Ciena (NYSE:CIEN) had its target price raised by Argus to $38.00 in a report issued on Wednesday, The Fly reports. The brokerage currently has an average rating on the communications equipment provider’s stock. The analysts noted that the move was a valuation call.
Several other research firms also recently issued reports on CIEN. MKM Partners downgraded shares of Ciena to a buy rating and set a $32.00 price objective on the stock. in a report on Wednesday, July 18th. Deutsche Bank increased their price objective on shares of Ciena from $21.00 to $23.00 and gave the company a hold rating in a report on Friday, August 31st. Zacks Investment Research raised shares of Ciena from a hold rating to a buy rating and set a $26.00 price objective on the stock in a report on Tuesday, June 5th. Loop Capital reaffirmed a buy rating and set a $36.00 price objective on shares of Ciena in a report on Thursday, August 30th. Finally, Citigroup increased their price objective on shares of Ciena from $29.00 to $36.00 and gave the company a buy rating in a report on Friday, August 31st. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and nineteen have given a buy rating to the company. The company has an average rating of Buy and a consensus price target of $32.28.
Shares of NYSE CIEN opened at $31.34 on Wednesday. Ciena has a 1 year low of $19.40 and a 1 year high of $32.33. The firm has a market cap of $4.51 billion, a P/E ratio of 21.03, a PEG ratio of 2.09 and a beta of 1.36. The company has a current ratio of 1.97, a quick ratio of 1.77 and a debt-to-equity ratio of 0.33.
Ciena (NYSE:CIEN) last announced its quarterly earnings results on Thursday, August 30th. The communications equipment provider reported $0.48 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.36 by $0.12. The firm had revenue of $818.82 million for the quarter, compared to the consensus estimate of $792.28 million. Ciena had a net margin of 25.56% and a return on equity of 8.56%. The firm’s quarterly revenue was up 12.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.51 earnings per share. research analysts anticipate that Ciena will post 0.99 EPS for the current year.
In related news, CEO Gary B. Smith sold 8,000 shares of the firm’s stock in a transaction dated Tuesday, June 12th. The shares were sold at an average price of $24.59, for a total transaction of $196,720.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP James E. Moylan, Jr. sold 2,000 shares of the firm’s stock in a transaction dated Wednesday, August 22nd. The stock was sold at an average price of $27.14, for a total transaction of $54,280.00. The disclosure for this sale can be found here. Insiders sold 75,262 shares of company stock valued at $1,957,276 over the last quarter. Company insiders own 1.38% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the stock. Parallel Advisors LLC boosted its stake in Ciena by 36,042.9% during the second quarter. Parallel Advisors LLC now owns 5,060 shares of the communications equipment provider’s stock worth $134,000 after buying an additional 5,046 shares during the period. Bristol John W & Co. Inc. NY purchased a new position in Ciena during the first quarter worth about $137,000. Signaturefd LLC boosted its stake in Ciena by 484.4% during the second quarter. Signaturefd LLC now owns 5,534 shares of the communications equipment provider’s stock worth $147,000 after buying an additional 4,587 shares during the period. Moneta Group Investment Advisors LLC boosted its stake in Ciena by 102.0% during the second quarter. Moneta Group Investment Advisors LLC now owns 6,140 shares of the communications equipment provider’s stock worth $163,000 after buying an additional 3,100 shares during the period. Finally, Exane Derivatives purchased a new position in Ciena during the second quarter worth about $190,000.
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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