Ciena Corporation (CIEN) Receives Buy Rating from Stifel Nicolaus
Stifel Nicolaus reissued their buy rating on shares of Ciena Corporation (NYSE:CIEN) in a research report sent to investors on Friday. They currently have a $30.00 price target on the communications equipment provider’s stock.
A number of other equities research analysts have also recently commented on the stock. Dougherty & Co raised their price objective on shares of Ciena Corporation from $26.00 to $32.00 and gave the stock a buy rating in a research note on Friday, June 2nd. ValuEngine raised shares of Ciena Corporation from a hold rating to a buy rating in a research note on Thursday, July 6th. TheStreet raised shares of Ciena Corporation from a c+ rating to a b rating in a research note on Monday, June 19th. MKM Partners reaffirmed a buy rating on shares of Ciena Corporation in a research note on Thursday, August 31st. Finally, Deutsche Bank AG cut shares of Ciena Corporation from a buy rating to a hold rating and dropped their price objective for the stock from $24.35 to $23.00 in a research note on Wednesday, May 24th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, twenty have given a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of Buy and an average target price of $29.79.
Shares of Ciena Corporation (NYSE:CIEN) opened at 22.06 on Friday. The company has a market capitalization of $3.13 billion, a price-to-earnings ratio of 29.14 and a beta of 1.68. The company’s 50-day moving average is $24.70 and its 200 day moving average is $24.41. Ciena Corporation has a 12 month low of $18.94 and a 12 month high of $27.98.
Ciena Corporation (NYSE:CIEN) last posted its quarterly earnings results on Thursday, August 31st. The communications equipment provider reported $0.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $726.81 million. During the same period last year, the firm posted $0.42 EPS. Ciena Corporation’s revenue for the quarter was up 8.7% compared to the same quarter last year. On average, equities research analysts anticipate that Ciena Corporation will post $1.75 earnings per share for the current year.
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In other news, CEO Gary B. Smith sold 12,558 shares of Ciena Corporation stock in a transaction on Wednesday, June 21st. The stock was sold at an average price of $25.31, for a total transaction of $317,842.98. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, VP David M. Rothenstein sold 2,000 shares of Ciena Corporation 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 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.
Several hedge funds and other institutional investors have recently bought and sold shares of CIEN. Thompson Davis & CO. Inc. purchased a new position in shares of Ciena Corporation during the 1st quarter worth $106,000. Glen Harbor Capital Management LLC raised its holdings in shares of Ciena Corporation by 12.1% during the 1st quarter. Glen Harbor Capital Management LLC now owns 5,280 shares of the communications equipment provider’s stock worth $125,000 after acquiring an additional 572 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Ciena Corporation by 11.3% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,085 shares of the communications equipment provider’s stock worth $127,000 after acquiring an additional 517 shares during the period. Fortaleza Asset Management Inc. purchased a new position in shares of Ciena Corporation during the 2nd quarter worth $134,000. Finally, Advisor Group Inc. raised its holdings in shares of Ciena Corporation by 6.4% during the 2nd quarter. Advisor Group Inc. now owns 10,011 shares of the communications equipment provider’s stock worth $151,000 after acquiring an additional 604 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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