company Profile
Ciena Corporation provides network hardware, software, and services that support the transport, switching, aggregation, service delivery, and management of video, data, and voice traffic on communications networks worldwide. The company's Networking Platforms segment offers hardware networking solutions optimized for the convergence of coherent optical transport, optical transport network switching, and packet switching.
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