Ciena Corporation (NYSE:CIEN)‘s stock had its “buy” rating reiterated by equities researchers at Northland Securities in a research note issued to investors on Tuesday, July 4th. They presently have a $32.00 price target on the communications equipment provider’s stock. Northland Securities’ price target points to a potential upside of 28.77% from the stock’s previous close.

Other analysts have also issued reports about the stock. B. Riley reissued a “buy” rating and set a $33.75 price target on shares of Ciena Corporation in a research report on Monday, March 6th. UBS AG reissued a “buy” rating and set a $31.00 price target (up from $29.00) on shares of Ciena Corporation in a research report on Monday, June 5th. Drexel Hamilton raised shares of Ciena Corporation from a “hold” rating to a “buy” rating in a research report on Thursday, June 1st. Jefferies Group LLC reissued a “buy” rating and set a $32.50 price target (up from $29.00) on shares of Ciena Corporation in a research report on Friday, June 2nd. Finally, TheStreet raised shares of Ciena Corporation from a “c+” rating to a “b” rating in a research report on Monday, June 19th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Ciena Corporation presently has an average rating of “Buy” and a consensus target price of $30.19.

Shares of Ciena Corporation (CIEN) traded down 3.08% on Tuesday, hitting $24.85. 3,026,362 shares of the company traded hands. The firm has a market capitalization of $3.52 billion, a P/E ratio of 32.83 and a beta of 1.61. The firm’s 50-day moving average is $25.72 and its 200 day moving average is $24.46. Ciena Corporation has a 1-year low of $18.86 and a 1-year high of $27.98.

Ciena Corporation (NYSE:CIEN) last released its quarterly earnings results on Thursday, June 1st. The communications equipment provider reported $0.45 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.37 by $0.08. The business had revenue of $707.02 million during the quarter, compared to analyst estimates of $694.84 million. Ciena Corporation had a net margin of 4.13% and a return on equity of 25.56%. The company’s quarterly revenue was up 10.3% on a year-over-year basis. During the same period in the prior year, the firm posted $0.34 earnings per share. On average, analysts anticipate that Ciena Corporation will post $1.77 earnings per share for the current fiscal year.

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In other news, SVP James E. Moylan, Jr. sold 2,000 shares of the stock in a transaction that occurred on Thursday, May 18th. The stock was sold at an average price of $22.75, for a total transaction of $45,500.00. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Gary B. Smith sold 12,558 shares of the stock in a transaction that occurred on Wednesday, June 21st. The shares were sold at an average price of $25.31, for a total value of $317,842.98. The disclosure for this sale can be found here. In the last 90 days, insiders sold 68,689 shares of company stock worth $1,753,805. Insiders own 1.45% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in CIEN. First Manhattan Co. raised its position in shares of Ciena Corporation by 2.6% in the first quarter. First Manhattan Co. now owns 48,012 shares of the communications equipment provider’s stock worth $1,046,000 after buying an additional 1,227 shares during the period. Retirement Systems of Alabama raised its position in shares of Ciena Corporation by 0.3% in the first quarter. Retirement Systems of Alabama now owns 752,828 shares of the communications equipment provider’s stock worth $17,774,000 after buying an additional 2,409 shares during the period. Columbus Circle Investors acquired a new position in shares of Ciena Corporation during the first quarter worth about $2,184,000. Regent Investment Management LLC raised its position in shares of Ciena Corporation by 12.1% in the first quarter. Regent Investment Management LLC now owns 32,482 shares of the communications equipment provider’s stock worth $767,000 after buying an additional 3,500 shares during the period. Finally, Louisiana State Employees Retirement System raised its position in shares of Ciena Corporation by 3.5% in the first quarter. Louisiana State Employees Retirement System now owns 35,700 shares of the communications equipment provider’s stock worth $843,000 after buying an additional 1,200 shares during the period.

Ciena Corporation Company Profile

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.

Analyst Recommendations for Ciena Corporation (NYSE:CIEN)

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