Ciena Corporation (CIEN) Lowered to “Strong Sell” at BidaskClub
Ciena Corporation (NYSE:CIEN) was downgraded by investment analysts at BidaskClub from a “sell” rating to a “strong sell” rating in a research report issued on Friday.
CIEN has been the topic of several other reports. Needham & Company LLC increased their price target on Ciena Corporation from $30.00 to $31.00 and gave the stock a “buy” rating in a report on Friday, June 2nd. Deutsche Bank AG restated a “hold” rating and set a $24.00 price objective (up from $23.00) on shares of Ciena Corporation in a report on Saturday, June 3rd. Instinet restated a “buy” rating and set a $30.00 price objective (up from $27.00) on shares of Ciena Corporation in a report on Saturday, June 3rd. Zacks Investment Research downgraded Ciena Corporation from a “buy” rating to a “hold” rating in a report on Wednesday, August 2nd. Finally, BMO Capital Markets restated a “buy” rating and set a $30.00 price objective on shares of Ciena Corporation in a report on Thursday, April 27th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $30.19.
Shares of Ciena Corporation (NYSE CIEN) traded down 0.51% during midday trading on Friday, hitting $23.39. The stock had a trading volume of 1,056,196 shares. The company’s 50 day moving average is $25.35 and its 200 day moving average is $24.49. Ciena Corporation has a 52-week low of $18.94 and a 52-week high of $27.98. The company has a market cap of $3.32 billion, a PE ratio of 30.90 and a beta of 1.61.
Ciena Corporation (NYSE:CIEN) last issued its quarterly earnings results on Thursday, June 1st. The communications equipment provider reported $0.45 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.08. Ciena Corporation had a return on equity of 25.56% and a net margin of 4.13%. The firm had revenue of $707.02 million for the quarter, compared to the consensus estimate of $694.84 million. During the same period in the prior year, the business posted $0.34 earnings per share. The company’s revenue for the quarter was up 10.3% on a year-over-year basis. On average, analysts anticipate that Ciena Corporation will post $1.77 earnings per share for the current year.
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In related news, CEO Gary B. Smith sold 12,558 shares of the firm’s stock in a transaction on Wednesday, June 21st. The stock was sold at an average price of $25.31, for a total value of $317,842.98. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Patrick Gallagher sold 3,000 shares of the firm’s stock in a transaction on Thursday, June 1st. The stock was sold at an average price of $26.29, for a total value of $78,870.00. The disclosure for this sale can be found here. Insiders sold a total of 74,108 shares of company stock valued at $1,890,727 in the last three months. Insiders own 1.45% of the company’s stock.
A number of institutional investors have recently modified their holdings of CIEN. Creative Planning raised its position in shares of Ciena Corporation by 10.3% in the first quarter. Creative Planning now owns 28,620 shares of the communications equipment provider’s stock worth $676,000 after buying an additional 2,668 shares during the period. Capstone Asset Management Co. raised its position in shares of Ciena Corporation by 5.1% in the first quarter. Capstone Asset Management Co. now owns 10,360 shares of the communications equipment provider’s stock worth $245,000 after buying an additional 500 shares during the period. 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. Columbus Circle Investors purchased a new position in shares of Ciena Corporation during the first quarter worth about $2,184,000. Finally, 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.
About Ciena Corporation
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.
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