Ciena Corp. (CIEN) Receives Consensus Recommendation of “Buy” from Analysts
Shares of Ciena Corp. (NYSE:CIEN) have been assigned a consensus recommendation of “Buy” from the twenty-two brokerages that are presently covering the stock. Five equities research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $25.98.
CIEN has been the topic of a number of research analyst reports. B. Riley reissued a “buy” rating and issued a $28.50 price target on shares of Ciena Corp. in a research note on Sunday, September 4th. Dougherty & Co lifted their price objective on Ciena Corp. from $25.00 to $26.00 and gave the company a “buy” rating in a research note on Friday, September 2nd. Argus reaffirmed a “buy” rating and issued a $30.00 price objective on shares of Ciena Corp. in a research note on Friday, September 2nd. Jefferies Group lifted their price objective on Ciena Corp. from $23.00 to $27.00 and gave the company a “buy” rating in a research note on Friday, September 2nd. Finally, MKM Partners reaffirmed a “buy” rating and issued a $26.00 price objective on shares of Ciena Corp. in a research note on Tuesday, August 23rd.
In other Ciena Corp. news, CEO Gary B. Smith sold 8,000 shares of the business’s stock in a transaction on Friday, November 18th. The stock was sold at an average price of $21.94, for a total transaction of $175,520.00. The sale 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 business’s stock in a transaction on Thursday, September 15th. The stock was sold at an average price of $21.10, for a total value of $42,200.00. The disclosure for this sale can be found here. Corporate insiders own 1.72% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in the company. LS Investment Advisors LLC raised its position in shares of 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. Advisor Group Inc. raised its position in shares of 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. GMT Capital Corp acquired a new position in shares of Ciena Corp. during the third quarter worth about $205,000. Tocqueville Asset Management L.P. acquired a new position in shares of Ciena Corp. during the third quarter worth about $207,000. Finally, Oakbrook Investments LLC acquired a new position in shares of Ciena Corp. during the second quarter worth about $199,000. Institutional investors own 96.91% of the company’s stock.
Shares of Ciena Corp. (NYSE:CIEN) traded down 4.10% on Monday, hitting $21.53. 1,832,170 shares of the stock traded hands. Ciena Corp. has a 12 month low of $15.62 and a 12 month high of $25.46. The firm’s 50 day moving average is $20.87 and its 200-day moving average is $20.31. The company has a market cap of $3.00 billion, a PE ratio of 132.90 and a beta of 1.72.
Ciena Corp. (NYSE:CIEN) last issued its quarterly earnings results on Thursday, September 1st. The company reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.04. Ciena Corp. had a return on equity of 22.41% and a net margin of 0.86%. The firm had revenue of $670.60 million for the quarter, compared to analyst estimates of $672.23 million. During the same period last year, the company earned $0.37 EPS. The firm’s quarterly revenue was up 11.2% on a year-over-year basis. Equities analysts predict that Ciena Corp. will post $1.43 earnings per share for the current year.
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.
Receive News & Stock Ratings for Ciena Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ciena Corp. and related stocks with our FREE daily email newsletter.