Ciena (NYSE:CIEN) had its target price raised by investment analysts at Barclays from $50.00 to $53.00 in a note issued to investors on Friday, September 6th, BenzingaRatingsTable reports. The firm currently has an “overweight” rating on the communications equipment provider’s stock. Barclays‘s target price would indicate a potential upside of 34.04% from the company’s current price.
CIEN has been the subject of a number of other reports. TheStreet upgraded Ciena from a “c+” rating to a “b” rating in a report on Tuesday, June 25th. Northland Securities restated a “buy” rating and set a $42.00 price objective on shares of Ciena in a report on Wednesday, June 5th. Jefferies Financial Group boosted their price objective on Ciena from $50.00 to $55.00 and gave the company a “buy” rating in a report on Friday, June 7th. Nomura restated a “buy” rating and set a $50.00 price objective on shares of Ciena in a report on Wednesday, August 21st. Finally, Morgan Stanley set a $41.00 price target on Ciena and gave the stock a “hold” rating in a report on Friday, June 7th. Nine analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $48.52.
Shares of NYSE CIEN opened at $39.54 on Friday. The stock’s fifty day moving average is $42.05 and its 200 day moving average is $40.18. The stock has a market capitalization of $6.15 billion, a P/E ratio of 35.30, a PEG ratio of 1.22 and a beta of 1.13. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.45 and a current ratio of 2.90. Ciena has a 52 week low of $28.23 and a 52 week high of $46.78.
Ciena (NYSE:CIEN) last announced its quarterly earnings results on Thursday, September 5th. The communications equipment provider reported $0.71 EPS for the quarter, beating the Zacks’ consensus estimate of $0.50 by $0.21. The firm had revenue of $960.60 million for the quarter, compared to analyst estimates of $930.64 million. Ciena had a return on equity of 13.64% and a net margin of 6.77%. The business’s revenue for the quarter was up 17.3% on a year-over-year basis. During the same period last year, the firm posted $0.48 earnings per share. Equities research analysts forecast that Ciena will post 1.88 earnings per share for the current year.
In other Ciena news, VP David M. Rothenstein sold 2,000 shares of the stock in a transaction that occurred on Tuesday, June 18th. The stock was sold at an average price of $43.57, for a total value of $87,140.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Judith M. Obrien sold 17,071 shares of the firm’s stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $39.45, for a total value of $673,450.95. The disclosure for this sale can be found here. Insiders sold a total of 91,746 shares of company stock worth $4,000,149 over the last 90 days. Corporate insiders own 1.20% of the company’s stock.
Hedge funds have recently bought and sold shares of the stock. Clearbridge Investments LLC increased its position in Ciena by 83.9% during the 1st quarter. Clearbridge Investments LLC now owns 2,321 shares of the communications equipment provider’s stock valued at $87,000 after buying an additional 1,059 shares in the last quarter. Campbell & CO Investment Adviser LLC bought a new stake in shares of Ciena in the 2nd quarter worth $258,000. Robeco Institutional Asset Management B.V. bought a new stake in shares of Ciena in the 1st quarter worth $13,802,000. Piedmont Investment Advisors Inc. increased its holdings in shares of Ciena by 30.7% in the 1st quarter. Piedmont Investment Advisors Inc. now owns 8,166 shares of the communications equipment provider’s stock worth $305,000 after purchasing an additional 1,917 shares in the last quarter. Finally, Northern Trust Corp lifted its position in Ciena by 1.3% during the first quarter. Northern Trust Corp now owns 3,124,045 shares of the communications equipment provider’s stock valued at $116,652,000 after purchasing an additional 41,253 shares in the last quarter. 88.39% of the stock is owned by institutional investors.
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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