UBS AG Analysts Give Ciena Corporation (CIEN) a $31.00 Price Target
UBS AG set a $31.00 price objective on Ciena Corporation (NYSE:CIEN) in a research note issued to investors on Wednesday, www.flashratings.com reports. The firm currently has a buy rating on the communications equipment provider’s stock.
Several other equities analysts have also commented on the company. Instinet reissued a buy rating and set a $30.00 price objective (up previously from $27.00) on shares of Ciena Corporation in a research report on Saturday, June 3rd. BMO Capital Markets reissued an outperform rating and set a $32.00 price objective (up previously from $30.00) on shares of Ciena Corporation in a research report on Saturday, June 3rd. Deutsche Bank AG reissued a hold rating and set a $24.00 price objective (up previously from $23.00) on shares of Ciena Corporation in a research report on Saturday, June 3rd. MKM Partners reissued a buy rating and set a $32.00 price objective (up previously from $30.00) on shares of Ciena Corporation in a research report on Friday, June 2nd. Finally, B. Riley restated a buy rating and set a $34.00 price target on shares of Ciena Corporation in a report on Sunday, June 4th. One analyst has rated the stock with a sell rating, six have issued a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of Buy and an average price target of $29.74.
Shares of Ciena Corporation (NYSE CIEN) opened at 22.06 on Wednesday. The firm has a market capitalization of $3.13 billion, a P/E ratio of 29.14 and a beta of 1.69. The company’s 50-day moving average is $24.70 and its 200 day moving average is $24.41. Ciena Corporation has a 52-week low of $18.94 and a 52-week high of $27.98. Ciena Corporation also was the recipient of unusually large options trading activity on Wednesday. Stock investors purchased 16,836 put options on the stock. This represents an increase of approximately 851% compared to the average volume of 1,771 put options.
Ciena Corporation (NYSE:CIEN) last issued its earnings results on Thursday, August 31st. The communications equipment provider reported $0.51 earnings per share (EPS) for the quarter, topping the 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 firm had revenue of $728.70 million for the quarter, compared to analysts’ expectations of $726.81 million. During the same quarter last year, the business earned $0.42 earnings per share. The business’s revenue was up 8.7% on a year-over-year basis. Analysts expect that Ciena Corporation will post $1.76 EPS for the current fiscal year.
In other Ciena Corporation news, SVP Stephen B. Alexander sold 2,500 shares of the firm’s 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 $62,550.00. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Gary B. Smith sold 12,558 shares of the firm’s 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. Insiders sold 77,108 shares of company stock worth $1,945,437 over the last three months. Corporate insiders own 1.45% of the company’s stock.
Hedge funds have recently modified their holdings of the stock. Thompson Davis & CO. Inc. acquired a new stake in shares of Ciena Corporation during the first quarter valued at approximately $106,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in 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 period. Glen Harbor Capital Management LLC increased its position in 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 period. Fortaleza Asset Management Inc. purchased a new position in Ciena Corporation during the second quarter valued at $134,000. Finally, Acadian Asset Management LLC purchased a new position in Ciena Corporation during the second quarter valued at $159,000.
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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