ValuEngine upgraded shares of Ciena (NYSE:CIEN) from a hold rating to a buy rating in a research report report published on Friday morning.
Several other equities research analysts have also issued reports on CIEN. Goldman Sachs Group assumed coverage on shares of Ciena in a research note on Thursday, June 21st. They set a buy rating for the company. Nomura restated a buy rating and set a $30.00 price target on shares of Ciena in a research note on Friday, June 1st. Zacks Investment Research lowered shares of Ciena from a buy rating to a hold rating in a research note on Wednesday, June 6th. B. Riley raised their price target on shares of Ciena from $31.00 to $31.50 and gave the stock a buy rating in a research note on Friday, June 1st. Finally, UBS Group raised their price target on shares of Ciena from $27.00 to $29.50 and gave the stock a buy rating in a research note on Thursday, July 26th. One analyst has rated the stock with a sell rating, four have given a hold rating and twenty have given a buy rating to the stock. The stock has an average rating of Buy and an average target price of $29.35.
Shares of Ciena stock traded up $0.25 during mid-day trading on Friday, hitting $26.58. 1,336,676 shares of the stock were exchanged, compared to its average volume of 2,935,167. Ciena has a 12 month low of $19.40 and a 12 month high of $27.73. The company has a quick ratio of 1.77, a current ratio of 2.01 and a debt-to-equity ratio of 0.34. The stock has a market cap of $3.73 billion, a P/E ratio of 17.84, a P/E/G ratio of 1.73 and a beta of 1.31.
Ciena (NYSE:CIEN) last posted its earnings results on Thursday, May 31st. The communications equipment provider reported $0.23 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.30 by ($0.07). Ciena had a return on equity of 9.92% and a net margin of 26.69%. The firm had revenue of $730.00 million for the quarter, compared to the consensus estimate of $726.38 million. During the same period in the prior year, the business earned $0.45 EPS. Ciena’s quarterly revenue was up 3.3% compared to the same quarter last year. equities analysts anticipate that Ciena will post 0.99 EPS for the current year.
In related news, SVP Stephen B. Alexander sold 2,500 shares of Ciena stock in a transaction that occurred on Friday, June 15th. The shares were sold at an average price of $24.80, for a total value of $62,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP James Frodsham sold 2,000 shares of Ciena stock in a transaction that occurred on Friday, June 15th. The shares were sold at an average price of $24.81, for a total transaction of $49,620.00. The disclosure for this sale can be found here. Insiders sold a total of 73,662 shares of company stock valued at $1,885,764 over the last quarter. 1.38% of the stock is owned by company insiders.
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Parallel Advisors LLC grew its position in shares of Ciena by 36,042.9% during the 2nd quarter. Parallel Advisors LLC now owns 5,060 shares of the communications equipment provider’s stock valued at $134,000 after purchasing an additional 5,046 shares in the last quarter. Bristol John W & Co. Inc. NY purchased a new position in shares of Ciena during the 1st quarter valued at $137,000. Signaturefd LLC grew its position in shares of Ciena by 484.4% during the 2nd quarter. Signaturefd LLC now owns 5,534 shares of the communications equipment provider’s stock valued at $147,000 after purchasing an additional 4,587 shares in the last quarter. Moneta Group Investment Advisors LLC grew its position in shares of Ciena by 102.0% during the 2nd quarter. Moneta Group Investment Advisors LLC now owns 6,140 shares of the communications equipment provider’s stock valued at $163,000 after purchasing an additional 3,100 shares in the last quarter. Finally, Exane Derivatives purchased a new position in shares of Ciena during the 2nd quarter valued at $190,000.
Ciena Company Profile
Ciena Corporation provides hardware, software, and services that support the transport, switching, aggregation, service delivery, and management of voice, video, and data 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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