Ciena (NYSE:CIEN) had its price objective raised by investment analysts at MKM Partners to $32.00 in a report issued on Wednesday, March 7th. The brokerage presently has a “buy” rating on the communications equipment provider’s stock. MKM Partners’ target price indicates a potential upside of 18.78% from the stock’s previous close.
Several other analysts have also issued reports on the stock. B. Riley boosted their price target on shares of Ciena from $27.50 to $31.00 and gave the company a “buy” rating in a research report on Wednesday, March 7th. BMO Capital Markets boosted their price target on shares of Ciena to $32.00 and gave the company an “outperform” rating in a research report on Wednesday, March 7th. Piper Jaffray Companies reissued a “neutral” rating and issued a $27.00 price target (up previously from $22.00) on shares of Ciena in a research report on Tuesday, March 6th. Needham & Company LLC reissued a “buy” rating and issued a $29.00 price target (up previously from $24.00) on shares of Ciena in a research report on Wednesday, March 7th. Finally, Zacks Investment Research lowered shares of Ciena from a “hold” rating to a “sell” rating in a research report on Monday, March 5th. One analyst has rated the stock with a sell rating, three have issued a hold rating and twenty-two have issued a buy rating to the company. Ciena presently has an average rating of “Buy” and a consensus price target of $29.62.
Shares of Ciena (CIEN) traded down $0.55 during midday trading on Wednesday, reaching $26.94. 3,567,009 shares of the company were exchanged, compared to its average volume of 4,140,000. Ciena has a fifty-two week low of $19.40 and a fifty-two week high of $27.98. The company has a market capitalization of $3,890.00, a P/E ratio of 4.08, a PEG ratio of 1.63 and a beta of 1.50. The company has a debt-to-equity ratio of 0.33, a current ratio of 2.06 and a quick ratio of 1.79.
Ciena declared that its board has approved a share buyback program on Thursday, December 7th that authorizes the company to repurchase $300.00 million in shares. This repurchase authorization authorizes the communications equipment provider to buy shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s board of directors believes its shares are undervalued.
In other news, CEO Gary B. Smith sold 8,000 shares of the company’s stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $23.23, for a total value of $185,840.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP James E. Moylan, Jr. sold 2,000 shares of the company’s stock in a transaction on Wednesday, March 7th. The shares were sold at an average price of $26.13, for a total transaction of $52,260.00. The disclosure for this sale can be found here. In the last three months, insiders sold 228,743 shares of company stock valued at $4,934,751. Corporate insiders own 1.38% of the company’s stock.
Institutional investors have recently made changes to their positions in the company. Stifel Financial Corp boosted its stake in shares of Ciena by 15.5% in the 3rd quarter. Stifel Financial Corp now owns 70,070 shares of the communications equipment provider’s stock valued at $1,538,000 after purchasing an additional 9,389 shares in the last quarter. Westfield Capital Management Co. LP boosted its position in Ciena by 21.5% during the 3rd quarter. Westfield Capital Management Co. LP now owns 2,594,285 shares of the communications equipment provider’s stock valued at $56,996,000 after buying an additional 459,190 shares during the period. Tredje AP fonden purchased a new stake in Ciena during the 3rd quarter valued at $1,318,000. Neuberger Berman Group LLC boosted its position in Ciena by 169.5% during the 3rd quarter. Neuberger Berman Group LLC now owns 4,217,455 shares of the communications equipment provider’s stock valued at $92,657,000 after buying an additional 2,652,791 shares during the period. Finally, American International Group Inc. boosted its position in Ciena by 2.7% during the 3rd quarter. American International Group Inc. now owns 384,658 shares of the communications equipment provider’s stock valued at $8,451,000 after buying an additional 10,284 shares during the period.
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.
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