UBS Lowers Ciena (CIEN) Price Target to $27.00
Ciena (NYSE:CIEN) had its target price reduced by research analysts at UBS from $29.00 to $27.00 in a note issued to investors on Friday. The firm presently has a “buy” rating on the communications equipment provider’s stock. UBS’s price target would suggest a potential upside of 29.00% from the company’s current price.
A number of other analysts have also recently weighed in on CIEN. ValuEngine cut shares of Ciena from a “buy” rating to a “hold” rating in a report on Monday, August 14th. BidaskClub cut shares of Ciena from a “sell” rating to a “strong sell” rating in a report on Friday, August 18th. Raymond James Financial reaffirmed an “outperform” rating on shares of Ciena in a report on Thursday, August 24th. B. Riley reaffirmed a “buy” rating and issued a $34.25 price objective on shares of Ciena in a report on Tuesday, August 29th. Finally, Citigroup raised shares of Ciena from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $23.87 to $29.00 in a report on Wednesday, August 30th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $28.48.
Shares of Ciena (NYSE CIEN) opened at $20.93 on Friday. The firm has a market cap of $2,962.21, a price-to-earnings ratio of 14.83, a price-to-earnings-growth ratio of 0.85 and a beta of 1.67. Ciena has a twelve month low of $19.40 and a twelve month high of $27.98. The company has a current ratio of 1.93, a quick ratio of 2.50 and a debt-to-equity ratio of 0.27.
Ciena (NYSE:CIEN) last issued its earnings results on Thursday, December 7th. The communications equipment provider reported $0.46 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.50 by ($0.04). The business had revenue of $744.40 million for the quarter, compared to analyst estimates of $736.91 million. Ciena had a return on equity of 18.32% and a net margin of 45.04%. The firm’s revenue for the quarter was up 3.9% on a year-over-year basis. During the same period last year, the company posted $0.44 earnings per share. sell-side analysts anticipate that Ciena will post 1.65 EPS for the current fiscal year.
Ciena declared that its Board of Directors has initiated a share buyback plan on Thursday, December 7th that authorizes the company to repurchase $300.00 million in shares. This repurchase authorization authorizes the communications equipment provider to reacquire shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.
In other news, CEO Gary B. Smith sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, November 21st. The shares were sold at an average price of $20.55, for a total transaction of $205,500.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP David M. Rothenstein sold 2,000 shares of the firm’s stock in a transaction dated Wednesday, November 15th. The shares were sold at an average price of $19.50, for a total transaction of $39,000.00. The disclosure for this sale can be found here. Insiders sold a total of 89,052 shares of company stock valued at $1,898,778 in the last quarter. 1.45% of the stock is currently owned by insiders.
Several large investors have recently bought and sold shares of the company. Rubric Capital Management LP bought a new position in shares of Ciena during the 3rd quarter valued at about $33,373,000. Algert Global LLC boosted its position in shares of Ciena by 48.5% during the 3rd quarter. Algert Global LLC now owns 128,474 shares of the communications equipment provider’s stock valued at $2,823,000 after purchasing an additional 41,959 shares in the last quarter. Neuberger Berman Group LLC boosted its position in shares of Ciena by 169.5% during the 3rd quarter. Neuberger Berman Group LLC now owns 4,217,455 shares of the communications equipment provider’s stock valued at $92,657,000 after purchasing an additional 2,652,791 shares in the last quarter. PVG Asset Management Corp bought a new position in shares of Ciena during the 3rd quarter valued at about $674,000. Finally, California Public Employees Retirement System boosted its position in shares of Ciena by 5.1% during the 3rd quarter. California Public Employees Retirement System now owns 319,658 shares of the communications equipment provider’s stock valued at $7,023,000 after purchasing an additional 15,588 shares in the last quarter.
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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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