JPMorgan Chase & Co. Reiterates Overweight Rating for Ciena Corp. (CIEN)
Ciena Corp. (NYSE:CIEN)‘s stock had its “overweight” rating restated by investment analysts at JPMorgan Chase & Co. in a note issued to investors on Tuesday.
Several other equities analysts have also weighed in on the stock. Deutsche Bank AG upgraded shares of Ciena Corp. from a “hold” rating to a “buy” rating and boosted their target price for the company from $21.74 to $27.00 in a report on Monday. Zacks Investment Research lowered shares of Ciena Corp. from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 1st. MKM Partners restated a “positive” rating and issued a $28.00 price objective on shares of Ciena Corp. in a report on Friday, October 7th. Stifel Nicolaus assumed coverage on shares of Ciena Corp. in a report on Friday, September 30th. They issued a “hold” rating and a $23.00 price objective on the stock. Finally, B. Riley restated a “buy” rating and issued a $28.50 price objective on shares of Ciena Corp. in a report on Friday, September 9th. Five research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $25.60.
Ciena Corp. (NYSE:CIEN) opened at 22.53 on Tuesday. The firm has a 50-day moving average of $20.87 and a 200 day moving average of $20.06. The stock has a market capitalization of $3.14 billion, a price-to-earnings ratio of 139.07 and a beta of 1.72. Ciena Corp. has a 12-month low of $15.61 and a 12-month high of $25.46.
Ciena Corp. (NYSE:CIEN) last posted its earnings results on Thursday, September 1st. The company reported $0.42 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.04. The company had revenue of $670.60 million for the quarter, compared to analyst estimates of $672.23 million. Ciena Corp. had a net margin of 0.86% and a return on equity of 22.41%. Ciena Corp.’s revenue was up 11.2% on a year-over-year basis. During the same period in the previous year, the business posted $0.37 EPS. On average, analysts predict that Ciena Corp. will post $1.43 earnings per share for the current fiscal year.
In related news, VP James Frodsham sold 2,679 shares of the stock in a transaction on Wednesday, September 21st. The shares were sold at an average price of $21.45, for a total transaction of $57,464.55. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP David M. Rothenstein sold 2,000 shares of the stock in a transaction on Thursday, September 15th. The stock was sold at an average price of $21.10, for a total transaction of $42,200.00. The disclosure for this sale can be found here. Corporate insiders own 1.72% of the company’s stock.
Hedge funds have recently modified their holdings of the company. Advisor Group Inc. boosted its stake in Ciena Corp. by 5.6% in the third quarter. Advisor Group Inc. now owns 8,731 shares of the company’s stock valued at $102,000 after buying an additional 460 shares during the period. LS Investment Advisors LLC boosted its stake in Ciena Corp. by 70.1% in the second quarter. LS Investment Advisors LLC now owns 7,664 shares of the company’s stock valued at $144,000 after buying an additional 3,159 shares during the period. Oakbrook Investments LLC purchased a new stake in Ciena Corp. during the second quarter valued at approximately $199,000. Clinton Group Inc. purchased a new stake in Ciena Corp. during the second quarter valued at approximately $201,000. Finally, GMT Capital Corp purchased a new stake in Ciena Corp. during the third quarter valued at approximately $205,000. Hedge funds and other 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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