Ciena Corporation (NYSE:CIEN) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Friday.

According to Zacks, “Ciena reported impressive third-quarter fiscal 2017 results. Both earnings and revenues were better than the Zacks Consensus Estimate and improved on a year-over-year basis. The results showed that the company’s diversified product portfolio is helping it to expand its customer base. We note that Ciena’s WaveServer platform gained significant traction in the reported quarter. The company is well poised to gain in the optical data center interconnect (DCI) market. Besides developing 5G technologies for service providers and Fiber Deep cable MSO customers, the company will also have a positive role to play in further fiber densification of the network. Moreover, strong international growth opportunity particularly in the Asia-Pacific market is positive in our view. However, intensifying competition, uncertainty related to government business and macroeconomic volatility are major headwinds.”

A number of other equities research analysts have also recently commented on CIEN. Stifel Nicolaus upgraded shares of Ciena Corporation from a “hold” rating to a “buy” rating and increased their price target for the company from $24.00 to $28.00 in a report on Monday, May 22nd. Deutsche Bank AG downgraded shares of Ciena Corporation from a “buy” rating to a “hold” rating and decreased their price target for the stock from $24.35 to $23.00 in a research report on Wednesday, May 24th. B. Riley reiterated a “buy” rating and issued a $34.25 price target on shares of Ciena Corporation in a research report on Tuesday, May 30th. Cowen and Company reiterated an “outperform” rating and issued a $35.00 price target on shares of Ciena Corporation in a research report on Tuesday, May 30th. Finally, Drexel Hamilton upgraded shares of Ciena Corporation from a “hold” rating to a “buy” rating in a research report on Thursday, June 1st. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the stock. Ciena Corporation currently has a consensus rating of “Buy” and an average target price of $29.79.

Ciena Corporation (NYSE:CIEN) opened at 21.72 on Friday. The company has a market capitalization of $3.08 billion, a price-to-earnings ratio of 28.69 and a beta of 1.68. Ciena Corporation has a 12 month low of $18.94 and a 12 month high of $27.98. The company’s 50-day moving average price is $24.25 and its 200 day moving average price is $24.30.

Ciena Corporation (NYSE:CIEN) last announced its earnings results on Thursday, August 31st. The communications equipment provider reported $0.51 earnings per share for the quarter, beating the Zacks’ 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 business had revenue of $728.70 million during the quarter, compared to the consensus estimate of $726.81 million. During the same quarter last year, the firm earned $0.42 earnings per share. The business’s revenue for the quarter was up 8.7% on a year-over-year basis. Analysts forecast that Ciena Corporation will post $1.74 EPS for the current fiscal 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 shares were sold at an average price of $25.31, for a total value of $317,842.98. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP David M. Rothenstein sold 2,000 shares of Ciena Corporation stock in a transaction on Thursday, June 15th. The shares were sold at an average price of $25.02, for a total transaction of $50,040.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 79,108 shares of company stock worth $1,988,997. 1.45% of the stock is owned by corporate insiders.

Several institutional investors have recently made changes to their positions in the company. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its position in Ciena Corporation by 0.3% in the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 20,690 shares of the communications equipment provider’s stock valued at $518,000 after buying an additional 58 shares during the last quarter. Capstone Asset Management Co. boosted its position in shares of Ciena Corporation by 1.3% during the 2nd quarter. Capstone Asset Management Co. now owns 10,490 shares of the communications equipment provider’s stock worth $262,000 after purchasing an additional 130 shares in the last quarter. Nisa Investment Advisors LLC boosted its position in shares of Ciena Corporation by 1.9% during the 2nd quarter. Nisa Investment Advisors LLC now owns 10,740 shares of the communications equipment provider’s stock worth $269,000 after purchasing an additional 200 shares in the last quarter. World Asset Management Inc boosted its position in shares of Ciena Corporation by 2.8% during the 2nd quarter. World Asset Management Inc now owns 8,935 shares of the communications equipment provider’s stock worth $224,000 after purchasing an additional 243 shares in the last quarter. Finally, Teacher Retirement System of Texas boosted its position in shares of Ciena Corporation by 2.7% during the 2nd quarter. Teacher Retirement System of Texas now owns 11,289 shares of the communications equipment provider’s stock worth $282,000 after purchasing an additional 300 shares in 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.

Analyst Recommendations for Ciena Corporation (NYSE:CIEN)

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