Ciena Corp. (CIEN) Stock Rating Upgraded by Deutsche Bank AG
Ciena Corp. (NYSE:CIEN) was upgraded by analysts at Deutsche Bank AG from a “hold” rating to a “buy” rating in a report issued on Monday.
A number of other equities analysts have also weighed in on the company. Zacks Investment Research lowered Ciena Corp. from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 1st. MKM Partners restated a “positive” rating and issued a $28.00 target price on shares of Ciena Corp. in a research note on Friday, October 7th. Stifel Nicolaus assumed coverage on Ciena Corp. in a research report on Friday, September 30th. They set a “hold” rating and a $23.00 price objective on the stock. B. Riley reiterated a “buy” rating and set a $28.50 price objective on shares of Ciena Corp. in a research report on Friday, September 9th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $30.00 price objective on shares of Ciena Corp. in a research report on Tuesday, September 6th. Five research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. Ciena Corp. has an average rating of “Buy” and a consensus price target of $25.21.
Ciena Corp. (NYSE:CIEN) opened at 21.74 on Monday. The firm has a market capitalization of $3.03 billion, a price-to-earnings ratio of 134.20 and a beta of 1.72. The firm has a 50-day moving average price of $20.85 and a 200 day moving average price of $19.92. Ciena Corp. has a 52 week low of $15.62 and a 52 week high of $25.46.
Ciena Corp. (NYSE:CIEN) last announced its earnings results on Thursday, September 1st. The company reported $0.42 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.04. The business had revenue of $670.60 million for the quarter, compared to analyst estimates of $672.23 million. Ciena Corp. had a return on equity of 22.41% and a net margin of 0.86%. The company’s quarterly revenue was up 11.2% compared to the same quarter last year. During the same period in the prior year, the company earned $0.37 EPS. On average, equities research analysts forecast that Ciena Corp. will post $1.43 earnings per share for the current fiscal year.
In other news, SVP Marcus H. Starke sold 3,164 shares of the firm’s stock in a transaction that occurred on Tuesday, September 6th. The stock was sold at an average price of $23.01, for a total value of $72,803.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Gary B. Smith sold 8,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 3rd. The shares were sold at an average price of $19.32, for a total value of $154,560.00. The disclosure for this sale can be found here. 1.72% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Advisor Group Inc. raised its position in Ciena Corp. by 5.6% in the third quarter. Advisor Group Inc. now owns 8,731 shares of the company’s stock worth $102,000 after buying an additional 460 shares during the period. LS Investment Advisors LLC raised its position in Ciena Corp. by 70.1% in the second quarter. LS Investment Advisors LLC now owns 7,664 shares of the company’s stock worth $144,000 after buying an additional 3,159 shares during the period. Oakbrook Investments LLC bought a new position in Ciena Corp. during the second quarter worth $199,000. Clinton Group Inc. bought a new position in Ciena Corp. during the second quarter worth $201,000. Finally, GMT Capital Corp bought a new position in Ciena Corp. during the third quarter worth $205,000. Institutional investors own 96.36% of the company’s stock.
About Ciena Corp.
Ciena Corporation is a network specialist that focuses on providing communications networking solutions. The Company operates through four segments: Converged Packet Optical, Packet Networking, Optical Transport, and Software and Services. Its Converged Packet Optical portfolio includes networking solutions optimized for the convergence of coherent optical transport, optical transport network (OTN) switching and packet switching.
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