Ciena Corporation (CIEN) Receives Average Recommendation of “Buy” from Analysts
Shares of Ciena Corporation (NYSE:CIEN) have received a consensus recommendation of “Buy” from the twenty-six ratings firms that are covering the firm, MarketBeat.com reports. Two equities research analysts have rated the stock with a sell recommendation, four have assigned a hold recommendation and nineteen have given a buy recommendation to the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $28.25.
A number of brokerages have issued reports on CIEN. BMO Capital Markets reaffirmed a “buy” rating on shares of Ciena in a report on Friday, October 27th. Stifel Nicolaus reaffirmed a “buy” rating on shares of Ciena in a report on Friday, November 3rd. Piper Jaffray Companies reaffirmed a “buy” rating on shares of Ciena in a report on Thursday, October 12th. MKM Partners reaffirmed a “buy” rating and issued a $30.00 target price on shares of Ciena in a report on Tuesday, September 26th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $28.00 target price (down from $31.00) on shares of Ciena in a report on Monday, September 25th.
In other news, CFO James E. Moylan, Jr. sold 27,284 shares of the firm’s stock in a transaction on Thursday, December 21st. The shares were sold at an average price of $21.22, for a total value of $578,966.48. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Gary B. Smith sold 8,000 shares of the firm’s stock in a transaction on Thursday, October 12th. The shares were sold at an average price of $21.74, for a total transaction of $173,920.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 218,217 shares of company stock worth $4,630,015. 1.45% of the stock is owned by company insiders.
Hedge funds have recently modified their holdings of the company. Parametric Portfolio Associates LLC raised its stake in shares of Ciena by 15.9% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 187,277 shares of the communications equipment provider’s stock valued at $4,686,000 after acquiring an additional 25,663 shares during the period. Westfield Capital Management Co. LP increased its stake 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 worth $56,996,000 after buying an additional 459,190 shares during the period. Stifel Financial Corp increased its stake in Ciena by 15.5% during the 3rd quarter. Stifel Financial Corp now owns 70,070 shares of the communications equipment provider’s stock worth $1,538,000 after buying an additional 9,389 shares during the period. Vanguard Group Inc. increased its stake in Ciena by 1.7% during the 2nd quarter. Vanguard Group Inc. now owns 12,466,282 shares of the communications equipment provider’s stock worth $311,906,000 after buying an additional 203,112 shares during the period. Finally, Swiss National Bank increased its stake in Ciena by 2.4% during the 2nd quarter. Swiss National Bank now owns 235,300 shares of the communications equipment provider’s stock worth $5,887,000 after buying an additional 5,600 shares during the period.
Ciena (NYSE:CIEN) opened at $21.78 on Friday. The stock has a market cap of $3,074.74, a PE ratio of 2.73, a P/E/G ratio of 1.36 and a beta of 1.67. Ciena has a 1-year low of $19.40 and a 1-year high of $27.98. The company has a current ratio of 1.93, a quick ratio of 1.68 and a debt-to-equity ratio of 0.27.
Ciena (NYSE:CIEN) last posted its quarterly earnings results on Thursday, December 7th. The communications equipment provider reported $0.46 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.50 by ($0.04). The firm had revenue of $744.40 million for the quarter, compared to analysts’ expectations of $736.91 million. Ciena had a return on equity of 18.32% and a net margin of 45.04%. The company’s revenue for the quarter was up 3.9% on a year-over-year basis. During the same period in the prior year, the company earned $0.44 earnings per share. analysts predict that Ciena will post 1 EPS for the current fiscal year.
Ciena announced that its Board of Directors has initiated a share buyback 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 reacquire shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.
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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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