Ciena Corporation (CIEN) Given Consensus Rating of “Buy” by Brokerages
Ciena Corporation (NYSE:CIEN) has been given an average rating of “Buy” by the twenty-nine analysts that are presently covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, six have given a hold rating, twenty have given a buy rating and one has issued a strong buy rating on the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $29.54.
CIEN has been the subject of a number of recent analyst reports. Dougherty & Co raised their price objective on Ciena Corporation from $26.00 to $32.00 and gave the stock a “buy” rating in a research report on Friday, June 2nd. ValuEngine raised Ciena Corporation from a “hold” rating to a “buy” rating in a research report on Thursday, July 6th. TheStreet raised Ciena Corporation from a “c+” rating to a “b” rating in a research report on Monday, June 19th. MKM Partners reissued a “buy” rating on shares of Ciena Corporation in a research report on Thursday. Finally, Deutsche Bank AG cut Ciena Corporation from a “buy” rating to a “hold” rating and lowered their target price for the company from $24.35 to $23.00 in a report on Wednesday, May 24th.
Shares of Ciena Corporation (CIEN) opened at 22.06 on Friday. The stock has a market capitalization of $3.13 billion, a price-to-earnings ratio of 29.14 and a beta of 1.69. Ciena Corporation has a 52 week low of $18.94 and a 52 week high of $27.98. The stock’s 50 day moving average is $24.70 and its 200-day moving average is $24.41. Ciena Corporation also was the recipient of unusually large options trading on Wednesday. Stock investors purchased 16,836 put options on the company. This is an increase of 851% compared to the typical volume of 1,771 put options.
Ciena Corporation (NYSE:CIEN) last issued its quarterly earnings data on Thursday, August 31st. The communications equipment provider reported $0.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.49 by $0.02. The firm had revenue of $728.70 million during the quarter, compared to the consensus estimate of $726.81 million. Ciena Corporation had a return on equity of 25.53% and a net margin of 4.99%. The company’s quarterly revenue was up 8.7% on a year-over-year basis. During the same period last year, the company earned $0.42 EPS. On average, analysts anticipate that Ciena Corporation will post $1.76 earnings per share for the current fiscal year.
In other Ciena Corporation news, SVP Stephen B. Alexander sold 2,500 shares of Ciena Corporation stock in a transaction that occurred on Thursday, June 15th. The stock was sold at an average price of $25.02, for a total transaction of $62,550.00. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Gary B. Smith sold 8,000 shares of Ciena Corporation stock in a transaction that occurred on Tuesday, August 22nd. The stock was sold at an average price of $23.27, for a total value of $186,160.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 77,108 shares of company stock valued at $1,945,437. 1.45% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. WINTON GROUP Ltd purchased a new position in Ciena Corporation during the second quarter valued at approximately $777,000. Koch Industries Inc. purchased a new position in Ciena Corporation during the second quarter valued at approximately $235,000. Verition Fund Management LLC raised its position in Ciena Corporation by 48.4% in the second quarter. Verition Fund Management LLC now owns 31,899 shares of the communications equipment provider’s stock valued at $798,000 after buying an additional 10,399 shares during the period. Ameritas Investment Partners Inc. raised its position in Ciena Corporation by 2.5% in the second quarter. Ameritas Investment Partners Inc. now owns 54,813 shares of the communications equipment provider’s stock valued at $1,371,000 after buying an additional 1,328 shares during the period. Finally, Raymond James Financial Services Advisors Inc. raised its position in Ciena Corporation by 11.2% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 26,091 shares of the communications equipment provider’s stock valued at $653,000 after buying an additional 2,628 shares during the period.
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.
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