Ciena Corporation (CIEN) Stock Rating Upgraded by Citigroup Inc.
Ciena Corporation (NYSE:CIEN) was upgraded by stock analysts at Citigroup Inc. from a “neutral” rating to a “buy” rating in a research note issued to investors on Wednesday. The firm presently has a $29.00 target price on the communications equipment provider’s stock, up from their previous target price of $23.87. Citigroup Inc.’s target price points to a potential upside of 34.20% from the stock’s previous close.
A number of other research firms also recently commented on CIEN. Jefferies Group LLC restated a “buy” rating and issued a $32.50 price objective (up from $29.00) on shares of Ciena Corporation in a report on Friday, June 2nd. BMO Capital Markets restated an “outperform” rating and issued a $32.00 price objective (up from $30.00) on shares of Ciena Corporation in a report on Saturday, June 3rd. Argus raised their price objective on Ciena Corporation from $27.00 to $33.00 and gave the stock a “buy” rating in a report on Friday, June 2nd. TheStreet upgraded Ciena Corporation from a “c+” rating to a “b” rating in a report on Monday, June 19th. Finally, William Blair restated a “buy” rating on shares of Ciena Corporation in a report on Thursday, August 3rd. One analyst has rated the stock with a sell rating, six have given a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $30.35.
Shares of Ciena Corporation (NYSE:CIEN) opened at 21.61 on Wednesday. The firm’s 50-day moving average is $24.81 and its 200-day moving average is $24.43. Ciena Corporation has a 52 week low of $18.94 and a 52 week high of $27.98. The stock has a market capitalization of $3.06 billion, a price-to-earnings ratio of 28.55 and a beta of 1.61. Ciena Corporation also saw unusually large options trading on Wednesday. Stock traders bought 16,836 put options on the company. This represents an increase of 851% compared to the average volume of 1,771 put options.
Ciena Corporation (NYSE:CIEN) last released its quarterly earnings data on Thursday, August 31st. The communications equipment provider reported $0.51 EPS for the quarter, topping analysts’ consensus estimates of $0.49 by $0.02. The company had revenue of $728.70 million for the quarter, compared to the consensus estimate of $726.81 million. Ciena Corporation had a return on equity of 25.56% and a net margin of 4.13%. The company’s quarterly revenue was up 8.7% compared to the same quarter last year. During the same period last year, the business posted $0.42 EPS. On average, equities research analysts anticipate that Ciena Corporation will post $1.78 EPS for the current fiscal year.
In other news, VP David M. Rothenstein sold 2,000 shares of Ciena Corporation stock in a transaction that occurred on Thursday, June 15th. The stock was sold at an average price of $25.02, for a total value of $50,040.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Gary B. Smith sold 8,000 shares of Ciena Corporation stock in a transaction that occurred on Tuesday, August 22nd. The stock was sold at an average price of $23.27, for a total value of $186,160.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 77,108 shares of company stock valued at $1,945,437. Insiders own 1.45% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Thompson Davis & CO. Inc. purchased a new position in shares of Ciena Corporation during the first quarter valued at approximately $106,000. Glen Harbor Capital Management LLC raised its position in shares of Ciena Corporation by 12.1% in the first quarter. Glen Harbor Capital Management LLC now owns 5,280 shares of the communications equipment provider’s stock valued at $125,000 after buying an additional 572 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Ciena Corporation by 11.3% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,085 shares of the communications equipment provider’s stock valued at $127,000 after buying an additional 517 shares during the last quarter. Fortaleza Asset Management Inc. purchased a new position in shares of Ciena Corporation during the second quarter valued at approximately $134,000. Finally, Advisor Group Inc. raised its position in shares of Ciena Corporation by 6.4% in the second quarter. Advisor Group Inc. now owns 10,011 shares of the communications equipment provider’s stock valued at $151,000 after buying an additional 604 shares during the last quarter.
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.
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