Ciena Corporation (NYSE:CIEN)‘s stock had its “buy” rating restated by stock analysts at William Blair in a research note issued to investors on Thursday.
A number of other brokerages also recently issued reports on CIEN. BMO Capital Markets reissued a “buy” rating and set a $30.00 price objective on shares of Ciena Corporation in a research report on Thursday, April 27th. Jefferies Group LLC reissued a “buy” rating and set a $32.50 price objective (up from $29.00) on shares of Ciena Corporation in a research report on Friday, June 2nd. Argus boosted their price objective on shares of Ciena Corporation from $27.00 to $33.00 and gave the company a “buy” rating in a research report on Friday, June 2nd. TheStreet raised shares of Ciena Corporation from a “c+” rating to a “b” rating in a research report on Monday, June 19th. Finally, Stifel Nicolaus reissued a “buy” rating and set a $32.00 price objective (up from $28.00) on shares of Ciena Corporation in a research report on Friday, June 2nd. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the stock. Ciena Corporation presently has an average rating of “Buy” and an average price target of $30.19.
Ciena Corporation (NYSE CIEN) opened at 24.85 on Thursday. The company has a market capitalization of $3.52 billion, a price-to-earnings ratio of 32.83 and a beta of 1.61. Ciena Corporation has a 52 week low of $18.86 and a 52 week high of $27.98. The company’s 50-day moving average is $25.72 and its 200 day moving average is $24.46.
Ciena Corporation (NYSE:CIEN) last issued its quarterly earnings data on Thursday, June 1st. The communications equipment provider reported $0.45 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.37 by $0.08. The business had revenue of $707.02 million for the quarter, compared to the consensus estimate of $694.84 million. Ciena Corporation had a net margin of 4.13% and a return on equity of 25.56%. The company’s quarterly revenue was up 10.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.34 EPS. On average, analysts forecast that Ciena Corporation will post $1.77 EPS for the current fiscal year.
In other Ciena Corporation news, SVP James E. Moylan, Jr. sold 2,000 shares of the business’s stock in a transaction dated Thursday, May 18th. The stock was sold at an average price of $22.75, for a total value of $45,500.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Andrew C. Petrik sold 1,839 shares of the business’s stock in a transaction dated Monday, May 15th. The stock was sold at an average price of $23.70, for a total value of $43,584.30. The disclosure for this sale can be found here. In the last three months, insiders sold 68,689 shares of company stock valued at $1,753,805. 1.45% of the stock is owned by insiders.
A number of institutional investors have recently modified their holdings of the company. Thompson Davis & CO. Inc. acquired a new position in shares of Ciena Corporation during the first quarter worth $106,000. Glen Harbor Capital Management LLC raised its stake in Ciena Corporation by 12.1% in the first quarter. Glen Harbor Capital Management LLC now owns 5,280 shares of the communications equipment provider’s stock valued at $125,000 after buying an additional 572 shares during the last quarter. Fortaleza Asset Management Inc. acquired a new stake in Ciena Corporation during the second quarter valued at approximately $134,000. Elkfork Partners LLC raised its stake in Ciena Corporation by 12.1% in the first quarter. Elkfork Partners LLC now owns 6,720 shares of the communications equipment provider’s stock valued at $159,000 after buying an additional 728 shares during the last quarter. Finally, Acadian Asset Management LLC acquired a new stake in Ciena Corporation during the second quarter valued at approximately $159,000.
Ciena Corporation Company Profile
Ciena Corporation is a network strategy and technology company, which provides solutions that enable a range of network operators to adopt communication architectures and deliver an array of services, relied upon by enterprise and consumer end users. It provides equipment, software and services that support the transport, switching, aggregation, service delivery and management of voice, video and data traffic on communications networks.
Receive News & Ratings for Ciena Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ciena Corporation and related companies with MarketBeat.com's FREE daily email newsletter.
