Ciena (NYSE:CIEN) received a $33.00 price objective from investment analysts at Raymond James Financial in a research note issued on Thursday. The firm presently has a “buy” rating on the communications equipment provider’s stock. Raymond James Financial’s price objective would indicate a potential upside of 57.67% from the stock’s previous close.

Several other research analysts have also issued reports on CIEN. Piper Jaffray Companies lowered shares of Ciena from an “overweight” rating to a “neutral” rating and lifted their price target for the stock from $20.76 to $22.00 in a research report on Friday. B. Riley restated a “buy” rating and issued a $30.50 price target on shares of Ciena in a research report on Sunday, September 3rd. MKM Partners restated a “buy” rating and issued a $30.00 price target on shares of Ciena in a research report on Tuesday, September 26th. ValuEngine lowered shares of Ciena from a “buy” rating to a “hold” rating in a research report on Monday, August 14th. Finally, Needham & Company LLC restated a “buy” rating and issued a $28.00 price target (down previously from $31.00) on shares of Ciena in a research report on Monday, September 25th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the company. Ciena has a consensus rating of “Buy” and a consensus target price of $28.48.

Shares of Ciena (NYSE CIEN) opened at $20.93 on Thursday. Ciena has a twelve month low of $19.40 and a twelve month high of $27.98. The company has a market capitalization of $3,010.00, a P/E ratio of 15.34, a P/E/G ratio of 0.86 and a beta of 1.66. The company has a current ratio of 2.92, a quick ratio of 2.50 and a debt-to-equity ratio of 0.99.

Ciena (NYSE:CIEN) last announced its earnings results on Thursday, December 7th. The communications equipment provider reported $0.46 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.50 by ($0.04). Ciena had a return on equity of 25.53% and a net margin of 4.99%. The firm had revenue of $744.40 million for the quarter, compared to the consensus estimate of $736.91 million. During the same period in the previous year, the firm earned $0.44 EPS. Ciena’s revenue for the quarter was up 3.9% on a year-over-year basis. analysts expect that Ciena will post 1.51 EPS for the current year.

Ciena declared that its board has authorized a stock repurchase program on Thursday, December 7th that permits the company to buyback $300.00 million in outstanding shares. This buyback authorization permits the communications equipment provider to repurchase shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board believes its stock is undervalued.

In other Ciena news, CEO Gary B. Smith sold 8,000 shares of Ciena stock in a transaction that occurred on Wednesday, September 13th. The shares were sold at an average price of $21.50, for a total transaction of $172,000.00. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP James Frodsham sold 2,000 shares of Ciena stock in a transaction that occurred on Tuesday, September 19th. The stock was sold at an average price of $22.00, for a total transaction of $44,000.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 89,052 shares of company stock worth $1,898,778. Corporate insiders own 1.45% of the company’s stock.

Several institutional investors have recently bought and sold shares of the company. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its holdings in shares of Ciena by 0.3% during the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 20,690 shares of the communications equipment provider’s stock valued at $518,000 after acquiring an additional 58 shares in the last quarter. Capstone Asset Management Co. grew its holdings in shares of Ciena by 1.3% during the 2nd quarter. Capstone Asset Management Co. now owns 10,490 shares of the communications equipment provider’s stock valued at $262,000 after acquiring an additional 130 shares in the last quarter. Nisa Investment Advisors LLC grew its holdings in shares of Ciena by 1.9% during the 2nd quarter. Nisa Investment Advisors LLC now owns 10,740 shares of the communications equipment provider’s stock valued at $269,000 after acquiring an additional 200 shares in the last quarter. World Asset Management Inc grew its holdings in shares of Ciena by 2.8% during the 2nd quarter. World Asset Management Inc now owns 8,935 shares of the communications equipment provider’s stock valued at $224,000 after acquiring an additional 243 shares in the last quarter. Finally, Teacher Retirement System of Texas grew its holdings in shares of Ciena by 2.7% during the 2nd quarter. Teacher Retirement System of Texas now owns 11,289 shares of the communications equipment provider’s stock valued at $282,000 after acquiring an additional 300 shares in the last quarter.

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Ciena 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.

Analyst Recommendations for Ciena (NYSE:CIEN)

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