Ciena Corp. (CIEN) Earns Buy Rating from Needham & Company LLC
Ciena Corp. (NYSE:CIEN)‘s stock had its “buy” rating reaffirmed by equities researchers at Needham & Company LLC in a research note issued on Monday. They currently have a $30.00 price objective on the stock. Needham & Company LLC’s price target indicates a potential upside of 39.28% from the company’s previous close.
A number of other brokerages have also weighed in on CIEN. BMO Capital Markets lifted their price objective on shares of Ciena Corp. to $27.00 and gave the company an “outperform” rating in a report on Friday, September 2nd. Argus reiterated a “buy” rating and set a $30.00 price objective on shares of Ciena Corp. in a report on Friday, September 2nd. Jefferies Group lifted their price objective on shares of Ciena Corp. from $23.00 to $27.00 and gave the company a “buy” rating in a report on Friday, September 2nd. Citigroup Inc. boosted their price target on shares of Ciena Corp. from $23.00 to $24.00 and gave the company a “neutral” rating in a report on Friday, September 2nd. Finally, Drexel Hamilton lowered shares of Ciena Corp. from a “buy” rating to a “hold” rating in a report on Friday, September 2nd. Five equities research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $25.60.
Shares of Ciena Corp. (NYSE:CIEN) traded down 3.942% on Monday, reaching $21.565. 2,092,092 shares of the company were exchanged. The firm’s 50 day moving average price is $20.88 and its 200 day moving average price is $20.31. The stock has a market capitalization of $3.00 billion, a price-to-earnings ratio of 133.117 and a beta of 1.72. 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 quarterly earnings data on Thursday, September 1st. The company reported $0.42 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.04. Ciena Corp. had a net margin of 0.86% and a return on equity of 22.41%. The company earned $670.60 million during the quarter, compared to analyst estimates of $672.23 million. During the same quarter last year, the business posted $0.37 EPS. The firm’s revenue for the quarter was up 11.2% on a year-over-year basis. Equities research analysts anticipate that Ciena Corp. will post $1.43 EPS for the current year.
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In other Ciena Corp. news, SVP Marcus H. Starke sold 3,164 shares of the company’s stock in a transaction on Tuesday, September 6th. The shares were sold at an average price of $23.01, for a total transaction of $72,803.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP David M. Rothenstein sold 2,000 shares of the company’s 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. 1.72% of the stock is currently owned by corporate insiders.
Institutional investors have recently bought and sold shares of the company. Advisor Group Inc. raised 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 worth $102,000 after buying an additional 460 shares during the last quarter. LS Investment Advisors LLC raised 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 worth $144,000 after buying an additional 3,159 shares during the last quarter. Oakbrook Investments LLC acquired a new stake in Ciena Corp. during the second quarter worth about $199,000. Clinton Group Inc. acquired a new stake in Ciena Corp. during the second quarter worth about $201,000. Finally, GMT Capital Corp acquired a new stake in Ciena Corp. during the third quarter worth about $205,000. Institutional investors own 96.91% of the company’s stock.
Ciena Corp. Company Profile
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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