Ciena (NYSE:CIEN) received a $56.00 price objective from research analysts at B. Riley in a research report issued to clients and investors on Friday, TipRanks reports. The brokerage currently has a “buy” rating on the communications equipment provider’s stock. B. Riley’s price objective points to a potential upside of 50.78% from the company’s previous close.
A number of other research firms have also commented on CIEN. Morgan Stanley upped their price objective on shares of Ciena from $41.00 to $43.00 and gave the company an “equal weight” rating in a research note on Friday, September 6th. Evercore ISI initiated coverage on shares of Ciena in a research note on Wednesday, September 11th. They set an “outperform” rating and a $48.00 price objective for the company. Needham & Company LLC reaffirmed a “hold” rating on shares of Ciena in a research note on Tuesday, September 3rd. Rosenblatt Securities raised shares of Ciena from a “neutral” rating to a “buy” rating and upped their price objective for the company from $45.00 to $47.00 in a research note on Thursday, August 29th. Finally, Stifel Nicolaus set a $54.00 price objective on shares of Ciena and gave the company a “buy” rating in a research note on Friday, September 6th. Nine research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $48.35.
CIEN stock traded down $0.11 during mid-day trading on Friday, reaching $37.14. 1,907,839 shares of the stock traded hands, compared to its average volume of 2,716,188. The company has a current ratio of 2.90, a quick ratio of 2.45 and a debt-to-equity ratio of 0.32. Ciena has a 52-week low of $29.30 and a 52-week high of $46.78. The company has a market cap of $5.71 billion, a P/E ratio of 33.16, a P/E/G ratio of 1.13 and a beta of 1.06. The stock’s fifty day moving average is $38.66 and its 200-day moving average is $39.99.
Ciena (NYSE:CIEN) last posted its quarterly earnings data on Thursday, September 5th. The communications equipment provider reported $0.71 EPS for the quarter, beating analysts’ consensus estimates of $0.50 by $0.21. Ciena had a net margin of 6.77% and a return on equity of 13.64%. The company had revenue of $960.60 million during the quarter, compared to analyst estimates of $930.64 million. During the same period in the prior year, the firm earned $0.48 earnings per share. The business’s quarterly revenue was up 17.3% on a year-over-year basis. Equities research analysts expect that Ciena will post 1.88 earnings per share for the current year.
In other news, Director Thomas Michael Nevens sold 2,000 shares of the stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $43.23, for a total value of $86,460.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Stephen B. Alexander sold 2,500 shares of the stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $37.73, for a total transaction of $94,325.00. The disclosure for this sale can be found here. Insiders sold 59,254 shares of company stock valued at $2,502,117 over the last three months. 1.20% of the stock is owned by insiders.
Institutional investors and hedge funds have recently modified their holdings of the stock. Flagship Harbor Advisors LLC raised its position in Ciena by 98.5% during the second quarter. Flagship Harbor Advisors LLC now owns 645 shares of the communications equipment provider’s stock valued at $26,000 after acquiring an additional 320 shares in the last quarter. Tobam bought a new position in Ciena during the second quarter valued at approximately $33,000. CENTRAL TRUST Co bought a new position in Ciena during the third quarter valued at approximately $39,000. Coastal Capital Group Inc. bought a new position in Ciena during the second quarter valued at approximately $41,000. Finally, Whittier Trust Co. of Nevada Inc. raised its position in Ciena by 9,277.8% during the third quarter. Whittier Trust Co. of Nevada Inc. now owns 2,532 shares of the communications equipment provider’s stock valued at $99,000 after acquiring an additional 2,505 shares in the last quarter. 88.50% of the stock is currently owned by hedge funds and other institutional investors.
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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