Ciena Corporation (CIEN) Receives Buy Rating from William Blair
Several other analysts also recently commented on CIEN. Stifel Nicolaus reaffirmed a buy rating and issued a $32.00 price objective on shares of Ciena Corporation in a report on Friday, July 21st. BidaskClub downgraded shares of Ciena Corporation from a hold rating to a sell rating in a report on Monday, July 24th. Zacks Investment Research downgraded shares of Ciena Corporation from a buy rating to a hold rating in a report on Wednesday, August 2nd. Northland Securities set a $32.00 price objective on shares of Ciena Corporation and gave the company a buy rating in a report on Monday, August 7th. Finally, ValuEngine downgraded shares of Ciena Corporation from a buy rating to a hold rating in a report on Monday, August 14th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of Buy and a consensus price target of $29.53.
Ciena Corporation (NYSE CIEN) traded down $0.25 during mid-day trading on Monday, hitting $19.69. 3,661,500 shares of the stock traded hands, compared to its average volume of 3,110,122. The stock has a market cap of $2,845.21, a P/E ratio of 14.45, a P/E/G ratio of 0.74 and a beta of 1.64. The company has a debt-to-equity ratio of 0.99, a current ratio of 2.92 and a quick ratio of 2.50. Ciena Corporation has a fifty-two week low of $19.49 and a fifty-two week high of $27.98.
Ciena Corporation (NYSE:CIEN) last released its quarterly earnings data on Thursday, August 31st. The communications equipment provider reported $0.51 EPS for the quarter, beating the consensus estimate of $0.49 by $0.02. The business had revenue of $728.70 million for the quarter, compared to the consensus estimate of $726.81 million. Ciena Corporation had a net margin of 4.99% and a return on equity of 25.53%. The business’s revenue for the quarter was up 8.7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.42 EPS. equities analysts forecast that Ciena Corporation will post 1.51 earnings per share for the current year.
In other news, CEO Gary B. Smith sold 8,000 shares of the stock in a transaction dated Tuesday, August 22nd. The shares were sold at an average price of $23.27, for a total value of $186,160.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP James E. Moylan, Jr. sold 2,000 shares of the stock in a transaction dated Thursday, November 2nd. The shares were sold at an average price of $20.46, for a total transaction of $40,920.00. The disclosure for this sale can be found here. Insiders sold 84,052 shares of company stock valued at $1,821,578 over the last quarter. Company insiders own 1.45% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in CIEN. Legal & General Group Plc increased its position in Ciena Corporation by 31.4% during the first quarter. Legal & General Group Plc now owns 91,386 shares of the communications equipment provider’s stock worth $2,159,000 after purchasing an additional 21,834 shares during the last quarter. Capstone Asset Management Co. increased its position in Ciena Corporation by 1.3% during the second quarter. Capstone Asset Management Co. now owns 10,490 shares of the communications equipment provider’s stock worth $262,000 after purchasing an additional 130 shares during the last quarter. Oregon Public Employees Retirement Fund increased its position in Ciena Corporation by 7.3% during the second quarter. Oregon Public Employees Retirement Fund now owns 51,973 shares of the communications equipment provider’s stock worth $1,300,000 after purchasing an additional 3,536 shares during the last quarter. Advisors Capital Management LLC increased its position in Ciena Corporation by 5.0% during the second quarter. Advisors Capital Management LLC now owns 81,449 shares of the communications equipment provider’s stock worth $2,038,000 after purchasing an additional 3,849 shares during the last quarter. Finally, TNB Financial acquired a new stake in Ciena Corporation during the second quarter worth about $200,000.
About Ciena Corporation
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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