Ciena Corporation (CIEN) Rating Reiterated by Piper Jaffray Companies
Ciena Corporation (NYSE:CIEN)‘s stock had its “buy” rating restated by equities research analysts at Piper Jaffray Companies in a research note issued on Thursday.
Other equities analysts have also issued reports about the stock. TheStreet upgraded shares of Ciena Corporation from a “c+” rating to a “b” rating in a research report on Monday, June 19th. Citigroup Inc. upgraded shares of Ciena Corporation from a “neutral” rating to a “buy” rating and upped their target price for the stock from $23.87 to $29.00 in a research report on Wednesday, August 30th. B. Riley reiterated a “buy” rating and set a $34.25 target price on shares of Ciena Corporation in a research report on Tuesday, August 29th. Northland Securities set a $32.00 target price on shares of Ciena Corporation and gave the stock a “buy” rating in a research report on Monday, August 7th. Finally, William Blair reiterated a “buy” rating on shares of Ciena Corporation in a research report on Thursday, August 3rd. One analyst has rated the stock with a sell rating, five have issued a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the stock. Ciena Corporation currently has an average rating of “Buy” and a consensus target price of $29.53.
Shares of Ciena Corporation (NYSE:CIEN) opened at 21.87 on Thursday. The company has a market cap of $3.12 billion, a PE ratio of 23.93 and a beta of 1.69. Ciena Corporation has a 12-month low of $18.94 and a 12-month high of $27.98. The stock’s 50 day moving average price is $22.10 and its 200-day moving average price is $23.80.
Ciena Corporation (NYSE:CIEN) last announced its earnings results on Thursday, August 31st. The communications equipment provider reported $0.51 earnings per share (EPS) for the quarter, topping 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 company had revenue of $728.70 million for the quarter, compared to analyst estimates of $726.81 million. During the same period in the prior year, the business earned $0.42 earnings per share. Ciena Corporation’s quarterly revenue was up 8.7% on a year-over-year basis. On average, equities research analysts forecast that Ciena Corporation will post $1.74 earnings per share for the current year.
In related news, VP Andrew C. Petrik sold 1,258 shares of the firm’s stock in a transaction on Tuesday, August 15th. The shares were sold at an average price of $24.44, for a total value of $30,745.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Scott Mcfeely sold 1,000 shares of the firm’s stock in a transaction on Monday, July 17th. The shares were sold at an average price of $25.70, for a total transaction of $25,700.00. The disclosure for this sale can be found here. Insiders have sold 92,310 shares of company stock valued at $2,117,554 in the last three months. 1.45% of the stock is owned by insiders.
Institutional investors have recently added to or reduced their stakes in the stock. Zurcher Kantonalbank Zurich Cantonalbank grew 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 purchasing an additional 517 shares in the last quarter. Fortaleza Asset Management Inc. bought a new position in Ciena Corporation in the second quarter valued at $134,000. Advisor Group Inc. grew its position in Ciena Corporation by 6.4% in the second quarter. Advisor Group Inc. now owns 10,011 shares of the communications equipment provider’s stock valued at $151,000 after purchasing an additional 604 shares in the last quarter. Acadian Asset Management LLC bought a new position in Ciena Corporation in the second quarter valued at $159,000. Finally, TNB Financial bought a new position in Ciena Corporation in the second quarter valued at $200,000.
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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