Ciena Corporation (CIEN) Rating Reiterated by MKM Partners
Ciena Corporation (NYSE:CIEN)‘s stock had its “buy” rating restated by investment analysts at MKM Partners in a research report issued on Thursday.
CIEN has been the topic of several other research reports. Stifel Nicolaus upgraded shares of Ciena Corporation from a “hold” rating to a “buy” rating and increased their price target for the stock from $24.00 to $28.00 in a report on Monday, May 22nd. Instinet reaffirmed a “buy” rating and set a $30.00 price objective (up previously from $27.00) on shares of Ciena Corporation in a research note on Saturday, June 3rd. ValuEngine raised shares of Ciena Corporation from a “hold” rating to a “buy” rating in a research note on Thursday, July 6th. UBS AG reaffirmed a “buy” rating and set a $31.00 price objective (up previously from $29.00) on shares of Ciena Corporation in a research note on Monday, June 5th. Finally, B. Riley reaffirmed a “buy” rating and set a $34.25 price objective on shares of Ciena Corporation in a research note on Tuesday. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $29.74.
Ciena Corporation (CIEN) opened at 22.06 on Thursday. The firm’s 50-day moving average is $24.70 and its 200 day moving average is $24.41. The stock has a market cap of $3.13 billion, a P/E ratio of 29.14 and a beta of 1.69. Ciena Corporation has a one year low of $18.94 and a one year high of $27.98. Ciena Corporation also saw unusually large options trading activity on Wednesday. Stock investors acquired 16,836 put options on the stock. This represents an increase of approximately 851% compared to the typical daily volume of 1,771 put options.
Ciena Corporation (NYSE:CIEN) last issued its quarterly earnings results on Thursday, August 31st. The communications equipment provider reported $0.51 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.49 by $0.02. Ciena Corporation had a net margin of 4.99% and a return on equity of 25.53%. The company had revenue of $728.70 million for the quarter, compared to the consensus estimate of $726.81 million. During the same quarter in the prior year, the company earned $0.42 EPS. Ciena Corporation’s quarterly revenue was up 8.7% on a year-over-year basis. On average, analysts anticipate that Ciena Corporation will post $1.76 EPS for the current fiscal year.
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In other Ciena Corporation news, VP David M. Rothenstein sold 2,000 shares of the firm’s stock in a transaction 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 filing with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 disclosure for this sale can be found here. Insiders sold a total of 77,108 shares of company stock worth $1,945,437 in the last 90 days. 1.45% of the stock is currently owned by insiders.
Hedge funds have recently modified their holdings of the company. Thompson Davis & CO. Inc. bought a new stake in shares of Ciena Corporation during the first quarter worth about $106,000. Glen Harbor Capital Management LLC increased its stake 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 worth $125,000 after buying an additional 572 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its stake 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 worth $127,000 after buying an additional 517 shares during the period. Fortaleza Asset Management Inc. bought a new stake in shares of Ciena Corporation during the second quarter worth about $134,000. Finally, Advisor Group Inc. increased its stake 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 worth $151,000 after buying an additional 604 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.
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