Needham & Company LLC Reaffirms Buy Rating for Ciena Corporation (CIEN)
Needham & Company LLC reissued their buy rating on shares of Ciena Corporation (NYSE:CIEN) in a report published on Monday, Marketbeat.com reports. They currently have a $28.00 price objective on the communications equipment provider’s stock, down from their prior price objective of $31.00.
A number of other research analysts also recently issued reports on CIEN. UBS AG reiterated a buy rating and set a $31.00 price objective (up from $29.00) on shares of Ciena Corporation in a report on Monday, June 5th. B. Riley reiterated a buy rating and set a $34.00 price objective on shares of Ciena Corporation in a report on Sunday, June 4th. ValuEngine downgraded Ciena Corporation from a buy rating to a hold rating in a report on Monday, August 14th. Stifel Nicolaus reiterated a buy rating and set a $32.00 price objective (up from $28.00) on shares of Ciena Corporation in a report on Friday, June 2nd. Finally, Nomura reiterated a buy rating and set a $28.00 price objective on shares of Ciena Corporation in a report on Wednesday, September 20th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of Buy and an average target price of $29.55.
Shares of Ciena Corporation (NYSE CIEN) opened at 22.14 on Monday. The firm has a market capitalization of $3.16 billion, a price-to-earnings ratio of 24.22 and a beta of 1.68. Ciena Corporation has a one year low of $18.94 and a one year high of $27.98. The stock’s 50 day moving average price is $23.44 and its 200 day moving average price is $24.06.
Ciena Corporation (NYSE:CIEN) last announced its quarterly 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 return on equity of 25.53% and a net margin of 4.99%. The company had revenue of $728.70 million during the quarter, compared to the consensus estimate of $726.81 million. During the same period in the prior year, the company earned $0.42 earnings per share. The company’s revenue for the quarter was up 8.7% compared to the same quarter last year. Analysts expect that Ciena Corporation will post $1.74 EPS for the current fiscal year.
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In related news, SVP Scott Mcfeely sold 1,000 shares of Ciena Corporation stock in a transaction that occurred on Monday, July 17th. The stock was sold at an average price of $25.70, for a total transaction of $25,700.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Gary B. Smith sold 12,634 shares of Ciena Corporation stock in a transaction that occurred on Thursday, September 21st. The stock was sold at an average price of $21.25, for a total value of $268,472.50. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 86,310 shares of company stock valued at $2,049,194. Insiders own 1.45% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in the stock. WINTON GROUP Ltd acquired a new stake in Ciena Corporation during the 2nd quarter worth approximately $777,000. Koch Industries Inc. acquired a new stake in Ciena Corporation during the 2nd quarter worth approximately $235,000. Verition Fund Management LLC lifted its holdings in Ciena Corporation by 48.4% during the 2nd quarter. Verition Fund Management LLC now owns 31,899 shares of the communications equipment provider’s stock worth $798,000 after purchasing an additional 10,399 shares during the last quarter. Ameritas Investment Partners Inc. lifted its holdings in Ciena Corporation by 2.5% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 54,813 shares of the communications equipment provider’s stock worth $1,371,000 after purchasing an additional 1,328 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. lifted its holdings in Ciena Corporation by 11.2% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 26,091 shares of the communications equipment provider’s stock worth $653,000 after purchasing an additional 2,628 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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