Ciena Corporation (NYSE:CIEN) had its target price cut by investment analysts at Dougherty & Co from $32.00 to $27.00 in a research note issued on Friday. The brokerage currently has a “buy” rating on the communications equipment provider’s stock. Dougherty & Co’s price target indicates a potential upside of 24.94% from the stock’s current price.

Several other research firms have also issued reports on CIEN. MKM Partners restated a “buy” rating and issued a $32.00 target price (up previously from $30.00) on shares of Ciena Corporation in a report on Friday, June 2nd. Deutsche Bank AG restated a “hold” rating and issued a $24.00 target price (up previously from $23.00) on shares of Ciena Corporation in a report on Saturday, June 3rd. BMO Capital Markets restated an “outperform” rating and issued a $32.00 target price (up previously from $30.00) on shares of Ciena Corporation in a report on Saturday, June 3rd. Instinet restated a “buy” rating and issued a $30.00 target price (up previously from $27.00) on shares of Ciena Corporation in a report on Saturday, June 3rd. Finally, B. Riley restated a “buy” rating and issued a $34.00 target price on shares of Ciena Corporation in a report on Sunday, June 4th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $29.82.

Shares of Ciena Corporation (CIEN) traded up 0.440% on Friday, reaching $21.705. 4,212,271 shares of the company traded hands. Ciena Corporation has a 1-year low of $18.94 and a 1-year high of $27.98. The stock has a 50-day moving average price of $24.81 and a 200 day moving average price of $24.43. The firm has a market capitalization of $3.08 billion, a P/E ratio of 28.672 and a beta of 1.61. Ciena Corporation also was the recipient of unusually large options trading activity on Wednesday. Stock traders purchased 16,836 put options on the stock. This represents an increase of approximately 851% compared to the typical volume of 1,771 put options.

Ciena Corporation (NYSE:CIEN) last released its earnings results on Thursday, August 31st. The communications equipment provider reported $0.51 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.49 by $0.02. The firm had revenue of $728.70 million during the quarter, compared to analyst estimates of $726.81 million. Ciena Corporation had a net margin of 4.13% and a return on equity of 25.56%. The business’s revenue was up 8.7% on a year-over-year basis. During the same quarter last year, the business earned $0.42 EPS. Analysts anticipate that Ciena Corporation will post $1.76 EPS for the current fiscal year.

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In other Ciena Corporation news, SVP Stephen B. Alexander sold 2,500 shares of the business’s stock in a transaction that occurred on Thursday, June 15th. The shares were sold at an average price of $25.02, for a total transaction of $62,550.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Gary B. Smith sold 12,558 shares of the business’s stock in a transaction that occurred on Wednesday, June 21st. The stock was sold at an average price of $25.31, for a total transaction of $317,842.98. The disclosure for this sale can be found here. In the last ninety days, insiders sold 77,108 shares of company stock worth $1,945,437. Insiders own 1.45% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in CIEN. Thompson Davis & CO. Inc. bought a new stake in Ciena Corporation during the first quarter valued at $106,000. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Ciena Corporation by 11.3% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,085 shares of the communications equipment provider’s stock valued at $127,000 after buying an additional 517 shares in the last quarter. Glen Harbor Capital Management LLC increased its stake in Ciena Corporation by 12.1% in the first quarter. Glen Harbor Capital Management LLC now owns 5,280 shares of the communications equipment provider’s stock valued at $125,000 after buying an additional 572 shares in the last quarter. Fortaleza Asset Management Inc. bought a new stake in Ciena Corporation during the second quarter valued at $134,000. Finally, Acadian Asset Management LLC bought a new stake in Ciena Corporation during the second quarter valued at $159,000.

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.

Analyst Recommendations for Ciena Corporation (NYSE:CIEN)

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