Ciena Corporation provides network hardware, software, and services that support the transport, routing, 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 products and solutions that optimized for the convergence of coherent optical transport, optical transport network switching, and packet switching. Its products include 6500 Packet-Optical Platform, 5430 Reconfigurable Switching System, Waveserver stackable interconnect system, and the 6500 Reconfigurable line system, and the 5400 family of Packet-Optical platforms, as well as Z-Series Packet-Optical Platform; 3000 family of service delivery switches and service aggregation switches, and the 5000 family of service aggregation switches, as well as 8700 Packetwave Platform and the Ethernet packet configuration for the 5410 Service Aggregation Switch; and 6500 Packet Transport System. This segment also sells operating system software and enhanced software features embedded in each of its products. The company's Blue Planet Automation Software and Services segment provides multi-domain service orchestration, inventory, route optimization and analysis, network function virtualization orchestration, analytics, and related services. Its Platform Software and Service segment offers OneControl unified management system and platform software services, as well as manage, control, and plan software. The company's Global Services segment provides consulting and network design, installation and deployment, maintenance support, and training services. The company sells its products through direct and indirect sales channels to network operators. Ciena Corporation was founded in 1992 and is headquartered in Hanover, Maryland.
Analyst Upgrades and Downgrades
A number of equities research analysts have recently commented on CIEN shares. UBS Group dropped their price objective on shares of Ciena from $66.00 to $51.00 and set a "neutral" rating on the stock in a research note on Friday, June 3rd. Evercore ISI dropped their target price on Ciena to $60.00 in a research report on Friday, June 3rd. B. Riley upgraded Ciena from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $65.00 to $67.00 in a research note on Friday, June 3rd. JPMorgan Chase & Co. reduced their price objective on Ciena from $72.00 to $62.00 and set an "overweight" rating for the company in a research note on Thursday, July 14th. Finally, Rosenblatt Securities dropped their target price on Ciena from $80.00 to $70.00 and set a "buy" rating on the stock in a report on Monday, May 23rd. Three research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $71.78.
Ciena Price Performance
Ciena stock traded up $0.40 during mid-day trading on Friday, reaching $52.89. The company had a trading volume of 760,828 shares, compared to its average volume of 1,043,209. The company has a market cap of $7.92 billion, a P/E ratio of 19.44, a P/E/G ratio of 2.30 and a beta of 0.92. The business has a fifty day simple moving average of $47.67 and a 200 day simple moving average of $55.44. The company has a current ratio of 3.72, a quick ratio of 3.10 and a debt-to-equity ratio of 0.38. Ciena has a fifty-two week low of $41.63 and a fifty-two week high of $78.28.
Ciena (NYSE:CIEN - Get Rating) last posted its quarterly earnings results on Thursday, June 2nd. The communications equipment provider reported $0.36 earnings per share for the quarter, missing the consensus estimate of $0.42 by ($0.06). The company had revenue of $949.20 million during the quarter, compared to the consensus estimate of $950.86 million. Ciena had a net margin of 11.15% and a return on equity of 12.18%. The company's revenue for the quarter was up 13.8% on a year-over-year basis. During the same period last year, the firm posted $0.52 earnings per share. On average, equities research analysts predict that Ciena will post 1.53 earnings per share for the current year.
Insider Activity at Ciena
In related news, VP Andrew C. Petrik sold 1,000 shares of the stock in a transaction on Friday, July 15th. The shares were sold at an average price of $47.17, for a total transaction of $47,170.00. Following the transaction, the vice president now owns 31,190 shares of the company's stock, valued at approximately $1,471,232.30. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, CEO Gary B. Smith sold 3,542 shares of the firm's stock in a transaction that occurred on Wednesday, July 20th. The shares were sold at an average price of $49.21, for a total value of $174,301.82. Following the transaction, the chief executive officer now owns 420,795 shares of the company's stock, valued at $20,707,321.95. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Andrew C. Petrik sold 1,000 shares of Ciena stock in a transaction that occurred on Friday, July 15th. The shares were sold at an average price of $47.17, for a total transaction of $47,170.00. Following the transaction, the vice president now directly owns 31,190 shares in the company, valued at approximately $1,471,232.30. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 27,310 shares of company stock worth $1,272,601. 0.94% of the stock is owned by corporate insiders.
